DELL Earnings was ludacris. I am not sure I have ever seen a stock growing cash at such an insane rate with such low multiples. It's still cheap Q1 EPS up 280%. Tracking $167B revenue for 2027, based on current earnings for Q1 ($3.44B) that means Dell is trading at a PE of merely 21, even AFTER it's stock price is up 40% today! Low float Dell's float (shares you can actually buy) is only 50% of total outstanding, so its "marketable" market cap is only about $140B. So a PE ratio of 21, becomes a PE of just 10.5 when you consider what you can actually buy today. That's cheap for such high growth rates. Big buy backs Every year Dell buys back shares using its free cash. Shares outstanding have been declining on average -4.7% p.a. for the last few years. (791M in 2022 to just 650M today). They've just hit record levels of free cash flow, and have a corporate mandate to return 80% of it to shareholders. This puts downward pressure on valuation multiples and creates a supply squeeze... all while their AI business is growing a whooping 760% per annum right now! My view I first wrote about why Dell was my favourite equity last month when it was trading at $189. Today even though price is up 133%, its valuation has barely moved higher, and its growth rate has accelerated. Happy owner. Note: illiquid after hours trading volatility this insane will whipsaw. Always better to manage positions during market hours near the close.(Charles Edwards)