TMTB: DELL MRVL MDB ADSK First takes

DELL +8%: Looks fine with revs above bogeys driven by ISG strength. Margins also look fine with some upside on ISG OPM.

AI server demand was $3.2B vs backlog at $3.8B - a bit of a miss on the backlog as bulls wanted q/q increase, but better margins will outweigh and company said pipeline is “several multiples” of the backlog.

ISG margins 11% vs street at 10.7% — at least 11% is what bulls wanted to see

DELL RESULTS: Q2
- Infrastructure Solutions Group net revenue $11.65B, +38% y/y, EST $10.58B
- Servers and Networking revenue $7.67B, +80% y/y, EST $5.96B
- Storage revenue $3.97B, -5.1% y/y, EST $4.09B
- ADJ EPS $1.89 vs. $1.74 y/y, EST $1.71
- Total net revenue $25.03B, +9.1% y/y, EST $24.12B
- Client Solutions Group net revenue $12.41B, -4.1% y/y, EST $12.53B
- Commercial revenue $10.56B vs. $10.55B y/y, EST $10.65B
- Consumer revenue $1.86B, -22% y/y, EST $2.02B
- ADJ operating income $2.03B, +2.9% y/y, EST $1.85B