Dell Sees Early-Stage AI Adoption as $95B Server Backlog Signals Demand

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Dell Technologies founder and CEO Michael Dell said enterprises are still in the early stages of adopting artificial intelligence infrastructure, with only about 10% to 15% of companies understanding AI's strategic importance and moving to implement it. Speaking at the Goldman Sachs Communacopia + Technology Conference, Dell said the company exited the quarter with $95 billion in AI server backlog after converting $130 billion in orders over the past year, and it now supports 6,500 enterprise AI Factory customers. He said roughly 85% of data remains on-premises, and that most of the world's 50 largest economies have two or three sovereign AI projects underway, with perhaps half of that opportunity outside the United States. Dell said the semiconductor supply environment could stay structurally constrained and become more difficult in 2027 than in 2026, though customers are now focused on securing product availability rather than price alone. He also said Dell IP storage grew 26% and PC revenue rose 20% in the prior quarter, and that operating expenses have fallen to roughly 8% of sales.

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Dell exited the quarter with $95B in AI server backlog after converting $130B in orders and now supports 6,500 enterprise AI Factory customers.

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