Dell Technologies Inc. designs, develops, manufactures, markets, sells, and supports various comprehensive and integrated solutions, products, and services in the Americas, Europe, the Middle East, Asia, and internationally. The company operates through two segments, Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). The ISG segment provides modern and traditional storage solutions, including all-flash arrays, scale-out file, object platforms, hyper-converged infrastructure, and software-defined storage; and general-purpose and AI-optimized servers. This segment also offers networking products and services comprising wide area network infrastructure, data center and edge networking switches, and cables and optics that help its business customers to transform and modernize their infrastructure, mobilize and enrich end-user experiences, and accelerate business applications and processes; software and peripherals; and consulting, support, and deployment services. The CSG segment provides desktops, workstations, and notebooks; displays, docking stations, keyboards, mice, webcam, and audio devices; and third-party software and peripherals, as well as configuration, support and deployment, and extended warranty services. It is involved in cybersecurity technology-driven security solutions to prevent security breaches, detect malicious activity, respond rapidly when a security breach occurs, and identify emerging threats; originating, collecting, and servicing customer financing arrangements; and the resale of VMware products and services. The company serves enterprises, public institutions, and small and medium-sized businesses through its direct sales channel, value-added resellers, system integrators, distributors, and retailers. The company was formerly known as Denali Holding Inc. and changed its name to Dell Technologies Inc. in August 2016. Dell Technologies Inc. was founded in 1984 and is headquartered in Round Rock, Texas.

Dell Technologies Inc.

Средний индекс, значительно упал. Быки в растерянности.

Medium index, significantly down. The bulls are confused.

Слабый индекс, значительно упал. Медведи продолжают терять уверенность.

Weak index, significantly down. Bears continue to lose confidence.

Сильный индекс, значительно упал. Рынок не поддерживает быков.

Strong index, significantly down. The market does not support the bulls.

Сильный индекс, значительно вырос. Рынок на стороне медведей.

Strong index, significantly up. The market is on the bears' side.

Сильный индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Strong index, slightly up. Outflow of funds from longs at a high level.

Сильный индекс, незначительно упал. Приток средств в шорты на высоком уровне.

Strong index, slightly down. Inflow of funds into shorts at a high level.

Apple’s AAPL third-quarter fiscal 2026 results, to be reported on July 30, are expected to have benefited from sustained demand for the iPhone 17 family and the more affordable iPhone 17e. The lineup delivered 22% year-over-year growth in the second quarter of fiscal 2026, supported by higher sales of Pro models, record upgrader activity and market-share gains. Demand remained strong across the United States, Greater China, Europe, India, Japan and Southeast Asia.
Apple Intelligence integration, advanced cameras, improved battery life and A19-series processors are likely to have encouraged upgrades. New accessibility capabilities, including AI-powered VoiceOver, Magnifier and natural-language Voice Control, further enhance the utility of the iPhone. However, growth could moderate sequentially following the exceptionally strong fiscal second quarter performance.
The iPhone accounted for 51.3% of net sales in the second quarter of fiscal 2026. The Zacks Consensus Estimate for fiscal third-quarter iPhone sales is pegged at $53.967 billion, suggesting roughly 21.1% year-over-year growth.
Apple Inc. Revenue (TTM)
Click here to learn how Apple’s overall fiscal third-quarter earnings results are likely to be.
AAPL’s MacBook Demand Expected to Remain Robust
Mac revenues are expected to have benefited from strong demand for the MacBook Neo, M5-powered MacBook Air and MacBook Pro models featuring M5 Pro and M5 Max processors. Mac sales increased 6% year over year in the second quarter of fiscal 2026, driven primarily by higher laptop sales, while the installed base and the number of customers new to Mac reached records.
Apple Silicon’s ability to run advanced AI models locally is strengthening Mac adoption among developers, enterprises and educational institutions. MacBook Neo’s lower price is also expanding Apple’s addressable market. Nevertheless, Mac performance is likely to have been constrained by limited availability of advanced semiconductor nodes. Apple indicated that several Mac models would remain supply constrained during the third quarter of fiscal 2026 because demand exceeded expectations.
The PC segment climbed up 4.9% in the second quarter of calendar 2026, according to IDC. Apple had a market share of 9.9%, up 140 basis points (bps) on a year-over-year basis. Shipments grew 10.1% year over year to 6.7 million. In terms of shipments, Apple outperformed Dell Technologies DELL, Lenovo LNVGY and HP HPQ. Shipments of Dell, Lenovo and HP declined 2.1%, 5%, and 9%, respectively, per IDC data. Dell, Lenovo and HP have market shares of 13.6%, 24.4% and 19.1%, respectively.
The Zacks Consensus Estimate for fiscal third-quarter Mac sales is pegged at $8.674 billion, suggesting 7.8% year-over-year growth.
AAPL iPad Revenues Likely to Face a Difficult Comparison
iPad revenues are expected to have benefited from demand for the M4-powered iPad Air, the A16-powered entry-level iPad and the M5-powered iPad Pro. In the fiscal second quarter, iPad sales increased 8% year over year, while more than half of buyers were new to the product. Strong adoption in emerging markets, including India, Mexico and Thailand, is likely to have supported the segment.
Enhanced Apple Intelligence and accessibility features, including natural-language Voice Control, Accessibility Reader and privately generated video subtitles, should improve iPad’s appeal for education, productivity and creative workloads. However, Apple warned that the segment faced a difficult year-over-year comparison because the A16-powered iPad was introduced in the prior-year quarter. Consequently, iPad revenues may have declined or posted only modest growth.
The Zacks Consensus Estimate for fiscal third-quarter iPad sales is pegged at $8.674 billion, suggesting 5.1% year-over-year growth.
Apple's Wearables Expected to Register Modest Growth
Wearables, Home and Accessories revenues are expected to have benefited from demand for Apple Watch Ultra 3, Apple Watch Series 11, Apple Watch SE, AirPods Pro 3 and AirPods Max 2. The category grew 5% year over year in the second quarter of fiscal 2026, driven by higher wearables and accessories sales. The wearables installed base reached a record, with more than half of Apple Watch buyers being new to the product.
Apple Watch’s health and fitness capabilities and AirPods’ intelligent features, including Live Translation, are likely to have supported demand. The wider integration of Apple Intelligence and accessibility functions across Apple devices may also strengthen ecosystem engagement.
The Zacks Consensus Estimate for fiscal third-quarter Wearables, Home and Accessories sales is pegged at $7.805 billion, suggesting 5.4% year-over-year growth.
Zacks Rank
Apple currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Apple's Q3 Earnings: Strong iPhone 17 Shipment to Aid Top-Line Growth

