AI infrastructure (again!), and the UK and US consumer will all be under the microscope next week. Dell Technologies (NASDAQ:DELL) will be joined by chip designer Marvell Technology (NASDAQ:MRVL) and datacentre kit play MongoDB (NASDAQ:MDB), on the AI infra front.
Major retail outfits like Best Buy (NYSE:BBY), Dollar Tree (NASDAQ:DLTR), Costco (NASDAQ:COST), and Kingfisher (LON:KGF) this side of the pond, also report, taking the temperature of consumer spending.
Software will also be front and centre, given investors’ ongoing concerns about AI as an opportunity across the sector, or a major threat. That makes earnings and commentary from the likes of Salesforce (NYSE:CRM), Snowflake (NYSE:SNOW) and Autodesk (NASDAQ:ASDK) worth watching, while the sharp falls at gaming giant Flutter Entertainment (LON:FLTR) and (NYSE:FLUT) – which retains listings both in London and New York – will draw attention.
Read Dell’s last quarter analysis
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DELL TECHNOLOGIES (NASDAQ:DELL)
Dell Technologies (NASDAQ:DELL) reports Q1 2027 earnings on 28 May with investors expecting another strong update driven by booming AI datacentre demand. Wall Street consensus points to revenue of roughly $35.7 billion and adjusted EPS of around $2.96, representing sharp year-on-year growth as enterprise and hyperscale customers continue investing heavily in AI infrastructure.
For UK retail investors, the key focus will be Dell’s Infrastructure Solutions Group (ISG), which includes servers, storage and networking products powering AI datacentres. Dell has become one of the biggest beneficiaries of the AI investment cycle because it builds high-performance servers using Nvidia GPUs for customers ranging from cloud providers to corporations deploying generative AI systems.
Dell’s Q1’27 expectations compared
| Q1 2026 | Q1 2027E | YoY Growth | Q2 2027E | |
| Revenue ($bn) | 23.38 | 35.74 | ~53% | 35.28 |
| EPS ($) | 1.55 | 2.96 | ~91% | 3.01 |
The company recently highlighted a massive $43 billion AI server backlog and expects AI server revenue to double to approximately $50 billion this fiscal year.
Management commentary on margins will also matter. AI servers generate huge revenue growth but carry lower margins due to expensive Nvidia chips and memory costs. Investors will want reassurance that Dell can scale profitably while maintaining pricing power.
Dell’s relevance in the AI theme increasingly resembles a ‘picks and shovels’ play on datacentre expansion rather than a traditional PC manufacturer. If management raises guidance again or reports further growth in AI orders, the stock could strengthen its position as one of the market’s major AI infrastructure beneficiaries in 2026 and beyond.
Kingfisher (LON:KGF)
Shareholders will be hoping Kingfisher (LON:KGF) confirms ongoing Q1 market share gains when the home improvement giant delivers a trading update on 26 May. Investors would also welcome an update on the search for a successor to CEO Thierry Garnier, who has resigned after almost seven years in the hot seat to lead an as yet unnamed company outside of Kingfisher’s markets.
The B&Q-to-Screwfix owner is showing resilience despite a ‘mixed consumer environment’ across its markets, with consumers cutting back and DIY enthusiasts deferring big projects. Nevertheless, Kingfisher continues to attract more trade customers and is growing e-commerce sales in the double-digits. Margins are also improving thanks to better sourcing and tight cost controls.
Q1 consensus estimates point to a 0.9% fall in group-level like-for-like sales. This includes a 1.1% decline forecast for France and a 1.8% decline expected for the UK & Ireland, although Poland is expected to show a 1.6% increase. Bulls will be hoping Kingfisher remains on track to achieve the £374 million and £589 million in adjusted pre-tax profits the market expects for H1 and FY27 respectively.
| Q1 Estimates (source: Vuma Consensus) | Like-for-like sales (%) |
| Group | (0.9) |
| UK & Ireland | (1.8) |
| France | (1.1) |
| Poland | 1.6 |
Costco Wholesale (NASDAQ:COST)
US warehouse retailer Costco (NASDAQ:COST) reports Q3 sales on Thursday 28 May. With the shares up over 20% this year and trading near all-time highs there is little room for a slip-up.
In Q2, the group reported net sales of $68.2 billion, up 9% on a reported basis and 7.4% on an underlying basis. Footfall was up 3.1% and the average basket size was up 4.2%, figures the firm will be keen to repeat.
So far, Q3 is tracking higher than Q2 with March sales up 11.3% to $28.4 billion and April sales up 13% to $23.9 billion. Assuming it hasn’t had a complete shocker in May, which seems unlikely, Q3 sales growth should surpass Q2.
Therefore investors are likely to focus on the outlook and for any indication US consumer demand is weakening. With the shares trading on 50 times earnings, the bar is high so the firm needs to put out a confident message.
Costco consensus forecasts
| FY26 | FY27 | |
| Sales ($ billion) | 300 | 323 |
| EPS ($) | 20.33 | 22.40 |
Source: Zack Investment Service, FY ends in August
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