Dell Reports $95 Billion AI-Server Backlog as Shares Close at $574.55

Dell Technologies reported record AI-server orders, revenue and backlog in its fiscal second quarter, underscoring the scale of corporate spending on infrastructure for artificial intelligence as its shares closed at $574.55 on Oct. 8.

The stock reached a regular-session high of $585.59 that day. Dell’s results covered the quarter ended July 31, 2026, and included $47.0 billion in revenue, a 58% increase from the same period a year earlier.

The company booked $60.9 billion in AI-server orders, recognized $16.4 billion in AI-server revenue and ended the quarter with a $95 billion AI-server backlog. Dell also raised its fiscal 2027 revenue guidance to $192.0 billion, representing a 69% increase from the prior year.

“That's clearest in our AI server business where we booked a record $60.9 billion in orders, recognized a record $16.4 billion in revenue and exited the quarter with a record $95 billion backlog,” Jeff Clarke, Dell’s vice chairman and chief operating officer, said.

David Kennedy, Dell’s chief financial officer, said the company delivered “record revenue of $47 billion, record EPS and a record $4.3 billion returned to shareholders” during the quarter.

The company’s AI-server orders and backlog were substantially larger than the revenue recognized during the quarter, highlighting the difference between customer commitments and completed sales. Future results will depend on Dell’s ability to convert that backlog into delivered systems and recognized revenue.

A federal periodic transaction disclosure made public Oct. 8 listed one Dell share sale from Donald Trump’s account valued at $500,001 to $1 million on Aug. 21. It listed another sale valued at $15,001 to $50,000 on Aug. 28.

The disclosure did not provide the number of shares sold or the exact transaction prices. It recorded the transactions but did not establish who directed them or whether they were connected to Trump’s public comments about Dell.