TMTB: DELL WDAY ADSK NTNX First takes

DELL -7%: Overall Rev miss driven by CSG group; ISG margins better at 13.3% vs buyside expecting something closer to 12%+ but CSG margins worse.

Little confused on the backlog # - PR says AI backlog $3.8B but Slides say $4.5B (buyside wanted $4B+)

PR:

“Our AI momentum accelerated in Q2, and we’ve seen an increase in the number of enterprise customers buying AI solutions each quarter,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “AI-optimized server demand was $3.2 billion, up 23% sequentially, and $5.8 billion year to date. Backlog was $3.8 billion, and our pipeline has grown to several multiples of our backlog.”

Q3 Details: