Overview

• Dell topped second-quarter estimates with adjusted EPS of $2.32 on revenue of $29.78 billion, yet the stock fell roughly 6% to 7% after a softer third-quarter EPS outlook.
• Adjusted gross margin fell to 18.7% versus 19.6% expected as Dell prioritized large AI server orders and absorbed higher logistics and manufacturing costs.
• Dell raised full-year revenue and EPS targets and boosted its fiscal 2026 AI server shipment guidance to $20 billion after shipping $10 billion in the first half.
• Marvell matched second-quarter revenue at $2.01 billion and forecast third-quarter sales of $2.06 billion plus or minus 5%, below consensus, with data center revenue guided to be flat sequentially.
• Marvell shares slid about 11% to 16% as management cited “lumpy” custom ASIC demand and investors reacted to the weaker near-term outlook.