TMTB: DELL NTAP ESTC ZS ADSK First takes; EOD Wrap

DELL +16% Looks solid with big EPS beat, better revs, and the all important AI backlog now $2.9B vs $1.6B last q and $800M two quarters ago and orders increasing 40% sequentially.

Magnitude of the move is a bit surprising to me given AI backlog was just slightly above buyside bogeys, but you might recall what an inline with buyside bogeys print did to another AI stock last week: NVDA. So this is in line with at we saw there. Almost 100% growth in backlog in the last 90 days and almost the same amount of AI server res they delivered in 6 months. The bull story of DELL as leader in AI servers continues…

Q4 Results:
ADJ EPS $2.20 vs. $1.80 y/y, EST $1.72
Total net revenue $22.32B, -11% y/y, EST $22.14B
Infrastructure Solutions Group net revenue $9.33B, -5.8% y/y, EST $9.01B
Servers and Networking revenue $4.86B, -1.7% y/y, EST $4.81B
Storage revenue $4.48B, -9.9% y/y, EST $4.2B
Client Solutions Group net revenue $11.72B, -12% y/y, EST $11.98B
Commercial revenue $9.56B, -11% y/y, EST $9.65B
Consum…