DELL – 757% AI Server Growth. Best Earnings Day Ever.Dell Technologies, Inc. Class CBATS:DELLkunal00Same setup as the MRVL playbook. Monster earnings. Big gap up. Pulled back into the EMA. Held. Now it's setting back up. I have a swing position on with a stop at $370. If that level holds this has room to run. ───────────────────────────────── WHAT JUST HAPPENED ON EARNINGS ───────────────────────────────── Dell reported the fastest revenue growth since returning to the public market in 2018. Quarterly revenue up 88% year over year. AI server revenue alone up 757% from last year to $16.1 billion in a single quarter. EPS came in at $4.86 against an estimate of $2.94 — a 65% beat. The stock had its best single day in company history, up 32.76%. Yahoo Finance The head of technology research at Melius said he'd "never seen anything like" the quarter. Morgan Stanley wrote they were "eating our humble pie" and had their model under review. That's what a genuine earnings blowout looks like — analysts scrambling to reprice in real time. The company now carries a $51.3 billion AI server backlog, raised full-year AI server guidance to $60 billion, and has over 5,000 AI customers growing at 50% per quarter. This isn't one big hyperscaler order. This is banks, hospitals, government agencies, and enterprises all buying AI hardware at the same time. Broad-based demand. The stock is up 234% in 2026. And yet the forward P/E is sitting around 20x. That's roughly 20 times next twelve months earnings for a company growing AI server revenue at triple digits. The valuation hasn't caught up to the numbers yet. ───────────────────────────────── THE SETUP ───────────────────────────────── Stock gapped up 32% on earnings, ran to $461, then pulled back into the EMA clouds and held. Same pattern we just played on MRVL — big breakout, violent pullback, support at the EMA, now starting to come back out of range. The pullback shook out the earnings chasers. The base is resetting. The 9 EMA held. That's the line in the sand. ───────────────────────────────── TRADE PLAN ───────────────────────────────── Entry: Swing position on — holding the EMA base Stop: $370 — below the 9 EMA support Pattern: Earnings breakout pullback and hold Thesis: AI server backlog of $51B means revenue is already contracted — demand not the question, only supply is ───────────────────────────────── THE RISK ───────────────────────────────── AI-optimized servers are expensive to build. GPU costs are high. Memory prices are rising. Dell's gross margin has been compressing as high-cost AI servers displace higher-margin traditional products. If memory inflation doesn't abate this becomes a revenue story with a margin problem. Market is extended — any broad selloff hits a stock up 234% in a year harder than most. Respect the stop at $370.