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Michael Dell went on X Tuesday night and posted this: "There's an old Texas saying I may have just made up... If you keep growing EPS 200%+ y/y something good will happen."

He has earned the right to make up sayings. Dell reported $7.04 in adjusted earnings against the $4.92 Wall Street wanted, on revenue of $46.97 billion against $44.92 billion. Revenue grew 58% and beat every estimate on the street. Net income went from $1.16 billion a year ago to $4.13 billion. Shares rose 9% after hours, on top of a stock up 236% this year against the S&P's 11%.

Then Dell said what next quarter looks like, which is where it stops being a good print and starts being ridiculous. Third-quarter guidance came in at $6.50 a share on $49 billion, implying 81% growth. Analysts had penciled in $4.49 and $41.42 billion. Dell guided $7.6 billion above consensus for one quarter, more revenue than most S&P 500 companies book in a year.

The full-year number is the one to sit with. Dell now sees $25.50 in adjusted EPS on $192 billion of revenue. In May, it said $17.90 on $165 billion to $169 billion. Over 3 months, Dell added roughly $25 billion of expected revenue and 42% to its own earnings forecast, the corporate equivalent of checking the couch cushions and finding a Honda Accord.

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The engine is the data center business, where Infrastructure Solutions did $31.78 billion, up 89%, with AI-optimized servers at $16.40 billion. Traditional servers and networking jumped 122% to $10.53 billion, because all this AI needs ordinary computers next to it doing ordinary work. The PC business, the one the company is named after, grew 20% and missed, and Jeff Clarke explained that Dell saw PCs softening and moved the parts to the infrastructure side. Cold, correct, and a little sad for anyone who owned an Inspiron.

Full-year AI server sales are now forecast at $74 billion, up 200%. Six months ago Dell said 103%. Michael Dell is the fifth richest person alive. Also long on the stock is President Trump, who has been buying Dell since returning to office and spent part of July recommending Dell computers to the general public.

One line in the release deserves more attention than it will get. Clarke said price increases from climbing input costs are baked into that revenue guidance. Some of this boom is Dell selling more. Some of it is Dell charging more because memory costs what memory costs now, yet both spend the same.