Ai Platforms
Dell Q2: AI Server Shipments Rise 82% QoQ; Pipeline Preparing for Blackwell
Dell reported a strong Q2 as AI server demand remained robust with shipments rising 82% QoQ to $3.1 billion, an AI server backlog of $3.8 billion and a five-quarter pipeline that is “several multiples of our backlog.” Dell’s revenue beat by nearly $1 billion as servers and networking revenue rose 80% to a new record at $7.7 billion. Dell said that Q2 saw “exceptional AI optimized server demand” as its order pipeline expanded again sequentially. However, Q3’s guide came up short, as Dell forecast revenue between $24 to $25 billion, or a single-digit sequential decline. The very large pipeline refers to Dell waiting for Blackwell’s GPUs, which was discussed on the call. Therefore, the fiscal year will end higher than previously guided, making Q3 inconsequential.
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