Dell Technologies stock surged 33% after reporting $43.8 billion in quarterly revenue and $51.3 billion in AI server backlog, outpacing Nvidia's growth.

Dell released fiscal 2027 first-quarter results on May 28, with revenue rising 88% year-over-year to $43.8 billion and non-GAAP earnings reaching $4.86 per share, up 214% from the year-ago period. The stock jumped 33% the following day.

Dell booked $24.4 billion in new AI server orders last quarter while shipping $16.6 billion worth of AI servers, leaving it with a $51.3 billion AI server backlog. The company builds AI servers for more than 5,000 customers and expects to end the year with 'meaningful backlog.'

Dell raised its fiscal 2027 revenue guidance to $167 billion (from $140 billion prior) and anticipates $60 billion in AI server revenue this year, significantly higher than the $25 billion generated in fiscal 2026. The AI server market is anticipated to clock a 35% annual growth rate between 2026 and 2034.