活動_Dell_DELL_FY27Q2法說_20260901

來源：AI （本檔為 AI 原始輸出完整版，含 Memo 分類要點＋中英對照逐字稿；逐字稿於 Q&A 中段因來源檔截斷，未收錄至通話結尾） 場次：2026-09-01 FY2027 Q2 Earnings Call｜時長 00:40:00 出席：Jeff Clarke - Vice Chairman and Chief Operating Officer；David Kennedy - Chief Financial Officer；Tyler Johnson（列席）；Paul Frantz - Head of Investor Relations

警語（原站標示）：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo（AI 分類要點）

亮點

• Dell 在 27Q2（根據音頻日期推斷）創下 470 億美元的營收新高（增長 58%）及每股盈餘 7.04 美元的新紀錄（增長 203%）。ISG 營收達到 318 億美元（增長 89%），AI 伺服器訂單達 609 億美元，AI 訂單積壓創新高達 950 億美元。傳統伺服器營收增長 122%，儲存營收增長 26%。營運現金流為 22 億美元，向股東返還 43 億美元，包括以每股 401 美元回購 950 萬股及每股 0.63 美元的股息。 [COO - 00:02:15] [COO - 00:05:40] [CFO - 00:12:37] • Dell 將全年營收指引上調 250 億美元至 1920 億美元（約增長 70%），並預期全年非 GAAP 每股盈餘為 25.50 美元（約增長 150%）。第三季營收指引為 490 億美元（年增約 80%），其中 ISG 預計增長約 145%，CSG 預計增長約 15%。 [CFO - 00:19:00] • Dell 的 AI 動能加速：本季 AI 伺服器訂單達 609 億美元，AI 伺服器營收為 164 億美元，AI 訂單積壓創新高達 950 億美元。AI 解決方案客戶數超過 6,500 家，過去三季新增 3,300 家。 [COO - 00:04:39] [COO - 00:35:42] 產業循環週期 • Dell 觀察到基礎設施需求的結構性轉變，數據中心現代化與 AI 採用推動長期成長。公司預期到 2030 年，AI 將佔所有數據中心需求的 75%，期間將新增 200 吉瓦電力需求。 [COO - 00:11:11] [COO - 00:31:11] 產業供需 • Dell 解決方案需求超過可用供應，尤其是在傳統伺服器與 AI 基礎設施領域。公司以 950 億美元的 AI 訂單積壓結束本季，並持續在所有業務領域看到訂單管線增長。 [COO - 00:03:54] [COO - 00:06:06] [CFO - 00:27:59] 產業狀況 • IT 產業正經歷廣泛的現代化需求，客戶將 IT 視為價值驅動者。AI 是催化劑，但需求也涵蓋傳統 IT 環境，推動運算、網路、儲存及個人電腦的成長。 [COO - 00:02:48] 獲利 • Dell 在 27Q2（根據音頻日期推斷）報告淨利創新高達 46 億美元（增長 189%），稀釋後每股盈餘創新高為 7.04 美元（增長 203%）。營業利益成長 160% 至 59 億美元（佔營收 12.6%）。ISG 營業利益為 48 億美元（增長 225%），利潤率為 15%（提升 620 個基點）。 [CFO - 00:13:17] 公司展望、未來成長動能 • Dell 預期下半年將更強勁，全面上調各業務線指引。全年營收指引為 1920 億美元（約增長 70%），ISG 預計增長約 120%，AI 伺服器營收年增三倍至 740 億美元。公司認為到 2030 年 AI 基礎設施將帶來兆美元商機。 [CFO - 00:18:36] [COO - 00:31:31] 市場競爭策略 • Dell 在過去兩季傳統伺服器市佔率提升超過 10 個百分點，預期本季將再度擴大市佔。公司透過工程技術、全球供應鏈及部署能力差異化，包括首家在 NVIDIA Vera Rubin 平台出貨 RAC 系統。 [COO - 00:08:25] [COO - 00:07:13] 營收 • 27Q2 總營收為 470 億美元（增長 58%）。ISG 營收為 318 億美元（增長 89%），CSG 營收為 150 億美元（增長 20%），商用營收為 132 億美元（增長 22%），消費者營收為 18 億美元（增長 7%）。 [COO - 00:02:22] [CFO - 00:13:49] 訂單 • Dell 本季 AI 伺服器訂單達 609 億美元，創公司歷史新高。過去 12 個月內，AI 伺服器訂單超過 1300 億美元。