For Immediate Release
Chicago, IL – July 29, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple AAPL, HP HPQ, Alphabet GOOGL and Dell Technologies DELL.
Here are highlights from Tuesday’s Analyst Blog:
Buy, Sell or Hold Apple Stock? Key Tips Ahead of Q3 Earnings
Apple is set to report third-quarter fiscal 2026 results on July 30.
Apple expects third-quarter fiscal 2026 net sales to grow between 14% and 17% on a year-over-year basis. Gross margin is expected to be 47.5-48.5% in the third quarter of fiscal 2026. Operating expenses are expected to be between $18.8 billion and $19.1 billion.
The Zacks Consensus Estimate for fiscal third-quarter net sales is pegged at $108.75 billion, indicating year-over-year growth of 15.64%.
The consensus mark for earnings is pegged at $1.88 per share, unchanged over the past 30 days. The estimate indicates a 19.75% increase from the year-ago quarter’s reported figure.
AAPL’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the earnings surprise being 7.34%, on average.
Let us see how things have shaped up prior to this announcement.
Factors to Drive Apple’s Fiscal Q3 Results
Apple’s third-quarter fiscal 2026 results are expected to reflect benefits from continued strong demand for the iPhone 17 family, supported by healthy upgrade activity, market share gains and expanding first-time user adoption. The company reported record iPhone revenues in both the first and second quarters of fiscal 2026, with particularly strong momentum in the United States, Greater China, India, Japan and other emerging markets. The launch of the iPhone 17e further broadened Apple’s addressable market, while Apple Intelligence capabilities and the A19/A19 Pro chips enhanced the appeal of the premium lineup. The installed base also reached an all-time high, providing a solid foundation for continued hardware sales in the to-be-reported quarter.
Apple’s Services segment is expected to have been another key contributor in the to-be-reported quarter. Services reached a record $31 billion in the second quarter of fiscal 2026, driven by double-digit growth across most categories and markets. Growth in paid subscriptions, transacting accounts, App Store activity, Apple TV+, Apple Pay, cloud services and enterprise offerings, such as Apple Business, is likely to have continued to support recurring revenue. With an installed base exceeding 2.5 billion active devices, Apple remains well positioned to monetize its ecosystem through higher customer engagement and subscription adoption.
Apple is expected to have benefited from growing adoption of Apple Intelligence across its ecosystem. The company continued expanding AI capabilities across iPhone, Mac, iPad and AirPods while emphasizing privacy-focused on-device AI powered by Apple Silicon. Strong demand for recently introduced products, including MacBook Neo, M5-powered Macs, M4-powered iPad Air and new AirPods, is likely to have supported hardware revenues. Apple’s positioning of Mac as a preferred platform for AI development and enterprise deployment is also expected to have strengthened demand from commercial customers.
However, supply chain constraints are expected to have hurt Apple’s fiscal third- quarter results. Although Apple expected supply conditions to improve after the fiscal second quarter, the company acknowledged that iPhone and Mac demand continued to outpace available supply. Apple significantly increased research and development spending to accelerate investments in AI, custom silicon and future products. While these investments support long-term innovation, elevated operating expenses is are expected to have kept operating margin under pressure in the third quarter of fiscal 2026.
AAPL Shares Outperform Sector, Valuation Stretched
Apple shares have appreciated 23.9% year to date (YTD), outperforming the Zacks Computer & Technology sector’s return of 9.9%. While Apple shares have outperformed HP and Alphabet over the time frame, the shares have lagged Dell Technologies. YTD, shares of HP, Alphabet and Dell have returned 19.2%, 4.3% and 238.4%, respectively.
The AAPL stock is not so cheap, as suggested by the Value Score of F. In terms of the forward 12-month price/earnings, AAPL is trading at 35.73X, higher than the Zacks Computer & Technology sector’s 20.90X, Dell’s 20.59X, HP’s 9.03X and Alphabet’s 20.48X.
AI Focus to Aid AAPL’s Prospects
Apple’s long-term outlook is supported by the expansion of Apple Intelligence across its hardware ecosystem. The combination of custom Apple Silicon, on-device AI processing, privacy-focused architecture and continued investment in foundation models should enhance user engagement, encourage device upgrades and create new monetization opportunities. The company expects to introduce a more personalized Siri and additional AI capabilities, strengthening its competitive position.
Apple’s installed base of more than 2.5 billion active devices provides a significant long-term advantage. As the user base expands, Services — including subscriptions, payments, cloud, advertising and digital content — should continue generating stable, high-margin recurring revenues. The company continues to gain traction among enterprise customers deploying Macs, iPads and iPhones for AI workloads, productivity and security. Simultaneously, investments in India and other emerging markets through retail expansion, manufacturing initiatives and localized products provide meaningful long-term growth opportunities.
Nevertheless, Apple faces growing competition from Chinese smartphone vendors and AI-focused device manufacturers investing aggressively in generative AI, cloud AI and enterprise software. Increasing antitrust scrutiny, App Store regulations, digital market legislation and privacy-related requirements is are expected to limit Apple’s ability to monetize its ecosystem and increase compliance costs over time.
Conclusion
Apple enters its third-quarter fiscal 2026 earnings announcement with strong momentum, supported by healthy iPhone demand, robust Services growth and expanding Apple Intelligence adoption across its ecosystem. The company’s growing installed base and continued investments in AI, custom silicon and emerging markets provide a solid foundation for long-term growth.
However, elevated AI-related investments, supply constraints, regulatory pressures and an expensive valuation temper the upside. While Apple’s fundamentals remain strong, much of the near-term optimism appears reflected in the stock, making investors closely watch the company's execution and guidance for the remainder of fiscal 2026.
Currently, AAPL carries a Zacks Rank #3 (Hold), which implies that investors should wait for a favorable point to accumulate the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
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The Zacks Analyst Blog Highlights Apple, HP, Alphabet and Dell

