Dell exits quarter with a $95B AI-server backlog

Dell exited its fiscal second quarter with $60.9 billion in AI-server orders and a $95 billion backlog, then lifted full-year revenue guidance by $25 billion to $192 billion. Dell’s earnings release reports $16.4 billion of AI-server revenue in the quarter; Bloomberg’s coverage says the AI-server forecast now represents a threefold year-over-year increase. For builders, record backlog makes accelerator and rack lead time a budget constraint, not a procurement detail; Nvidia’s share of hyperscaler capex is only half the infrastructure story.