Dear Friend,

Watch what the institutions are doing, not what they're saying.

Bank of America increased its stake in one small gold company by 139%.

Jane Street, one of the most sophisticated trading firms alive, by 159%.

Millennium by 122%.

And one value fund, Kopernik Global, made it their single largest holding. They own roughly 8% of the entire company.

The company doesn't even mine. It owns the rights to an 88 million ounce deposit, one of the largest on earth, with government-built roads and power already running to the property and permits that never expire.

Market cap: about $4 billion. Value of the metal in the ground at today's prices: hundreds of billions.

The institutions did this math quietly, over months.

You get to do it this afternoon.

Name, ticker and the full file here >>

"The Buck Stops Here,"

Kelly Maguire
Behind the Markets

One of Trump's Favorite Stocks Just Reported Blowout Earnings

Authored by Jessica Mitacek. First Published: 9/3/2026.

On multiple occasions this year, President Donald Trump has publicly shown his support for Dell Technologies (NYSE: DELL), telling Americans to “go out and buy a Dell computer” as recently as July 6.

In doing so, he has drawn attention to one of the best-performing stocks of the past year.

Since reaching a multiyear low on April 4, 2025, in the wake of the market’s tariff tantrum, shares have gained more than 490%.

Founder and CEO Michael Dell and his wife, Susan, are also vocal supporters of the president. They have personally pledged $6.25 billion to help fund Trump Accounts—the administration’s tax-advantaged investment plans for children under 18 that provide $1,000 in government funding for babies born between 2025 and 2028.

But Trump isn’t just a fan of the stock. According to his 927-page financial disclosure filed with the U.S. Office of Government Ethics on June 30, he is also a shareholder. That position has paid off for the president and investors more broadly, most recently following Dell’s blowout Q2 2027 earnings report on Sept. 1 after the market close.

Dell Reports a Big, Beautiful Q2 Earnings Blowout

The 42-year-old company is perhaps best known for its laptop and desktop computers, which were popularized by a series of highly successful commercials in the early 2000s.

But as a multinational technology conglomerate, Dell also designs, manufactures and sells a broad range of IT products and services, including enterprise software, cloud infrastructure and managed financial solutions.

Dell is also a government contractor. Trump’s stake, which reportedly grew to between $1 million and $5 million in February and March, preceded the company’s being awarded a five-year, $9.7 billion contract on May 28 to provide software consolidation and cloud services across the military, intelligence community and Coast Guard.

Q2 2027 revenue came in at a record $46.97 billion, surpassing the consensus estimate of $44.89 billion and representing a 58% year-over-year (YOY) increase. But earnings per share (EPS) was the headline-grabber. An EPS of $7.04, up more than 200% YOY, easily surpassed analyst expectations of $4.91. The earnings beat marked the company’s 10th in the past 11 quarters.

Additional highlights included:

• AI server revenue of $16.4 billion and a growing backlog of $95 billion

• Full-year guidance for AI server revenue of $74 billion

• Traditional server and networking revenue growth of 122%

• Storage growth of 26% YOY, with record demand growth in Dell IP

• $2.2 billion in cash flow from operations and a record $4.3 billion returned to shareholders through dividends and stock buybacks

As a result, Dell raised its full-year revenue guidance by $25 billion to a range of $192 billion to $202 billion and raised its EPS guidance to $25.50 at the midpoint.

In his earnings call comments, COO Jeff Clarke said Dell’s broad portfolio, global reach and customer relationships are helping drive demand across compute, networking, storage and PCs as the company’s addressable market expands.

Post-Earnings Price Target Hikes Reinforce Wall Street’s Bullish View

Analysts largely anticipated the company’s strong showing in Q2 2027.

On May 30, Wall Street Zen raised Dell from a Buy rating to a Strong Buy rating, and on June 1, Goldman Sachs analysts boosted their target price on Dell from $230 to $500 while maintaining a Buy rating. More recently, Bank of America raised its price target on Dell from $505 to $600 on Aug. 31 while maintaining a Buy rating.

Following Dell’s Sept. 1 earnings report, JPMorgan raised its target from $565 to $635 and maintained an Overweight rating, while UBS, TD Cowen and Morgan Stanley lifted their targets to $500, $500 and $499, respectively.

Overall, Dell carries a Moderate Buy rating. Based on 34 analysts covering the stock, its average 12-month price target suggests more than 11% additional upside from current prices.

Institutional Buying Supports Analysts’ Bull Thesis

In addition to bullish price targets and strong ratings from Wall Street, institutional owners are reinforcing the investment case. Over the past year, 1,031 institutional buyers have injected $92.48 billion into Dell, easily outweighing the 602 sellers’ outflows, which totaled just over $3 billion.

Meanwhile, short interest has recently tapered off. Currently, just 3.7% of the float—or $6.89 billion worth of shares—is sold short, marking a notable improvement from the multiyear high of nearly $8 billion shorted on May 29.