Key Points
Dell Technologies maintains a dominant presence in the global computing market while pivoting heavily toward AI-optimized infrastructure solutions.
Planet Labs PBC operates a massive satellite constellation providing daily Earth imagery, carving out a niche in geospatial data and intelligence.
Which of these technology-driven companies deserves a spot in your portfolio as we look toward the final years of the decade?
Investors often face a choice between established hardware giants and disruptive high-growth specialists. Comparing Dell Technologies Inc (NYSE:DELL) and Planet Labs PBC (NYSE:PL) highlights the trade-offs between cash-flow stability and satellite-scale ambition.
Dell provides the physical backbone of the digital economy, from enterprise servers to consumer laptops. Planet Labs captures daily images of the entire Earth's landmass to provide actionable data for government and commercial clients. This comparison evaluates which business model offers a more compelling risk-reward profile for long-term investors.
The case for Dell Technologies
Dell sells a wide range of hardware, software, and integrated services among tech stocks to global enterprises and public institutions. It relies on a direct sales force and a partner network that accounts for nearly 40% of its net revenue. Recently, the company ended its distribution partnership with Arrow Enterprise Computing Solutions to refine its strategy for high-end server and storage sales. It serves a diverse global client base ranging from large global enterprises to consumers, increasingly offering consumption-based models like utility and subscription.
In FY 2026, revenue reached approximately $113.5 billion, representing growth of close to 19% compared to the previous year. The company reported net income of more than $5.9 billion. This performance reflects a steady upward trend from FY 2024, when revenue was approximately $88.4 billion and net income was $3.2 billion. The growth is largely driven by increased demand for infrastructure solutions and high-performance computing required for artificial intelligence applications.
As of its January 2026 balance sheet, its net debt (total debt less cash and equivalents on hand) was $20 billion. Free cash flow, which is cash from operations minus capital expenditures, reached approximately $8.6 billion for the year. This strong cash generation allows the company to maintain its leading position in the infrastructure market.
The case for Planet Labs PBC
Planet Labs PBC designs and operates a fleet of roughly 200 satellites to provide daily Earth-imaging data and analytics. It serves a diverse client base ranging from defense and intelligence agencies to commercial agricultural enterprises. To deepen its integration with regional customers, the company recently opened a new London office to bolster European partnerships and AI integration.
In FY 2026, the company reported revenue of $307.7 million, which is a growth of approximately 26% compared to the previous year. However, it recorded a net loss of nearly $246.9 million, up from a loss of $123.2 million in its prior fiscal year.
As of its January 2026 balance sheet, Planet Labs maintained a debt-to-equity ratio of approximately 2.5x, meaning its total debt is 2.5 times the value of its equity. Its current ratio was a healthy 1.7x, and the company generated nearly $57.6 million in free cash flow, or cash from operations minus capital expenditures. Note that stock-based compensation (SBC) represented roughly 41% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
Risk profile comparison
Dell Technologies faces a complex set of challenges, including a $70 million server pricing lawsuit from XTX Markets that could impact operational results. Its heavy strategic dependence on artificial intelligence also carries risks, as rapid shifts in technology could lead to product obsolescence or inventory impairments. Furthermore, the company relies on a concentrated supply chain in Asia and faces constant competition from Hewlett Packard Enterprise Co (NYSE:HPE) and other global manufacturers.
Planet Labs PBC deals with the inherent volatility of the aerospace industry, where launch failures or satellite malfunctions can lead to immediate revenue losses. It also faces growing competition from government-subsidized providers and companies like Space Exploration Technologies (NASDAQ:SPCX), as well as mapping data from Alphabet Inc (NASDAQ:GOOGL). The business is highly capital-intensive, requiring constant investment to replace aging satellites, while its history of operating losses remains a concern for long-term scaling.
Valuation comparison
Metric
Dell Technologies
Planet Labs PBC
Forward P/E
23.8x
n/a
P/S ratio
2.2x
19.5x
Dell Technologies trades at a much lower P/S ratio than its peer, reflecting its mature hardware business. Investors paying for the growth of Planet Labs need to expect future earnings, given the company has no forward P/E for its current fiscal year because it is not expected to turn a profit.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Planet Labs operates a series of satellites that provide military, civil, and commercial intelligence and data about the atmosphere, sea lanes, and facilities on remote land. Various, mostly U.S., militaries accounted for about two-thirds of sales, while non-military businesses included everything from farmland monitoring for commodity traders to surveying Earth’s electromagnetic fields for climate researchers. One potentially lucrative deal could be for Alphabet’s Project Suncatcher, which seeks to build AI data centers in space that would use solar power and not require cooling.
In the near term, however, Wall Street analysts expected Planet Labs to post a wider net loss of about $306 million in fiscal 2027 on sales of $436 million.
Dell, meanwhile, is seen boosting its sales 50% this current fiscal year 2027, to about $171 billion, with more than $11 billion in both net income and free cash flow coming in as well. While Dell still sells the laptops that originated the business, its story for investors today is all about AI. The business is selling AI-optimized servers hand over fist, with management expecting more than $60 billion in AI server sales in FY 2027, almost triple the prior year.
Planet Labs is a well-growing business in the still-nascent sector of space services. But Dell’s exposure to the AI data center wave is too strong to ignore in 2026, given the company trades at a much lower P/S and has a reasonable P/E for a tech business.
Should you buy stock in Dell Technologies right now?
Before you buy stock in Dell Technologies, consider this:
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $377,990!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,269,518!*
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Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Hewlett Packard Enterprise, and Planet Labs PBC. The Motley Fool recommends Helmerich & Payne. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Dell Technologies vs. Planet Labs PBC: Which Technology Stock Is a Better Buy in 2026?

