The at-the-money straddle on Dell Technologies options expiring September 4 costs about $52, implying an 11% swing in the stock from its $456.01 close on Monday, ahead of Dell's fiscal second-quarter earnings report due Tuesday after the close. ^[1] Dell expects fiscal 2027 revenue for AI-optimized servers to reach $74 billion, up from its prior expectations of $60 billion. ^[2] Dell raised its annual revenue outlook by $25 billion to $192 billion and adjusted earnings-per-share forecast to $25.50 from its earlier expectations of $17.90. ^[3] Dell Technologies boosted its annual revenue and profit forecasts for the second time this year, driven by soaring demand for its AI servers from technology companies pouring billions into data centers. ^[4] Revenue for the second quarter was a record $47 billion, exceeding LSEG-compiled analysts' average estimate of $44.92 billion. ^[5] Dell Technologies closed its last quarter with a record $51.3 billion AI backlog, with $24.4 billion in AI orders booked in that quarter. ^[6] Dell Technologies guided to fiscal second-quarter revenue of $44 billion to $45 billion, adjusted earnings of about $4.80 per share, and roughly $15.5 billion in AI server revenue. ^[7] In its fiscal first quarter, Dell Technologies reported record revenue of $43.8 billion, up 88% year over year, and adjusted earnings of $4.86 per share, beating Wall Street estimates, and management subsequently raised its full-year revenue outlook to $167 billion at the midpoint and its AI server target to $60 billion. ^[8]