季度末 AI 訂單積壓為 950 億美元。 [COO - 00:03:28] 產品組合 • Dell 產品組合正轉向毛利較高的 Dell IP 儲存，PowerStore 連續第九季呈現兩位數需求成長。PowerScale 與 ObjectScale 也推動非結構化儲存卓越成長，連續三季維持兩位數以上增長。 [COO - 00:09:30] 營收地區 • CSG 營收成長 20%，各區域及產業垂直市場需求均有增長。大型企業客戶推動所有區域雙位數成長。 [COO - 00:10:14] 下游客戶 • Dell AI 解決方案客戶數超過 6,500 家，過去三季新增 3,300 家。傳統伺服器成長主要由歷史企業客戶驅動，需求超過供應。企業客戶越來越多購買 AI 伺服器，並選擇更完整的解決方案，包括儲存與網路。 [COO - 00:34:10] 同業 • Dell 在傳統伺服器市場持續擴大市佔，並透過工程技術、全球供應鏈及部署能力差異化。公司為首家在 NVIDIA Vera Rubin 平台出貨 RAC 系統。 [COO - 00:08:25] [COO - 00:07:13] 新產品／新技術 • Dell 成為首家在 NVIDIA Vera Rubin 平台上出貨 RAC 系統的公司。公司將於下月推出新款 18G 伺服器，預期每台新 18G 伺服器可整合 12 至 14 台舊伺服器。 [COO - 00:07:13] [COO - 00:25:23] 產品價格 • Dell 在動態環境中維持強勁的營運價格紀律，促進伺服器、儲存及 CSG 的利潤率擴張與獲利能力提升。 [CFO - 00:16:04] 法規影響 • Dell 指出，演進中的安全標準，包括後量子密碼學，推動企業客戶基礎設施升級需求。 [COO - 00:25:41] 成本毛利 • 毛利金額成長 78% 至 99 億美元，毛利率為 21.1%。營運費用增長 22% 至 40 億美元，主要因變動薪酬。營運費用佔營收比率下降 250 個基點至 8.5%。 [CFO - 00:12:42] 銷售／管理／研發費用 • 營運費用增長 22% 至 40 億美元，主要因與超額表現相關的變動薪酬。營運費用佔營收比率下降 250 個基點至 8.5%。 [CFO - 00:12:57] 營業利益 • 營業利益成長 160% 至 59 億美元（佔營收 12.6%）。ISG 營業利益為 48 億美元（增長 225%），利潤率為 15%（提升 620 個基點）。CSG 營業利益為 11 億美元（佔營收 7.6%）。 [CFO - 00:13:17] [CFO - 00:16:36] 股利政策 • Dell 本季支付每股約 0.63 美元的股息。 [CFO - 00:17:35] 股本、增資、可轉換債券、庫藏股 • Dell 本季以每股平均 401 美元回購 950 萬股。預期稀釋後股數約為 6.51 億股。 [CFO - 00:17:35] 現金、現金流 • 本季營運現金流為 22 億美元，調整後自由現金流為 81 億美元。Dell 以 142 億美元現金及投資結束本季，較上季增加 2 億美元。過去兩季，Dell 產生 63 億美元營運現金流，並返還 63 億美元給股東。 [CFO - 00:17:22] [CFO - 00:21:54] 長短期借款 • Dell 核心槓桿比率為 0.8 倍，公司強調健康的資產負債表，並於本季獲得正面信用評等行動驗證。 [CFO - 00:18:09]

Transcript（逐字稿，中英對照；來源檔於 Q&A 中段截斷）

Presentation Operator - Operator

(00:00:00)Please stand by. Good afternoon, and welcome to the fiscal year 2027 second quarter financial results conference call for Dell Technologies, Inc. I would like to inform all participants that this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies, Inc. Any rebroadcast of this information, in whole or in part, without prior written permission from Dell Technologies is prohibited. Following the prepared remarks, we will conduct a question-and-answer session.

