Dell Surges 9% on Record $95B AI Backlog, Raises Revenue Guide

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Dell Technologies shares surged 9% to $463 in early Wednesday trading after the company posted a record AI order book and raised its full-year outlook, lifting enterprise hardware peers along with it. Hewlett Packard Enterprise climbed 4% to $53 on read-across from its closest enterprise peer, while Super Micro Computer ticked up 1% to $37, lagging despite carrying the purest AI server mix of the three. Dell reported fiscal Q2 2027 revenue of $47 billion, up 58% year over year, with adjusted EPS of $7.04, up 203%, and exited the period with a record $95 billion AI backlog and an AI customer base above 6,500. The company raised its fiscal 2027 revenue guide by $25 billion to $192 billion, now expecting AI server revenue to triple to $74 billion for the year, and guided Q3 revenue to $49 billion at the midpoint with non-GAAP EPS of $6.50. CEO Jeff Clarke said, "With AI momentum accelerating and our opportunity expanding across the portfolio, we're raising our full-year FY27 revenue outlook by $25 billion to $192 billion, up nearly 70% year over year." The move reverses Tuesday's pre-earnings selloff and highlights how the AI hardware trade has broadened from chips into full-stack servers, storage, and networking, with NVIDIA stock up only 17% year to date versus Dell's 241% gain.

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