Dell Technologies’ options market is pricing an approximately 11% move in either direction after the company reports fiscal second-quarter results Tuesday after the close. Contracts expiring September 4 imply that swing, while an at-the-money straddle (paired call and put at one strike) cost about $52 against Monday’s $456.01 close. Dell guided for quarterly revenue of $44 billion to $45 billion, adjusted earnings of about $4.80 a share and roughly $15.5 billion in AI server revenue. Analysts are looking beyond another revenue beat to order growth and profitability, particularly because AI servers carry thinner margins than storage. Dell booked $24.4 billion in AI orders last quarter and ended it with a record $51.3 billion backlog. The company’s Infrastructure Solutions Group, covering servers and storage, was expected to grow about 75%. Zacks Investment Research put consensus adjusted earnings at $4.72 a share across five forecasts, compared with $2.10 in the year-ago quarter. The previous quarter’s record $43.8 billion revenue, up 88% from a year earlier, and $4.86 adjusted earnings exceeded Wall Street’s estimate and prompted Dell to raise its full-year revenue outlook to a $167 billion midpoint and its AI server target to $60 billion. Shares have climbed roughly 260% in 2026 on AI demand. Investors will watch for another full-year guidance increase and comments on second-half supply, including the effect of memory chips, processors and hard drives on margins and pricing.