(00:00:00)請稍候。下午好，歡迎參加戴爾科技公司 2027 財政年度第二季度財務結果電話會議。我想通知所有參與者，此通話是應戴爾科技的要求進行錄音的。此廣播是戴爾科技公司的版權財產。未經戴爾科技事先書面許可，禁止全部或部分重播此信息。在準備好的發言後，我們將進行問答環節。

Operator - Operator

(00:00:36)If you have a question, please press star then 1 on your telephone keypad at any time during the presentation. I would like to turn the call over to Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin.

(00:00:36)如果您有問題，請在演示期間隨時按電話鍵盤上的星號然後按 1。現在，我將把通話交給投資者關係負責人保羅·弗朗茨。弗朗茨先生，您可以開始了。

Paul Frantz - Dell, Head of Investor Relations

(00:00:49)Thank you, everyone, for joining us. With me today are Jeff Clarke, David Kennedy, and Tyler Johnson. Our earnings materials are available on our Investor Relations website, and I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon. During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income, net income, diluted earnings per share, free cash flow, and adjusted free cash flow.

(00:00:49)感謝大家的參加。今天與我一起的是傑夫·克拉克、大衛·肯尼迪和泰勒·約翰遜。我們的財報資料可在我們的投資者關係網站上獲得，我鼓勵您查看這些資料。此外，請花一些時間查看演示文稿，其中包含補充我們今天下午討論的額外內容。在此通話中，除非另有說明，所有對財務指標的引用均指非公認會計原則（non-GAAP）財務指標，包括非 GAAP 毛利率、營業費用、營業收入、淨收入、稀釋每股收益，自由現金流和調整後的自由現金流。

Paul Frantz - Dell, Head of Investor Relations

(00:01:31)A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release. Growth percentages refer to year-over-year change unless otherwise specified. Statements made during this call that relate to future results and events are forward-looking statements based on current expectations. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our web deck and SEC filings.

(00:01:31)這些指標與其最直接可比的 GAAP 指標的調整可以在我們的網頁資料和新聞稿中找到。增長百分比指的是同比變化，除非另有說明。在此通話中所做的與未來結果和事件相關的聲明是基於當前預期的前瞻性聲明。實際結果和事件可能因多種風險和不確定性而與預測有重大差異，這些風險和不確定性在我們的網頁資料和 SEC 文件中有討論。

Paul Frantz - Dell, Head of Investor Relations

(00:02:04)We assume no obligation to update our forward-looking statements. Now, I'll turn it over to Jeff.

(00:02:04)我們不承擔更新前瞻性聲明的義務。現在，我將把時間交給傑夫。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:02:10)Thanks, Paul, and thank you, everyone, for joining us. Another outstanding quarter. I am proud of how our team executed across the business, delivering record revenue and record earnings per share. Revenue was $47 billion, up 58%, and earnings per share were $7.04, up 203%. These results reflect the compounding benefits of our competitive advantages, the breadth of our portfolio, and the strength of our operating model. Our modernization efforts are driving greater efficiency and significant operating leverage, enabling us to grow earnings faster than revenue.

(00:02:10)謝謝你，保羅，謝謝大家的參加。又一個出色的季度。我為我們團隊在業務中的執行感到自豪，實現了創紀錄的收入和每股收益。收入為 470 億美元，增長 58%，每股收益為 7.04 美元，增長 203%。這些結果反映了我們競爭優勢的累積效益、我們產品組合的廣度以及我們運營模式的強大。我們的現代化努力正在推動更高的效率和顯著的運營槓桿，使我們能夠以更快的速度增長收益。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:02:48)Customers no longer see the IT environment simply as cost centers, but as value drivers that enable growth, productivity, and competitive advantage. As a result, they are expanding and reallocating budgets to support continued investment. This is creating opportunities across our portfolio, from infrastructure to client devices. Our world-class supply chain and ability to serve customers across their IT environments are helping us meet more of their needs and gain share. Our deployment and service capabilities are helping customers integrate solutions across their IT environments and capture more value quickly.

