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Dell Technologies’ AI Hardware Demand Surge
Dell Technologies (NYSE: DELL) has experienced robust growth due to skyrocketing demand for its AI-optimized hardware, with a backlog of $11.7 billion as of the fiscal second quarter of 2026. This demand has vastly outpaced supply, contributing to a 19% year-over-year revenue increase in its latest quarter.
On November 3, 2025, IREN announced a $9.7 billion deal to enhance cloud capacity for Microsoft, which includes purchasing $5.8 billion worth of Dell’s equipment to support AI services on its Azure platform. The increase in demand for AI servers and infrastructure has also led to heightened profit margins for Dell, now at their highest since 2018.
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