Key Points
Dell Technologies leverages its massive scale and global partner network to dominate the enterprise infrastructure and high-performance server markets.
Snowflake continues to expand its AI Data Cloud footprint through a consumption-based model and multi-cloud interoperability.
Which of these technology giants is the better fit for your portfolio as artificial intelligence adoption accelerates?
The landscape of computing is shifting as hardware giants and cloud software innovators battle for corporate budgets. Investors must decide between the established value of Dell Technologies Inc (NYSE:DELL) and the high-growth potential of Snowflake Inc (NYSE:SNOW).
Dell provides the physical infrastructure that powers data centers, while Snowflake offers a cloud-native platform for managing and analyzing the data stored within those systems. This comparison evaluates which stock offers a more compelling risk-to-reward profile as businesses integrate artificial intelligence into their daily operations.
The case for Dell Technologies
Dell sells a wide range of hardware, software, and integrated services among tech stocks to global enterprises and public institutions. It relies on a direct sales force and a partner network that accounts for nearly 40% of its net revenue. Recently, the company ended its distribution partnership with Arrow Enterprise Computing Solutions to refine its strategy for high-end server and storage sales. It serves a diverse global client base ranging from large global enterprises to consumers, increasingly offering consumption-based models like utility and subscription.
In FY 2026, revenue reached approximately $113.5 billion, representing growth of close to 19% compared to the previous year. The company reported net income of more than $5.9 billion. This performance reflects a steady upward trend from FY 2024, when revenue was approximately $88.4 billion and net income was $3.2 billion. The growth is largely driven by increased demand for infrastructure solutions and high-performance computing required for artificial intelligence applications.
As of its January 2026 balance sheet, its net debt (total debt less cash and equivalents on hand) was $20 billion. Free cash flow, which is cash from operations minus capital expenditures, reached approximately $8.6 billion for the year. This strong cash generation allows the company to maintain its leading position in the infrastructure market.
The case for Snowflake
Snowflake offers the AI Data Cloud, a platform that allows companies to manage and analyze data across multiple cloud environments. The firm served over 13,000 customers as of early 2026, including 790 of the Forbes Global 2000. It relies on an ecosystem of global system integrators and foundational AI model partners to drive adoption. By focusing on multi-cloud interoperability, the platform enables secure data sharing and collaboration without tethering customers to a single infrastructure provider.
In FY 2026, revenue reached nearly $4.7 billion, showing growth of roughly 30% over the prior year. Despite this rapid top-line expansion, Snowflake reported a net loss of approximately $1.3 billion. While this loss is significant, it is not dramatically higher than its net loss for FY 2025, showing that revenue is starting to outpace expenses. The company continues to prioritize customer acquisition and platform development over immediate bottom-line profitability.
As of its January 2026 balance sheet, the debt-to-equity ratio was close to 1.4x. Free cash flow for the year was nearly $1.1 billion, providing a buffer for ongoing operations. Note that stock-based compensation represented roughly 130.9% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.
Risk profile comparison
Dell faces significant risks from its reliance on single-source suppliers and outsourced manufacturing in Asia, which makes it vulnerable to geopolitical conflicts. The company also deals with intense competition from specialized and hyperscale competitors that could erode its market share and its net margin. Additionally, a $70 million lawsuit from XTX Markets regarding alleged server pricing increases poses a risk to its financial results and customer relationships. The increasing sophistication of cyber-attacks also remains a constant threat to its brand reputation.
Snowflake faces cybersecurity risks, where poor security configurations by customers can lead to data breaches and negative publicity. The company is currently subject to multiple consolidated class action lawsuits alleging federal securities law violations related to its prior disclosures. It also depends heavily on infrastructure from Amazon.com Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT), and Alphabet Inc (NASDAQ:GOOGL), which are both partners and competitors. Furthermore, the rapid evolution of artificial intelligence could allow frontier model providers to integrate directly into the data management layer.
Valuation comparison
Dell appears to be the more conservative value choice, as it carries a much lower Forward P/E than Snowflake. This ratio compares a company's stock price to its future earnings estimates, while the P/S ratio measures a company's market price against its annual revenue.
Metric
Dell Technologies
Snowflake
Forward P/E
23.8x
135.1x
P/S ratio
22x
18.2x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Despite its already massive size, Dell’s sales are seen rising a some 50% to about $171 billion in its current fiscal year, 2027, with more than $11 billion in both net income and free cash flow. While Dell still sells the laptops that originated the business (and which are suffering from higher memory prices), the story is all about AI. The business is selling AI-optimized servers hand over fist, with management expecting more than $60 billion in AI server sales in FY 2027, almost triple the prior year. It’s riding the AI data center wave.
Snowflake, meanwhile, is the ‘picks and shovels’ of the AI gold rush, given its partnerships with many major AI providers, including OpenAI and Anthropic, and large multinational corporations, like Nestlé, which want a simple and powerful platform to manage all their data and AI efforts. Its current fiscal year, 2027, should bring sales of about 30% higher, to $6.1 billion, with a narrower net loss of about $990 million. That shows operating margins are trending the right way, with sales rising while losses are narrowing.
One positive aspect of Snowflake’s business is that it is platform-agnostic technology, meaning whoever wins the generative AI wars brings Snowflake along as a provider. It just signed a $6 billion services agreement with Amazon’s AWS, even while continuing to provide services to Microsoft’s competing service, for example.
Snowflake has the growth and market positioning to make it an intriguing stock, but Dell’s AI-driven growth is too strong to ignore, especially at a very affordable forward P/E ratio.
Should you buy stock in Dell Technologies right now?
Before you buy stock in Dell Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Dell Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $377,990!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,269,518!*
Now, it’s worth noting Stock Advisor’s total average return is 896% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 27, 2026.
Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Microsoft, and Snowflake. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Dell Technologies vs. Snowflake: Which AI-Driven Stock Is a Better Buy in 2026?

For Immediate Release
Chicago, IL – July 27, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Intel Corp. INTC, Dell Technologies Inc. DELL and The Progressive Corp. PGR.
Top Research Reports for Intel, Dell and Progressive
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Intel Corp., Dell Technologies Inc. and The Progressive Corp. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
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Today's Featured Research Reports
Intel’s shares have outperformed the Zacks Semiconductor - General industry over the year-to-date period (+171.6% vs. +20.2%). The company remains focused on strengthening its capabilities in AI infrastructure, enterprise computing and advanced manufacturing through product innovation and continued ecosystem development. Rising adoption of Xeon processors and Intel 18A-based products, together with momentum in networking, AI infrastructure and edge deployments, supports its long-term growth.
Recent adoption of Intel Xeon 6 processors and Intel Arc Pro GPUs for sovereign AI deployments highlights growing enterprise acceptance of Intel’s AI computing platform and expands opportunities in secure on-premises AI environments. Growing traction in the autonomous car technology market is a positive.
However, fierce competition in the server, storage and networking markets is hindering margin. Manufacturing execution risks, geopolitical uncertainty, remain concerns.
(You can read the full research report on Intel here >>>)
Shares of Dell have outperformed the Zacks Computer - Micro Computers industry over the year-to-date period (+252.3% vs. +23.4%). The company is seeing demand for AI servers stay ahead of supply as customers accelerate deployments and lock in capacity. In first quarter fiscal 2027, the company booked $24.4 billion of AI orders, delivered $16.1 billion of AI server revenue, and ended with a $51.3 billion AI backlog.
Management raised fiscal 2027 revenue guidance to $165-$169 billion and lifted expected AI server revenue to about $60 billion. ISG profitability improved year over year, and traditional servers, storage and commercial PCs are expanding, supporting cash flow and continued buybacks and dividends. DELL’s core leverage ratio was 1.2x exiting the quarter, but the balance sheet remains geared.
However, unfavorable AI mix and memory constraints continue to keep gross margin under pressure. Competitive pricing, and unfavorable forex are other headwinds.
(You can read the full research report on Dell here >>>)
Progressive’s shares have underperformed the Zacks Insurance - Property and Casualty industry over the year-to-date period (-3.2% vs. +0.6%). Due to non-conducive geopolitical landscape and macro uncertainties the company could face reduced demand for autos, which is having a corresponding negative impact on its growth prospects.
Also, it has a reinsurance program to offset some of its losses and a strong financial position overall. All these positives have led to the overvaluation of its shares, the main factor keeping us on the sideline.
Nevertheless, Progressive continues to gain on higher premiums, given its compelling product portfolio and strength in Personal auto, contributing about 75% of total premiums. Rate increases, personal auto application increases, improving retention rates and a strong independent agents' network should drive long-term premium growth and generate steady revenues. Investment in digital transformation should support this strength.
(You can read the full research report on Progressive here >>>)
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Zacks Analyst Blog Highlights INTC, DELL and PGR

