Dell AI Server Backlog Hits $51 Billion

Dell reported AI-optimized server revenue of $16 billion in the first quarter, up from less than $2 billion last year. The company holds an AI server backlog of $51.3 billion and raised full-year revenue guidance for the category to approximately $60 billion. Dell booked $24 billion in AI server orders this quarter with a customer base exceeding 5,000. The company must now convert those orders into reliable earnings growth to justify its higher valuation.