Dell Technologies shares rose roughly 7% intraday after reporting July-quarter revenue of $46.97 billion and non-GAAP earnings of $7.04 per share, surpassing analyst estimates of $44.89 billion and $4.91. Revenue increased 57.7% year over year, led by 122% growth in traditional Server and Networking, 100% growth in AI servers, 26% growth in Storage and 20% growth in the Client Solutions Group, or PCs. AI server revenue reached $16.4 billion, while new orders totaled $61 billion and the cumulative AI backlog reached approximately $95 billion. Dell raised its fiscal 2027 revenue outlook from $167 billion to approximately $192 billion and increased its non-GAAP EPS forecast from $17.90 to about $25.50; third-quarter fiscal 2027 EPS guidance was set at $6.50. Wall Street firms raised price targets, including JPMorgan at $635, Raymond James at $617 and Mizuho at $600, while the consensus remained Moderate Buy with an average target of $553.79. Dell also declared a quarterly cash dividend of $0.63 per share, payable Oct. 30 to shareholders of record Oct. 20.