Key Points
Dell's growing share of the AI server market points to more upside for the stock after terrific gains this year.
The company's earnings growth potential and attractive valuation make it a no-brainer buy right now.
Micron Technology has been on a tear on the stock market in 2026, with its shares almost tripling this year, as of this writing. However, the memory specialist's gains have been eclipsed by a 242% surge in shares of Dell Technologies (NYSE: DELL).
Dell stock has benefited from a significant acceleration in revenue and earnings growth this year, primarily fueled by booming demand for its artificial intelligence (AI) servers. The good news for investors is that it isn't too late to buy Dell, as it is trading at an extremely attractive valuation even after its stunning rally in 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Let's look at the reasons why this AI stock could double your money in the next three years.
Dell Technologies dominates the fast-growing AI server market
Market research firm IDC estimates that the global server market's revenue increased by 31% in the first quarter of 2026. IDC expects the server market to clock a solid annual growth rate of 25% through the end of the decade.
AI servers will play a central role in this market's growth. According to another estimate, the generative AI server market could clock a compound annual growth rate (CAGR) of 34% through 2030, generating $449 billion in revenue by the end of the decade. With an estimated market share of 17%, according to Fortune Business Insights, Dell is in a solid position to capitalize on this massive market opportunity.
Importantly, Dell has been capturing a larger share of AI server sales. This is evidenced by a whopping 757% year-over-year increase in Dell's AI server revenue in the first quarter of fiscal 2027 (which ended on May 1) to $16.1 billion. The company expects to clock $60 billion in AI server revenue this fiscal year, up from the prior expectation of $50 billion. Dell delivered $24.7 billion in AI server revenue in fiscal 2026
So, the company's fiscal 2027 growth projection suggests it will grow significantly faster than the AI server market. This should set Dell up for impressive growth over the next three years, which could be enough for the stock to double, at least.
Here's how this AI stock could double
Dell's earnings per share could increase by 78% in the current fiscal year to $18.41. Analysts are anticipating robust double-digit growth from the company over the next two years as well.
Of course, Dell could exceed the projected growth rate, considering the terrific growth opportunity in AI servers and its improving market share. However, even if Dell's earnings per share increase to $25.77 in fiscal 2029 and it trades at 33 times earnings at that time, in line with the Nasdaq-100 index's earnings multiple, its stock price could reach $850.
That's nearly Dell's current stock price. Given that this AI stock is trading at 24 times forward earnings, it isn't too late for investors to buy this high-flying server specialist, especially considering the potential upside it could deliver within the next three years.
Should you buy stock in Dell Technologies right now?
Before you buy stock in Dell Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Dell Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $377,990!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,269,518!*
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Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This AI Stock Has Tripled in 2026. It Could Still Double in 3 Years (Hint: It's Not Micron)

