DELLDell Technologies Inc.

“Just 90 days into the quarter, we're raising our full year guide by $10 billion. We'll continue to work through those deployments as we match up our supply. Obviously, these are complex designs that we're engaged on. We're actively involved in the technology transition as we get ready for Vera Rubin and obviously, working with all these customer bases in relation to data center readiness and making sure they can receive the product.”

“In Q1, we booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue. We exited the quarter with a record $51.3 billion of AI backlog, and our pipeline continued to grow sequentially and remains multiples of our backlog even after converting $24.4 billion into orders.”

“AI server momentum remained very strong. In the quarter, we generated $24.4 billion in orders, $16.1 billion in revenue and ending backlog of $51.3 billion.”

“ISG is expected to grow roughly 80%, driven by $60 billion of AI server revenue at the midpoint or approximately 2.4x year-over-year.”

“Gross margin rate was 18.1%, driven primarily by mix shift to AI servers with AI revenue up nearly 9x year-over-year.”

“ISG is expected to grow roughly 75%, supported by $15.5 billion in AI server revenue”

“you would have heard Michael last week at Dell Tech World talk about our 5,000 customers, which is up over 50% in the last 6 months. So you can see the traction that's coming. And I guess the other data point I'd add is as we look at our pipeline over the next 5 quarters, that's multiples of our backlog, and it's growing across each individual vertical there, again, across neoclouds individually, sovereign individually and the enterprise space.”

“Demand continues to exceed supply with memory as the primary constraint, and we expect to exit the year with meaningful backlog. Our customer count surpassed 5,000 with growth across neocloud, sovereigns and enterprise customers.”

“At GTC, we marked the 2-year anniversary of the Dell AI factory with NVIDIA and extended our leadership in accelerated computing. We introduced new infrastructure across NVIDIA's Vera Rubin rack scale platform, the Rubin GPU architecture, and RTX GPUs with form factors that scale the AI factory from the largest clusters in the world to the flexibility and efficiencies enterprises need.”

“We continue to expand the Dell AI factory ecosystem with partners, including NVIDIA, Google Cloud, OpenAI, SpaceXAI, ServiceNow, Palantir, Mistral and CrowdStrike. For example, with Google Distributed Cloud, we are bringing Gemini models on-premises with confidential compute so customers can run AI closer to the data while meeting data residency, privacy and sovereignty requirements.”

“we're seeing with very dense servers making their way into the neoclouds, into some of the more advanced enterprise users, I think semiconductor companies, big tech, that are using it to actually drive some of the inference workloads and agentic workloads inside their environment.”

“We are making progress with our AI customers, neoclouds, sovereigns, the high-frequency traders and some of the biggest technology companies in the world, semiconductor companies in the world where we are selling more storage, more Dell IP storage, in fact, only Dell IP storage.”

“They're looking for more capable PCs as agentic workloads make their way to the edge. They're looking to consolidate space, power and cooling to drive efficiency. Our new 18G servers are a great vehicle to do that with this 13:1 consolidation.”

“our modernization efforts are paying off, simplifying, standardizing, automating and enhancing our operating model with AI, delivering significant operating leverage with OpEx as a percentage of revenue in the single digits.”

“Our Deskside Agentic AI solutions help enterprises run production-ready AI locally, supporting use cases like coding, research and secure private assistance while keeping sensitive data and IP on-prem.”

“AI server profitability was in line with our mid-single-digit operating income rate target.”

“what's really happened in agentic. And what you're seeing are new categories of TAM expanding. You had the 3 microprocessor leaders talk about an expansion of CPU TAMs. Why? It's driven by agentic. What's happening in agentic? Agentic is really the movement of AI from an adviser to an operator. It's actually going to do something now. It's going to do something meaningful. But to do something, that agent needs support, just like a human needs support. That agent needs support in this case of a CPU.”

“We're excited about the opportunity with Vera in the future, particularly as we talk about these advanced workloads that drive increasingly more computational need, running this harness, the CPU, managing the scaffolding around every GPU call is going to be more performant, and there'll be more choice here, more opportunity.”

“We are certified across NVIDIA stack, which certainly is driving. We are engineering with them and how to make data ingest and data management and the whole data estate easier for enterprises to adopt to accelerate their AI needs.”

“advancements in the Dell AI data platform help customers make enterprise data ready at scale with stronger orchestration, faster indexing of unstructured data and improved analytics performance.”

“Using AI inside our R&D organizations, we are delivering larger payloads in shorter periods of time and storage is the primary vehicle to deliver that through.”

“the premium for computational capability, whether that be in the edge with the PC, smartphone, servers running this harness, GPUs doing magical, wonderful work, creating all of this great value just continues to grow at a rate we've never seen. And it's pulling the rest of the ecosystem.”