Dell’s September 1 earnings call for fiscal Q2 2027 will be shaped primarily by sustained AI server demand that drove record Q1 revenue of $43.8 billion, up 88% year over year, with AI-optimized server sales surging 757% and a $51.3 billion backlog providing multi-quarter visibility. Supply constraints, especially in memory components, continue to limit shipments even as the company raised its full-year AI server target to roughly $60 billion amid more than 5,000 AI customers across enterprise, neocloud, and sovereign segments. Traditional infrastructure and commercial PC segments add supporting growth, though at lower margins, while Dell competes with peers like HPE for rack-scale systems built around NVIDIA GPUs. Analysts expect continued strong guidance updates and commentary on production ramps, agentic AI deployments, and margin trends in the Infrastructure Solutions Group.