On September 2, Dell Technologies Inc. rose 9.67% in pre-market trading, trading at approximately $467.09/share. The surge follows the company's blockbuster fiscal Q2 earnings release after the prior session's close, which massively exceeded Wall Street expectations across all key metrics.

Dell reported Q2 revenue of $46.97 billion, up 58% year-over-year, well above the consensus estimate of approximately $44.95 billion. Non-GAAP EPS came in at $7.04, soaring 203% year-over-year and beating the $4.91 estimate by 43%. AI-optimized server revenue reached $16.4 billion, doubling year-over-year, with backlog surging to $95 billion. Net income rose 255%. The company raised its full-year revenue guidance by $25 billion to $192 billion, far exceeding the prior $167 billion guidance and the Street's $174 billion estimate. Full-year non-GAAP EPS guidance was lifted to $25.50, versus the $19.10 consensus. Management highlighted that DRAM and NAND remain the core supply chain bottlenecks, with operations running at full capacity to meet demand. The COO projected AI will constitute 75% of data center demand by 2030, and noted full-year operating expense ratio at approximately 8% of revenue — a 42-year company low.

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