Dell Q2财报大超预期：收入470亿美元同比+58%、EPS $7.04同比+203%，单季AI服务器订单609亿美元创历史纪录，供应链全面紧缺

Dell earnings call. Best hand picked excerpts:

"Revenue was $47 billion, up 58%, and earnings per share was $7.04, up 203%.”

“Over the past 12 months, we have booked more than $130 billion in AI server orders.”

“Our AI server momentum continues to accelerate. We booked $60.9 billion of AI orders in this quarter, the most in our history. We are also seeing AI-related tailwinds in traditional servers and networking, along with early signs of increased storage demand as customers prepare, manage, and protect growing volumes of data.”

“Demand is broadening across Neoclouds, sovereigns, and enterprise customers, and our customer count has surpassed 6,500.”

“We are seeing a growing trend of customers that require meaningful CPU compute capacity to support AI and agentic workflows.”

“If I look at the longer-term trends, I know you're a believer of this, but as we see it, agentic demand is reshaping the data center and the underlying infrastructure. Inference is past training and is pure demand on our industry. We think the tokens that inference drives is going to grow 87x to 3,600 quadrillion tokens by 2030. Training demand grows 5x to 850 zettaflops by 2030. Enterprise agentic is expected to be the single largest workload by 2028."

"We're expecting AI to be 75% of all data center demand by 2030, adding 200 GW of power over that same timeframe, and half of that, we believe, is right in our sweet spot with our customers, the Neocloud sovereigns and enterprises. If you look at that math, we think the opportunity in front of us is more than a trillion dollars over that time frame.”

“If we think about this across agentic workloads as we head towards physical AI and what's going to happen in manufacturing and IoT sensors and robotics, which drive tremendous amounts of multimodal unstructured data, Arthur likes to call it unstructured repositories. There's a lot of structured data in databases. The growth of that is immense, and we actually see it accelerating, not slowing down.”

“The constraints remain the same. DRAM, DRAM, DRAM followed by NAND, NAND, NAND. We have spotty CPU shortages. There are shortages with disk drives. If you go further down in the supply chain, just about every product going through a leading node is constrained. Mature nodes that are building MOSFETs, power ICs, microcontrollers, drivers are constrained. There's shortages of ABF substrate, T-glass, all of which we monitor. There's shortages in optical. The AI supply chain is working red line all out to build CDUs, power racks. Welcome to the life of a supply chain person at Dell. This is what we do, chasing parts. We love it.”

“But the underlying demand for the technology is significant. I think about the new use cases, that's all new use cases, all new growth, which is being driven by agentic AI, essentially running the harness, if that makes sense. We continue to be optimistic about the prospects. Again, demand outran supply last quarter. Demand outran supply this quarter. The pipeline remains robust.”