DELL

Oracle (Sep 10 AMC) reiterated FY27 CapEx $90-$95B; CFO Maxson said spend flows to AI racks/cooling/networking vendors and named Dell. Sep 11 DELL closed $567.29 (+12% from $506.62) at a record on elevated volume, with AH still +0.3%. Dell already carries a record AI server backlog (~$11.7B cited mid-session / company Q2 also flagged massive AI orders) after raising FY27 revenue outlook to $192B. Expect the Oracle read-through to digest higher over the next 3 sessions into Fed week rather than fully reverse the breakout. Invalidation: break back through the Sep 11 open ~$517 / prior close $506.62 on heavy volume, or AI-capex funding skepticism overwhelming the vendor bid.