TMTB: DELL MRVL NTAP First takes

DELL +4.5%: Looks solid with small rev beat and huge AI backlog beat but GMs/ISG OPMs a bit weaker + AI margin dilution a concern…Q2 guide looks much better, but FY only slightly raised - tariff concerns?

Big AI #: $12.1 bn of AI-server orders and a $14.4 bn backlog, well above the ~$11 bn backlog buyside had going in

F1Q26 revenue rose 5 % YoY to $23.38 bn, roughly +$0.3 bn (~1 %) ahead of the Street’s $23.11 bn, but non-GAAP EPS printed $1.55, about $0.13 (~8 %) shy of the $1.68 consensus as AI-server mix and lower gross margin (21.6 % vs 22.0 % expected) compressed profitability: ISG margins 9.7% vs street at 10.5%

2Q26 revenue guide of $28.5-29.5 bn (mid-point +16 % YoY) and non-GAAP EPS guide of ~$2.25 vs $25.1 bn / $2.04 consensus

FY26 guides move to $103 bn revenue midpoint and $9.40 EPS, both modestly above the Street’s $102.9 bn and $9.19.

Not sure why big Q2 guide not flowing through to FY, concerns around tariff impact? We’ll here on the call..

Client Solutions Group (PCs) $12.51 bn, beating $11.89 bn Street view thanks to a 9 % jump in commercial PCs, while consumer revenue fell 19 %.
Infrastructure Solutions Group posted $10.32 bn, a touch below the $10.66 bn consensus as traditional (non-AI) servers cooled, though storage beat.

Adjusted FCF hit $2.23 bn versus ~$1.2 bn Street

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MRVL -3%: #s look ok as q and guide show slight upside but focus will be on commentary