Friday, July 24, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Intel Corp. (INTC), Dell Technologies Inc. (DELL) and The Progressive Corp. (PGR). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Tensions Ease Slightly Ahead of Friday Trading
Today's Featured Research Reports
Intel’s shares have outperformed the Zacks Semiconductor - General industry over the year-to-date period (+171.6% vs. +20.2%). The company remains focused on strengthening its capabilities in AI infrastructure, enterprise computing and advanced manufacturing through product innovation and continued ecosystem development. Rising adoption of Xeon processors and Intel 18A-based products, together with momentum in networking, AI infrastructure and edge deployments, supports its long-term growth.
Recent adoption of Intel Xeon 6 processors and Intel Arc Pro GPUs for sovereign AI deployments highlights growing enterprise acceptance of Intel’s AI computing platform and expands opportunities in secure on-premises AI environments. Growing traction in the autonomous car technology market is a positive.
However, fierce competition in the server, storage and networking markets is hindering margin. Manufacturing execution risks, geopolitical uncertainty, remain concerns.
(You can read the full research report on Intel here >>>)
Shares of Dell have outperformed the Zacks Computer - Micro Computers industry over the year-to-date period (+252.3% vs. +23.4%). The company is seeing demand for AI servers stay ahead of supply as customers accelerate deployments and lock in capacity. In first quarter fiscal 2027, the company booked $24.4 billion of AI orders, delivered $16.1 billion of AI server revenue, and ended with a $51.3 billion AI backlog.
Management raised fiscal 2027 revenue guidance to $165-$169 billion and lifted expected AI server revenue to about $60 billion. ISG profitability improved year over year, and traditional servers, storage and commercial PCs are expanding, supporting cash flow and continued buybacks and dividends. DELL’s core leverage ratio was 1.2x exiting the quarter, but the balance sheet remains geared.
However, unfavorable AI mix and memory constraints continue to keep gross margin under pressure. Competitive pricing, and unfavorable forex are other headwinds.
(You can read the full research report on Dell here >>>)
Progressive’s shares have underperformed the Zacks Insurance - Property and Casualty industry over the year-to-date period (-3.2% vs. +0.6%). Due to non-conducive geopolitical landscape and macro uncertainties the company could face reduced demand for autos, which is having a corresponding negative impact on its growth prospects.
Also, it has a reinsurance program to offset some of its losses and a strong financial position overall. All these positives have led to the overvaluation of its shares, the main factor keeping us on the sideline.
Nevertheless, Progressive continues to gain on higher premiums, given its compelling product portfolio and strength in Personal auto, contributing about 75% of total premiums. Rate increases, personal auto application increases, improving retention rates and a strong independent agents' network should drive long-term premium growth and generate steady revenues. Investment in digital transformation should support this strength.
(You can read the full research report on Progressive here >>>)
Other noteworthy reports we are featuring today include GSK plc (GSK), 3M Co. (MMM) and SEI Investments Co. (SEIC).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
GSK Specialty Medicines Unit Aids Revenues Amid Vaccine Slowdown
Per the Zacks analyst, GSK's Specialty Medicines unit is witnessing increased sales growth, with sales rising in HIV, respiratory and oncology. However, softer Vaccines segment sales are a concern.
Safety and Industrial Segment Aids 3M (MMM) Amid Forex Woes
Per the Zacks analyst, 3M will benefit from robust momentum in the Safety and Industrial unit, led by strength in industrial adhesives and electrical markets. However, forex woes remain concerning.
Urban Outfitters (URBN) Rides Brand and Nuuly Momentum
Per the Zacks analyst, Urban Outfitters' (URBN) multi-brand strength, FP Group's sustained growth and Nuuly's rapid subscriber expansion continue to support its long-term growth trajectory.
Fleet Management Solutions Aid WEX (WEX), No Dividends Ail
Per the Zacks analyst, WEX's strong fleet management solutions ensure revenue growth, but the absence of cash dividends may deter income-focused shareholders.
Dave Inc. (DAVE) Gains on CashAI, Short-Term Liquidity Demand Focus
Per the Zacks analyst, Dave gains from persistent short-duration liquidity demand focus, with CashAI-led underwriting turning engagement into stronger monetization while keeping losses contained.
Certification Progress & Commercial Readiness Aid Archer (ACHR)
Per the Zacks analyst, Archer is benefiting from continued FAA certification progress, expanding flight testing, and a strong liquidity position to support its 2026 commercialization milestones.
Neogen (NEOG) Food Safety Arm Drives Growth, Debt Burden Woes Stay
The Zacks analyst is impressed with a robust growth within Neogen's Food Safety arm banking on several long-term secular tailwinds. Yet, a balance sheet with a high debt burden is worrisome.
New Upgrades
Technology, Buyouts, Partnerships, AUM Support SEI Investments (SEIC)
Per the Zacks analyst, digital growth strategy, LSV contribution, solid assets under management balance, strategic buyouts, global presence and financial flexibility will aid SEI Investments' growth.
Contract Wins and Strategic Acquisitions Aid Molina Healthcare (MOH)
Per the Zacks analyst, Molina Healthcare benefits from consistent contract wins, disciplined acquisitions and expanding government healthcare opportunities, supporting earnings growth.
PBF Energy's (PBF) High-Complexity, Diversified Refining Network Aids
Per the Zacks analyst, PBF Energy's highly complex refining systems support the processing of diverse crude slates into higher-value fuels. Its cost-saving initiatives enhance profitability.
New Downgrades
High Leverage & Volatile Gas Prices to Hurt Comstock Resources (CRK)
Per the Zacks analyst, CRK faces headwinds from high leverage, capital intensity, volatile gas prices, execution risks and the lack of dividends, limiting cash flow visibility and investor returns.
Expected Decline in Volumes, Access Segment Weakness Ail Oshkosh (OSK)
Per the Zacks analyst, Oshkosh expects refuse vehicle volumes to fall 25-30% in 2026, which is likely to weigh on its top-line growth. Margin pressure in the Access segment is also concerning.
Macao Hold Volatility & High Costs Ail Las Vegas Sands (LVS) Prospects
Per the Zacks analyst, Las Vegas Sands is grappling with low rolling-play hold in Macao, high costs, and capital expenditures. Also, competitive pressures remain a headwind.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Research Reports for Intel, Dell & Progressive

Key Points
Super Micro Computer received $60 billion of new orders during its fiscal fourth quarter.
Meanwhile, Super Micro told investors that gross margin is expected to be double what management previously guided for.
Strong demand for Super Micro's AI server solutions is a good sign for Dell Technologies.
Super Micro Computer (NASDAQ: SMCI) recently issued a preliminary financial update for the fourth quarter of fiscal 2026 (period ended June 30). The results painted a mixed picture, with revenue expected to come in near the low end of guidance.
Nevertheless, two other metrics -- a sharply higher gross margin and a record backlog in excess of $60 billion -- stand out as encouraging signals for the broader artificial intelligence (AI) infrastructure market and, specifically, for Dell Technologies (NYSE: DELL). Read on to learn why.
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Why is Super Micro Computer important for AI infrastructure?
Super Micro designs high-performance servers, storage systems, and rack-scale solutions optimized for AI data centers. The company is a major player in AI infrastructure as its platforms incorporate the latest GPU architectures, advanced liquid cooling, and high-density configurations. These systems help hyperscalers and cloud providers scale the massive compute clusters required for AI model training and inference. Super Micro competes with other server and systems vendors, most notably Dell Technologies, Hewlett Packard Enterprise, and Lenovo.
Why do Super Micro's gross margin and backlog matter?
Super Micro's preliminary results show an estimated gross margin between 15% and 17%, well above the company's prior guidance of 8.2% to 8.4%. Management attributed the rising profitability to a more favorable customer and product mix. The margin expansion signals that AI server demand is beginning to support stronger pricing and profitability, reflecting a shift toward higher-value configurations as opposed to lower-margin build-outs.
At the same time, Super Micro reported a record backlog with $60 billion in new orders during the fourth quarter alone. The enormous order intake points to sustained capital expenditures (capex) by hyperscalers accelerating their data center footprints. Far from a one-off surge, the data suggests the AI infrastructure boom remains robust, with big tech continuing to commit meaningful balance sheet resources well into the future.
Why Dell is an overlooked winner from Super Micro's growth
Super Micro's growth highlights Dell as a key beneficiary of the same industry trends. Dell offers a far broader portfolio compared to Super Micro -- encompassing servers, storage, networking, PCs, software, and support services. While Super Micro excels in specialized AI server deployments, some customers prefer Dell's integrated solutions and ability to deliver a complete IT stack.
The strong underlying demand confirmed by Super Micro's results validates that AI infrastructure spending is accelerating. Smart investors understand that this creates a spillover opportunity for Dell in segments where it holds competitive advantages. This includes broader enterprise deployments, networking and storage, and situations where customers rely on multiple suppliers.
As Super Micro captures certain pockets of the AI server market, Dell's diversified portfolio is positioned to win incremental business that falls outside SMCI's narrower expertise. Ultimately, Super Micro's improving profitability and massive backlog help confirm the durability of the AI infrastructure supercycle. Dell is positioned to convert Super Micro's momentum into its own market-share gains as it rides the same secular tailwinds but with greater breadth.
Should you buy stock in Dell Technologies right now?
Before you buy stock in Dell Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Dell Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $371,519!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,281,302!*
Now, it’s worth noting Stock Advisor’s total average return is 892% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of July 24, 2026.
Adam Spatacco has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hewlett Packard Enterprise. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Super Micro Just Reported $60 Billion of New Orders -- Here's Why Smart Investors Should Buy Dell Stock Now