(00:02:48)客戶不再僅僅將 IT 環境視為成本中心，而是視為促進增長、生產力和競爭優勢的價值驅動因素。因此，他們正在擴大和重新分配預算，以支持持續的投資。這正在我們的產品組閤中創造機會，從基礎設施到客戶設備。我們世界級的供應鏈和服務客戶的能力正在幫助我們滿足他們更多的需求並獲得市場份額。我們的部署和服務能力正在幫助客戶在其 IT 環境中整合解決方案，並迅速捕捉更多價值。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:03:26)The proof is in our results. Over the past 12 months, we have booked more than $130 billion in AI server orders. In just the past two quarters, we have generated almost as much revenue from traditional servers and networking as we have in any prior full year in company history. Storage has returned to growth, with share gains driven by strong demand for Dell IP storage products, and CSG revenue is growing at the fastest rate in five years. It is clear why demand for our solutions is exceeding available supply.

(00:03:26)證明在於我們的結果。在過去的 12 個月中，我們已經訂購了超過 1300 億美元的 AI 伺服器訂單。在過去的兩個季度中，我們從傳統伺服器和網絡中產生的收入幾乎與公司歷史上任何完整年度的收入相當。存儲已經恢復增長，市場份額的增長是由於對戴爾 IP 存儲產品的強勁需求，而 CSG 收入以五年來最快的速度增長。很明顯，為什麼我們的解決方案需求超過可用供應。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:03:58)Our results and guidance demonstrate the strength of our position as customers enter a new era of infrastructure modernization. Customers are modernizing their data centers for both AI and non-AI workloads, and the benefits are meaningful. AI is an important catalyst, but the opportunity extends well beyond AI-optimized infrastructure. AI requires modern disaggregated architectures that keep data accessible and in motion across compute, storage, and networking. It is also accelerating investment across traditional IT environments as customers see greater performance, efficiency, and resiliency.

(00:03:58)我們的結果和指導顯示了我們在客戶進入基礎設施現代化新時代時的強大地位。客戶正在為 AI 和非 AI 工作負載現代化他們的數據中心，這些好處是顯著的。AI 是一個重要的催化劑，但機會遠不止於 AI 優化的基礎設施。AI 需要現代的分散架構，保持數據在計算、存儲和網絡之間可訪問和流動。它還加速了對傳統 IT 環境的投資，因為客戶看到更高的性能、效率和韌性。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:04:36)Our AI server momentum continues to accelerate. We booked $60.9 billion of AI orders 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. Deployment methods are evolving as well. On-premises and edge infrastructure offer attractive economics for the right workloads, while giving customers greater control over their data and intellectual property.

(00:04:36)我們的 AI 伺服器勢頭持續加速。本季度我們訂購了 609 億美元的 AI 訂單，創下歷史新高。我們還在傳統伺服器和網絡中看到與 AI 相關的順風，並且隨著客戶準備、管理和保護不斷增長的數據量，存儲需求的早期跡象也在增加。部署方法也在演變。本地和邊緣基礎設施為合適的工作負載提供了有吸引力的經濟效益，同時讓客戶對其數據和知識產權擁有更大的控制權。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:05:09)Our portfolio, global reach, and deep customer relationships position us to help customers design and deploy the right solutions for their performance, cost, and security requirements. Together, these trends are expanding our addressable market and driving demand across compute, networking, storage, and PCs. This represents a significant long-term opportunity for us. It aligns directly with our strengths. It also expands the value we can deliver across the entire IT environment. Now, let's move on to the results.

(00:05:09)我們的產品組合、全球覆蓋範圍和深厚的客戶關係使我們能夠幫助客戶設計和部署符合其性能、成本和安全要求的正確解決方案。這些趨勢共同擴大了我們的可服務市場，並推動了計算、網絡、存儲和個人電腦的需求。這對我們來說是一個重要的長期機會。這與我們的優勢直接對應。這也擴大了我們在整個 IT 環境中能夠提供的價值。現在，讓我們來看看結果。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:05:40)Starting with ISG, revenue increased 89% to a record $31.8 billion, with operating income of $4.8 billion and an operating income rate of 15%. In AI, demand continues to accelerate. In Q2, we booked a record $60.9 billion in AI orders. We recognized $16.4 billion in AI server revenue. We exited the quarter with a record $95 billion of AI backlog, and our pipeline continued to grow sequentially, remaining multiples of our backlog even after converting $131.7 billion into orders over the past 12 months.

