Dell Surges 9% on Record $95 Billion AI Backlog and Q2 Earnings

Dell reported fiscal second-quarter 2027 revenue of $47 billion, representing a 58% increase year over year. [2] The company secured $60.9 billion in AI server orders during the quarter and ended the period with a record $95 billion AI backlog. [1][2] Adjusted earnings per share reached $7.04, up 203%, while net income rose 189% to $4.6 billion. [2] Additionally, Dell's AI customer base has grown to exceed 6,500. [2]

Following the earnings report, Dell shares increased 9% to $463 in early Wednesday trading. [2] Hewlett Packard Enterprise stock climbed 4% to $53, while Super Micro Computer shares ticked up 1% to $37. [2] The movement in Dell's stock reversed a selloff that occurred prior to the post-close report on Tuesday. [2]

Dell's unprecedented $95 billion backlog demonstrates massive, sustained enterprise demand for AI infrastructure, firmly positioning the company ahead of peers. While Super Micro Computer holds the purest AI server mix, Dell's 9% stock surge compared to Super Micro's 1% uptick indicates investors are heavily rewarding Dell's broader enterprise footprint and ability to convert pipeline into immediate revenue. Hewlett Packard Enterprise also benefited from the halo effect of Dell's results. What the sources don't address: whether Dell has secured enough near-term GPU supply from its partners to fulfill this $95 billion backlog on schedule.