Microsoft MSFT is slated to report fourth-quarter fiscal 2026 results on July 29.
For the fourth quarter of fiscal 2026, Microsoft expects total company revenues between $86.7 billion and $87.8 billion, suggesting growth of 13% to 15%, with accelerating commercial growth partially offset by the consumer business.
The Zacks Consensus Estimate for revenues is pegged at $87.42 billion, indicating growth of 14.36% from the figure reported in the year-ago quarter.
Capital expenditures are expected to increase to more than $40 billion in the fiscal fourth quarter, with the sequential increase including roughly $5 billion from higher component pricing as well as the impact from finance leases. The mix of short-lived assets is expected to remain similar to third-quarter levels.
The consensus mark for earnings has moved south by 0.2% to $4.21 per share over the past 30 days. The figure suggests 15.34% growth year over year.
Image Source: Zacks Investment Research
MSFT Earnings Surprise History
In the last reported quarter, the company delivered an earnings surprise of 4.91%. The company’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 8.43%.
Microsoft Corporation Price and EPS Surprise
Earnings Whispers for MSFT
Our proven model does not conclusively predict an earnings beat for Microsoft this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
MSFT has an Earnings ESP of -1.04% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping MSFT’s Upcoming Q4 Results
Microsoft's fourth-quarter fiscal 2026 results are likely to reflect continued Azure capacity expansion and broadening AI monetization, weighed against escalating infrastructure costs and a softening PC market, during the April–June 2026 period.
Microsoft guided Productivity and Business Processes revenues of $37 billion to $37.3 billion, implying growth of roughly 12% to 13%, with the Zacks Consensus Estimate indicating 12.2% year-over-year growth to $37.16 billion. Microsoft 365 Commercial cloud growth is guided at 15% to 16% in constant currency. This followed a third-quarter beat in which the segment rose 17% to $35.0 billion, driven by Microsoft 365 Commercial cloud growth of 19%. Through the quarter, Microsoft continued layering AI into its productivity stack: Copilot Notebooks gained Excel-agent spreadsheet generation and auto-generated infographics, Copilot arrived in Apple CarPlay, and GPT-5.5 Instant and Claude Opus 4.7 were added as model choices inside Microsoft 365 Copilot and Copilot Studio. The May 1 general availability of Microsoft 365 E7, alongside a new three-year Copilot purchasing option in CSP, aimed to widen enterprise adoption. LinkedIn revenue growth was guided near 10%, while Dynamics 365 growth was guided in the low double digits, decelerating sequentially against a tough prior-year comparison.
The Intelligent Cloud segment remained the central growth and constraint story. Management guided revenues of $37.95 billion to $38.25 billion, or 27% to 28% growth. The consensus mark for this segment is pegged at $38.1 billion, indicating growth of 27.6% from the figure reported in the year-ago quarter.
Azure constant-currency growth is guided at 39% to 40%, similar to the 39% cc growth (40% reported) delivered in the fiscal third quarter, when Azure benefited from an AI business annualized run rate exceeding $37 billion, up 123% year over year. Management reiterated that capacity constraints would persist through 2026, with only modest easing expected in the second half. Infrastructure investment accelerated further during the quarter: Microsoft announced a new multibillion-dollar datacenter campus in Pecos, Texas, alongside continued buildout of its Fairwater AI "superfactory" network linking Wisconsin, Atlanta, and Phoenix-area sites. Capital expenditures, including finance leases, are expected to exceed $40 billion for the quarter, part of a roughly $190 billion calendar-2026 total, reflecting elevated memory and component pricing. This capex trajectory is expected to compress operating margin, which management guided down to roughly 44% from 46.3% in the prior quarter.
Microsoft guided More Personal Computing revenues of $11.75 billion to $12.25 billion, with the Zacks Consensus Estimate indicating a 10.5% year-over-year decline to $12.03 billion. Windows OEM and devices revenues are expected to be down in the mid-to-high teens and Xbox content and services revenues down in the low teens, reflecting a tough prior-year gaming comparison. Search and news advertising ex-TAC growth was guided in the high single digits.
On the gaming side, Microsoft cut Xbox Game Pass Ultimate pricing on April 21, while Build 2026 in June brought Microsoft Scout, an "Autopilot" agent, alongside general availability of Copilot Cowork and Claude's addition as a model option in Copilot Chat.
According to IDC results, second-quarter 2026 worldwide PC shipments reached 68.2 million units, down 4.9% year over year — the first decline after nine consecutive quarters of growth, as a memory-chip shortage pushed prices higher, with IDC projecting a steeper 20% year-over-year drop by the fourth quarter. Lenovo LNVGY, Dell Technologies DELL and HP Inc. HPQ witnessed shipment declines of 2.1%, 9% and 5%, respectively, year over year.
Overall, operating margin is expected to decline year over year as AI infrastructure spending continues to outpace near-term efficiency gains, even as cloud and AI demand remain robust.
MSFT Price Performance & Stock Valuation
Shares of MSFT have lost 18.8% in the past six-month period against the broader Zacks Computer & Technology sector’s growth of 8.7%. Shares of DELL, HPQ and LNVGY have gained 279%, 26% and 174.7%, respectively, in the same time frame.
6-Month Performance
Image Source: Zacks Investment Research
Now, let’s look at the value Microsoft offers investors at current levels. MSFT is trading at a premium with a forward 12-month P/S of 7.34X compared with the Zacks Computer - Software industry’s 4.98X, reflecting a stretched valuation. Microsoft carries a Value Score of C.
MSFT’s P/S F12M Ratio Depicts Stretched Valuation
Image Source: Zacks Investment Research
Investment Thesis
Microsoft enters fourth-quarter fiscal 2026 results with robust Azure demand, guided at 39-40% constant-currency growth, and expanding AI monetization, yet capacity constraints persist through calendar 2026 alongside elevated capital expenditure exceeding $190 billion annually, pressuring operating margins toward 44%. Productivity and Business Processes growth is decelerating, while More Personal Computing faces a weakening PC market amid memory-chip shortages and declining Xbox hardware demand. Given Microsoft's premium valuation relative to peers and intensifying competition across cloud, AI and productivity software from Google, Amazon, and OpenAI-aligned rivals, investors may consider holding existing positions or awaiting a more attractive entry point rather than initiating new exposure ahead of results.
Conclusion
Microsoft's fourth-quarter fiscal 2026 outlook reflects strong Azure and AI-driven cloud momentum, tempered by capacity constraints, rising capital expenditure and margin pressure. With Productivity growth moderating and the PC market softening, near-term results carry mixed risk-reward. Given the stock's premium valuation and intensifying competitive dynamics, investors may prefer to hold current positions or await a more favorable entry point before adding exposure.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Microsoft Stock Before Q4 Earnings: Buy Now or Wait for Results?

