Dell Technologies is expected to report second-quarter fiscal 2027 earnings on Thursday that exceed Wall Street consensus estimates, driven by sustained demand for AI-optimised server infrastructure from enterprises and hyperscalers.

The Round Rock, Texas-based company's Infrastructure Solutions Group, which houses its PowerEdge server line, has posted successive quarters of record AI server bookings. Analysts at Morgan Stanley and Bank of America have highlighted the expanding AI backlog as evidence that demand from cloud providers and large enterprises remains resilient despite macroeconomic uncertainty and tariff pressures.

Investors will focus on Dell's AI server shipment figures, gross margins, and updated full-year guidance. The company has faced questions about whether low margins on AI hardware weigh on profitability, even as revenue climbs.

Management commentary on the balance between the Client Solutions Group's PC business and surging server orders will be closely watched. A strong report would reinforce Dell's position among leading AI infrastructure suppliers alongside Hewlett Packard Enterprise and Super Micro Computer.

Analysts expect the company to raise its outlook if backlog and bookings continue to accelerate, though margin dilution from AI hardware could temper enthusiasm. Dell reported nearly doubled revenue in the previous quarter driven by AI servers, and a company spokesperson said demand for AI infrastructure remained a defining theme across its enterprise and hyperscaler customer base.