$DELL has just reported Q2 results, crushing estimates across the board:

- Revenue of $47 billion (+58% YoY) versus the expected $44.9 billion.

- Adjusted EPS of $7.04 instead of the estimated $4.91, i.e. +203% YoY

The AI server segment earned $16.4 billion, exactly double last year, and the entire ISG (servers and networking) grew 89% to $31.8 billion.

More interesting than this quarter is what Dell showed for the future: orders of $60.9 billion and a backlog of $95 billion, both record figures.

On this basis, the company raised its full-year outlook by $25 billion to $192 billion, and for AI servers even from $60 billion to $74 billion. Dell now sees adjusted full-year EPS at $25.50 instead of the original $17.90. That's almost 70% revenue growth for the year, for a company that was growing single digits just two years ago.

Honestly, I only half believe it. Backlog and orders are hard numbers, not promises about future demand, which is a bit of a different league than a purely verbal outlook. Moreover, operating profit jumped 204% and free cash flow 224%, so the growth isn't just accounting cosmetics. But such an aggressive raise right after one strong quarter carries estimate risk - Dell is essentially saying that the order pace of the last three months will continue all year. One slowdown at hyperscalers and the number will go elsewhere.