AIBRIEF
Dell booked $60.9B of AI server orders in Q2 FY2027 and lifted its full year revenue outlook to $192B. Segment growth from storage to networking shows where AI capex is heading next.
Dell booked $60.9 billion of AI-server orders in Q2 of fiscal 2027 and ended the period with a $95 billion AI backlog — contracted but not yet recognized as revenue, and the cleanest recent data point on where AI capex is heading next (Proactive Investors summary; Dell Q2 FY2027 release).
AI-optimized server revenue reached $16.4 billion, roughly doubling year-on-year. The Infrastructure Solutions Group, which houses it, posted $31.8 billion, up 89%. Traditional servers and networking jumped 122% to $10.5 billion. Storage rose 26% to $4.9 billion. Total quarterly revenue hit a record $47 billion, up 58%, with adjusted EPS of $7.04, a 203% jump that partly reflects lapping a softer prior-year quarter.
AI demand is no longer just a GPU story. It now shows up in storage growth, in networking, and in the cooling and data-center systems needed to put more powerful models into production.
Dell raised its full-year revenue forecast from $167 billion to $192 billion, a 69% growth rate, and lifted its AI-optimized server outlook from $60 billion to $74 billion, roughly three times last year.
Shares dropped in the regular session and rallied about 8% after-hours, so the read is not one-sided. One vendor's order book is not the AI market. But the segments tell a single, durable story: capex is moving past chips.