AI Capital Flows
Server OEMs
Dell, HPE, Lenovo and Supermicro — the vendors carrying the build-out on their own balance sheets, and what that does to margin and cash.
5 dated pieces, newest first. Each carries the numbers behind it. Nothing here is investment advice.
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Earnings ·
Dell Q2 FY27 — The Margin Argument Is Over. The Vendor Became the Credit.
Dell Q2 FY27 earnings deep dive: record $46.97B revenue (+58%), non-GAAP EPS $7.04, a $95B AI backlog — and free cash flow down 47% to $986M on a $6.67B financing-receivables add-back
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Earnings ·
SMCI Q4 FY26 — They Doubled the Margin and Called It "Mix"
Super Micro Q4 FY26, read forensically: revenue nearly doubled to $11.1B and that was never the argument
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Earnings ·
Dell Q1 FY27 — Revenue Doubled; the Argument Is the Margin
Dell Q1 FY27 earnings deep dive: record $43.8B revenue (+88%), AI servers +757%, a ~$51B AI backlog — set against 330bps of gross-margin compression
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Earnings ·
Lenovo Q4 FY25/26 — The Server Business Finally Pays; the Multiple Still Doesn't Believe It
Lenovo Q4/FY25-26 earnings deep dive: record $83.1B year (+20%), Q4 revenue $21.6B (+27%), ISG's first full-year profit and a record $202M server operating profit, AI revenue 38% of Q4 — yet the stock holds.
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Earnings ·
HPE FY26 Q2 — The Cheapest 40%-Growth Print on the Board
HPE fiscal Q2 FY26 earnings deep dive: record $10.7B revenue (+40% YoY), non-GAAP EPS of $0.79 against a $0.51–0.55 guide, Cloud & AI margin doubling to 12.4%, a Juniper-charged networking line up 148%, and a.
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