What Dell and Nvidia just proved to the AI stock haters

Dell and Nvidia have decisively countered the bearish AI-is-peaking thesis, with Dell surging nearly 10% premarket after issuing fiscal 2027 revenue guidance roughly $25 billion above analyst estimates — a figure exceeding Macy's entire projected 2026 sales of $22 billion. Dell's fiscal Q2 saw sales jump 58% YoY to a record $47 billion with EPS skyrocketing 273%, driven by explosive demand for AI-optimized server infrastructure from enterprise customers and cloud hyperscalers.

Why it matters: Nvidia delivered a rare long-term outlook projecting 70% revenue growth for fiscal 2028 (well above the 45% Street expected), after beating Q2 estimates with $96.2 billion in revenue and $2.22 adjusted EPS, while guiding Q3 to $105.8–$110.1 billion versus consensus of $105.1 billion.