Dell Technologies received $60.9 billion in AI server orders during fiscal 2027’s second quarter, exceeding its $47 billion quarterly revenue, as AI server revenue doubled to $16.4 billion and backlog reached $95 billion. Dell raised fiscal 2027 revenue guidance to $192 billion and AI server guidance to $74 billion, although inventory, receivables and financing needs increased while operating cash flow declined. The results underscore demand for Nvidia-equipped infrastructure even as Nvidia’s filings showed its three largest customers represented 44% of first-half fiscal 2027 sales and its five largest accounted for 70% when accounts receivable were included. Disclosed customers may include intermediaries such as Dell and Hon Hai Technology, or Foxconn, while underlying cloud customers are developing their own AI chips; Nvidia is investing in neo-cloud companies including CoreWeave and Nebius to broaden its customer base.