Dell surges 9.3% on $60B AI server forecast

Dell Technologies stock surged 9.32 percent to $441.80 on Wednesday, joining peers Super Micro Computer and Hewlett Packard Enterprises in a rally sparked by robust AI infrastructure demand. The catalyst was the broader market recognition that Super Micro recorded a backlog of $60 billion（約9.6兆円） in the fourth quarter of fiscal 2026—a signal that Nvidia GPU-based AI servers remain in acute supply constraint and high demand.

Dell's own May results substantiated this trend. The company posted revenues of $43.8 billion（約7兆円） for Q1 (ended May 28), an 88 percent increase year-on-year. Within that total, AI orders alone reached $24.4 billion（約3.9兆円）, while the AI segment generated $16.1 billion（約2.6兆円） in revenues. These figures underscore that AI infrastructure is no longer a sideline bet for Dell; it is the company's primary engine. Vice Chairman and Chief Operating Officer Jeff Clarke stated: "We're increasing our AI server revenue expectations for FY27 to $60 billion（約9.6兆円）, which only goes to show the AI opportunity shows no signs of slowing." Dell is also targeting $43.8 billion（約7兆円） in Q2 revenues, implying 88 percent year-on-year growth.

The depth of Dell's AI success owes substantially to its integration with Nvidia. The two companies have collaborated for over 25 years on joint innovation. AI-specific work began in 2023 with Dell PowerEdge Systems built to leverage Nvidia's full AI stack—GPUs, DPUs, and Nvidia AI Enterprise software. In May 2023, they introduced Project Helix, a joint solution designed to help businesses build and deploy generative AI models on premises for use cases ranging from customer service to enterprise search. In 2024, this evolved into Dell AI Factory, an end-to-end enterprise AI platform combining Dell infrastructure with Nvidia's accelerated computing and software. This year, the partnership expanded again with Blackwell-based AI servers, AI networking, and augmented AI Factory offerings targeting both enterprise customers and hyperscalers.

In parallel, Dell announced a quarterly cash dividend of $0.63 per share, payable July 31 to holders of record as of July 21—a sign of both cash generation and shareholder confidence in the sustained profitability of the AI cycle.

Dell's 9.3 percent stock surge reflects investor confidence in the durability of enterprise AI infrastructure spending. The company's Q1 results—an 88 percent revenue jump to $43.8 billion（約7兆円） with AI orders alone hitting $24.4 billion（約3.9兆円）—demonstrate that AI server demand remains the primary growth driver. Critically, Dell's $60 billion（約9.6兆円） FY27 AI server forecast indicates management expects this momentum to persist, not merely to plateau or fade.

The strength of Dell's position rests on a two-decade partnership with Nvidia that has evolved into integrated solutions. Beginning with PowerEdge Systems in 2023 and culminating in the joint Dell AI Factory platform launched in 2024, the two companies have built tight technical and commercial linkages. This year's expanded offerings around Blackwell-based servers and AI networking suggest both vendors see enterprise demand extending well into 2025 and beyond. For investors and enterprise buyers, this backward compatibility and roadmap clarity reduce the risk of technology stranding.

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