Dell Books $6.1 Billion in AI Server GPU Orders in Fiscal Q2

EarningsProduct / TechCommodity Impact 4
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Dell Technologies CFO David Kennedy told investors at Citi's TMT conference that the company booked $6.1 billion of AI server GPU orders in its fiscal second quarter, matching the amount booked across the prior three quarters, and $13.2 billion over the last 12 months. Kennedy said pipeline activity is multiples of backlog, spanning neocloud providers, sovereign customers and enterprises, with enterprise demand growing fastest by rate. Growth is broadening beyond AI GPUs: traditional server revenue rose 122% in the second quarter, with every geography, customer segment and vertical growing at triple-digit rates, while storage grew 26% and Dell guided for double-digit storage growth for the full year, expecting to add $2.5 billion in storage revenue and calling the coming quarter potentially a record for Dell storage. Kennedy said Dell expects the supply-demand imbalance to worsen next year, with DRAM and NAND the largest constrained components, prompting customers to discuss infrastructure requirements two, three and four years ahead and to seek multiyear supply-access commitments, though guaranteed supply does not mean guaranteed pricing. Dell's Infrastructure Solutions Group posted a 15% margin rate despite growth in lower-margin AI servers, and the company has guided to operating expenses equal to 8% of revenue, which Kennedy called its most efficient level in Dell's 42-year history, versus 20% six years ago. Dell has more than 6,500 enterprise AI customers, up more than 60% over the past six months, and its share repurchase authorization increased from $1.6 billion to $3.9 billion over 90 days.

Impact on stocks 4

Artificial Intelligence▲ · 2 stocks
Dell Technologies Inc
DELL
▲ PositiveDemandSupplyrelevance

Dell booked $6.1B of AI server GPU orders in fiscal Q2 with pipeline multiples of backlog and 6,500+ enterprise AI customers.

NVIDIA Corporation
NVDA
▲ PositiveDemandrelevance

Dell's $6.1B of AI server GPU orders and broadening AI infrastructure demand imply continued GPU purchases from NVIDIA.

Digital Finance & Tokenization▲ · 1 stocks
Financials▲ · 1 stocks

Theme Impact 9

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