AI earnings are back in focus, and this week’s big tech earnings preview is all about three companies: Dell (NYSE: DELL), Marvell (NASDAQ: MRVL), and Salesforce (NYSE: CRM). These three will give us even more insight into what’s becoming an unstoppable wave of artificial intelligence demand.
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Dell Has Been One of the Most Explosive Ahead of AI Earnings
Over the last few weeks, shares of Dell exploded from about $230 to a high of $295 as it heads into earnings on May 28. Wall Street analysts remain overwhelmingly bullish. JPMorgan Chase recently reiterated its Buy rating on DELL stock and maintained a $280 price target.
“We are expecting Dell to raise its earnings guidance for FY27 (Jan-end) again from the already raised outlook of 25% growth, although more modest in this case, on account of flow-through of the beat in F1Q27 but constrained by supply visibility, which still needs to catch up to the higher demand outlook for AI servers in particular,” the firm said, according to CNBC.
Meanwhile, analysts at Citigroup raised their price target on DELL to $290 from $235, citing “strong neo cloud/sovereign AI demand and improving enterprise mix” as key growth drivers, according to Seeking Alpha. Analysts at Mizuho Financial Group also raised their Dell price target to $300 from $260. The firm pointed to agentic AI workloads as a durable catalyst for sustained server demand and recurring revenue growth.
Investors will be paying close attention to Dell’s AI server backlog and commentary surrounding enterprise demand trends. With hyperscale cloud providers continuing to expand AI infrastructure spending, Dell remains one of the key beneficiaries of data center growth.
Marvell: A Critical AI Infrastructure Player
Just as explosive regarding AI earnings, shares of Marvell ran from about $160 to $196 as it heads into earnings on May 27. A crucial semiconductor and infrastructure partner for hyperscalers building AI data centers, it’ll also give us an idea of what’s happening in the AI space.
Ahead of those earnings, analysts at HSBC upgraded the stock to a buy rating with a price target of $300 from $85. The firm cited undervalued revenue growth from optical interconnect and compute express link opportunities. It also cited potential upside from compute express link demand driven by memory shortages related to agentic AI CPU requirements.
Susquehanna Financial raised its price target on Marvell to $230 from $100, with a positive rating. Stifel raised its price target to $210 from $140 with a Buy rating.
Salesforce: There is Hope for a Turnaround
While Salesforce hasn’t been as explosive, analysts are watching it closely to gauge the health of enterprise software spending and the pace of the company’s AI adoption.
Salesforce met analysts’ revenue expectations last quarter, reporting revenues of $11.2 billion, up 12.1% year on year. It was a strong quarter for the company, with a solid beat of analysts’ billings estimates and full-year guidance of accelerating revenue growth. This quarter, the market is expecting Salesforce’s revenue to grow 12.4% year on year.
Unfortunately, ahead of those earnings, analysts at Bank of America downgraded CRM stock with an underperform rating and a price target of $180. The firm calls the company’s AI transition an “AI-driven structural reset.”
Still, bulls argue that Salesforce could surprise investors if adoption of its AI-powered Einstein platform continues to accelerate.
The company has been aggressively integrating generative AI tools across its product ecosystem, including customer service, sales automation, and workflow management. Investors will likely focus on management’s forward guidance and commentary surrounding enterprise demand trends in the second half of the year. Strong subscription growth or improving operating margins could help offset concerns tied to slowing macroeconomic conditions and rising competition in enterprise software.
AI Earnings This Week Could Move the Entire Tech Sector
Ultimately, this week’s AI earnings reports may matter far beyond Dell, Marvell, and Salesforce themselves. Together, these companies touch nearly every layer of the artificial intelligence ecosystem, from servers and semiconductors to enterprise software adoption.
If management teams continue highlighting strong demand trends, expanding AI infrastructure spending, and accelerating customer adoption, it could strengthen the broader bullish case for AI stocks heading into the second half of 2026. But if these AI earnings reveal slowing enterprise budgets or signs that demand is cooling, investors may begin reassessing whether the market’s massive AI rally has moved too far ahead of fundamentals.
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