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Dell Technologies in focus as UBS lifts estimates on AI server backlog conversion ahead of earnings

9/1/2026

Improving conversion of Dell Technologies' (DELL) AI server backlog into fiscal year 2027 revenue is the operational driver behind a fresh estimate revision from UBS analyst David Vogt, who raised his second fiscal quarter revenue and EPS projections by approximately 4% ahead of the company's upcoming earnings report.

Vogt now models $46.0 billion in quarterly revenue and $4.97 in EPS, clearing consensus at $45.1 billion and $4.90.

Management's guidance on fiscal year 2027 AI server revenue is expected to be the primary catalyst when results are released.

The numbers For the second fiscal quarter, Vogt projects gross margins of 17.1%, operating margins of 9.3%, and AI server revenue of $16 billion.