Wall Street ended the trading session on July 23, on a disappointing note, as soaring oil prices amid fresh tension in the Middle East spooked investors. Meanwhile, Alphabet’s $811 billion in future spending commitments fueled fresh concerns among investors about increased artificial intelligence (AI) spending, which, in turn, caused tech stocks to slip.
Against this backdrop, risk-averse investors may find that steady dividend-growth stocks offer a more balanced mix of income and stability than high-beta growth plays at this stage.
These dividend-growth stocks boast a consistent track record of raising payouts, underscoring the balance-sheet strength and cash-flow resilience required to navigate a period in which the traditional growth narrative is being reassessed.
Stocks with a strong history of year-over-year dividend growth can help build a resilient portfolio with greater potential for capital appreciation compared to simple dividend-paying or high-yield stocks.
We have selected three dividend growth stocks — Dell Technologies DELL, Hewlett Packard HPE and GormanRupp GRC — that could be solid choices for your portfolio.
Why Is Dividend Growth Better?
Stocks with a strong history of dividend growth are typically associated with mature companies that are less prone to sharp market swings, allowing them to serve as a hedge against economic or political uncertainty, as well as broader market volatility. Their steadily rising payouts provide a measure of downside protection.
These companies are generally backed by solid fundamentals, making them attractive long-term dividend-growth investments. Key strengths include durable business models, consistent profitability, expanding cash flows, healthy liquidity, strong balance sheets and attractive valuations.
A consistent history of dividend growth underscores the potential for continued growth ahead.
Although these stocks do not necessarily have the highest yields, they have outperformed the broader stock market or any other dividend-paying stock for an extended period.
As a result, selecting dividend-growth stocks appears to be a winning strategy when other key parameters are taken into account.
5-Year Historical Dividend Growth Greater Than Zero: This selects stocks with a solid dividend growth history.
5-Year Historical Sales Growth Greater Than Zero: This represents stocks with a strong record of growing revenues.
5-Year Historical EPS Growth Greater Than Zero: This represents stocks with a solid earnings growth history.
Next 3-5 Year EPS Growth Rate Greater Than Zero: This represents the rate at which a company’s earnings are expected to grow. Improving earnings should help companies sustain dividend payments.
Price/Cash Flow Less Than M-Industry: A ratio lower than the industry median indicates that a stock is undervalued within its industry, meaning an investor would pay less for the company’s cash flow.
52-Week Price Change Greater Than S&P 500 (Market Weight): This ensures that a stock has appreciated more than the S&P 500 over the past year.
Top Zacks Rank: Stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) generally outperform their peers in all types of market environments.
Growth Score of B or better: Our research shows that stocks with a Growth Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.
These few criteria alone narrowed the universe from more than 7,700 stocks to just three.
Here are the three stocks that fit the bill:
Texas-based Dell Technologies is a leading provider of servers, storage, and personal computers. The company’s IT solutions support customers in traditional infrastructure and multi-cloud environments. The Zacks Consensus Estimate for DELL’s fiscal 2026 revenues suggests a year-over-year improvement of 53.7%. The stock boasts a long-term (three-to-five years) earnings growth rate of 26.40%. It has an annual dividend yield of 0.57%.
DELL currently sports a Zacks Rank #1 and has a Growth Score of A.
Headquartered in Texas, Hewlett Packard is an enterprise-facing hardware and service business that focuses on servers, supercomputers, storage, networking and cloud services. The Zacks Consensus Estimate for HPE’s fiscal 2026 revenues suggests a year-over-year improvement of 31.5%. The stock boasts a long-term earnings growth rate of 32% and has an annual dividend yield of 1.20%.
HPE currently sports a Zacks Rank #1 and a Growth Score of B. You can see the complete list of today’s Zacks #1 Rank stocks here.
Ohio-based GormanRupp designs, manufactures and sells pumps and related equipment (pump and motor controls) for use in water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire protection, military and other liquid-handling applications. The Zacks Consensus Estimate for GRC’s 2026 revenues suggests a year-over-year improvement of 6.5%. The stock boasts a long-term earnings growth rate of 13% and has an annual dividend yield of 0.95%.
GRC currently sports a Zacks Rank #1 and a Growth Score of B.
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Periodand min./max. price, $	Price change, %		Volatility, %		Volume, $
Periodand min./max. price, $	DELL	Industry	DELL	Industry	Volume, $
Yesterday 432.3 - 451.5	5.73	23.06	19.49	1.70	1.35B
Week 368.1 - 454.8	23.15	24.62	5.15	5.28	8.77B
Month 368.1 - 463.5	17.12	36.53	10.29	11.28	37.84B
3 Months 200.8 - 469.5	114.87	76.98	22.57	23.90	122.75B
6 Months 111.2 - 469.5	303.52	88.71	32.01	32.69	176.75B
Year 110.2 - 469.5	262.69	85.98	69.25	54.47	253.41B
3 years 52.1 - 469.5	755.63	104.18	104.61	91.43	561.03B
5 years 32.9 - 469.5	852.54	64.52	116.48	117.60	628.38B
All time 2.2 - 179.7	452.40	89.35	—	—	431.08B

Dell Technologies Inc.

Price and volatility history

Risk ratios