We will begin on the big stock story, and that's Dell after earnings. Our Christina

Parts Nevelos has the tales. Morning, Christina. Good morning. Well, Dell shares are up wet over

30 percent because Wall Street just got this stock wrong. Wall Street was essentially looking

for $35 billion in revenue. Dell did $44 billion in the quarter. On earnings per share,

consensus was about near three bucks. Dell came in just

under five bucks. That kind of miss by the entire analyst community really forces a reset and why we're

seeing the stock soar so much day. Previously, Wall Street thought that AI demand had been

pulled forward and the cycle is maturing. So back to normal for Dell. This quarter completely dismantled that theory.

The AI server backlog grew again to more than $51 billion in traditional servers, which is, you can say almost the boring part of the business.

We're up 92% year-over-year driven by enterprises building out for agentic AI workloads.

Dell's CEO said customer conversations are now

multi-year in nature, think three, four, five years, something we've heard from memory executives

as well, but not necessarily from the AI hardware side. That's not pull forward to men.

Morgan Stanley said it flat out in a note that they got Dell wrong and put its

rating under review. Jordan Klein at Missou, another one, is comparing this to NVIDIA's blowout

quarter back in May 2023, the quarter that convinced Wall Street that the AI revolution was real.

He's calling Dell's quarter this quarter a game changer for investors' confidence in the size as well as the scale of AI spending and says the trade has real legs well into 2027 as well as into 2028.

There's also another layer here too.

Dell CEO flagged some serious shortages in memory chips, which we know about. Processors, CPUs specifically,

and hard drives with lead time stretching to at least a year, which bodes well for names like

Intel, AMD, Arm. And also good news for the likes of Micron. And that's why you're seeing

so many of these names higher. HPE, another competitor up about 14%, super micro up the same amount. The AI

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