(00:05:40)從 ISG 開始，收入增長了 89%，達到創紀錄的 318 億美元，營業收入為 48 億美元，營業收入率為 15%。在人工智慧方面，需求持續加速。在第二季度，我們創下了 609 億美元的人工智慧訂單記錄。我們認列了 164 億美元的人工智慧伺服器收入。我們在本季度結束時擁有創紀錄的 950 億美元人工智慧訂單積壓，並且我們的管道持續增長，即使在過去 12 個月中將 1317 億美元轉換為訂單後，仍然保持著多倍於我們的訂單積壓。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:06:23)Demand is broadening across Neoclouds, Sovereigns, and Enterprise customers, with our customer count surpassing 6,500. The scale and complexity of these deployments reinforce why customers choose us. AI infrastructure requires much more than assembling and delivering components. These opportunities demand significant engineering, design, and deployment expertise, with some engagements requiring upwards of 50 unique designs as customers optimize for workload performance, power, cooling, and the data center environment.

(00:06:23)在 Neoclouds、Sovereigns 和企業客戶中，需求正在擴大，我們的客戶數量超過 6500。這些部署的規模和複雜性強化了客戶為何選擇我們的原因。人工智慧基礎設施需要的不僅僅是組裝和交付組件。這些機會需要大量的工程、設計和部署專業知識，有些項目要求超過 50 個獨特的設計，因為客戶在優化工作負載性能、功耗、冷卻和數據中心環境。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:06:57)This complexity plays to our strengths. Our engineering capabilities, broad portfolio, global supply chain, and ability to deploy and support infrastructure at scale globally differentiate us and enable customers to move from design to production more quickly. We demonstrated these capabilities again by becoming the first to ship RAC systems engineered on the NVIDIA Vera Rubin platform. The AI market is evolving rapidly, and we are focused on expanding our platforms and capabilities. We are solving increasingly complex customer challenges and innovating across the infrastructure stack.

(00:06:57)這種複雜性正好發揮了我們的優勢。我們的工程能力、廣泛的產品組合、全球供應鏈以及在全球範圍內部署和支持基礎設施的能力使我們與眾不同，並使客戶能夠更快地從設計轉向生產。我們再次展示了這些能力，成為首家在 NVIDIA Vera Rubin 平台上發貨 RAC 系統的公司。人工智慧市場正在迅速發展，我們專注於擴展我們的平台和能力。我們正在解決越來越複雜的客戶挑戰，並在基礎設施堆棧中進行創新。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:07:33)With accelerating demand, a growing pipeline, and differentiated capabilities, we are well positioned to capture the opportunity ahead. Moving to traditional servers, revenue was up 122% as demand remains exceptionally strong, supported by multiple vectors of growth. First, a majority of our growth is coming from existing customers. They continue to refresh and modernize their data centers to support traditional workloads. Heightened security and resiliency requirements are also creating incremental demand as customers modernize their infrastructure.

(00:07:33)隨著需求加速增長、管道擴大和差異化能力，我們在捕捉未來機會方面處於良好位置。轉向傳統伺服器，收入增長了 122%，因為需求依然非常強勁，受到多個增長向量的支持。首先，我們的增長大部分來自現有客戶。他們繼續更新和現代化他們的數據中心，以支持傳統工作負載。加強的安全性和韌性要求也在隨著客戶現代化基礎設施而創造額外需求。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:08:08)Second, we are seeing a growing trend of customers requiring meaningful CPU compute capacity to support AI and agentic workflows. These workloads are creating additional demand for traditional servers. We are executing very well against both opportunities and gaining share. Over the past two quarters, we have gained more than 10 points of traditional server share, and we expect to gain share again this quarter. With the majority of the install base still on 14th generation or older servers, we see a significant and durable refresh opportunity ahead.

(00:08:08)其次，我們看到客戶對支持人工智慧和自主工作流程的 CPU 計算能力的需求日益增長。這些工作負載正在為傳統伺服器創造額外需求。我們在這兩個機會上執行得非常好，並且正在獲得市場份額。在過去兩個季度中，我們獲得了超過 10 個百分點的傳統伺服器市場份額，我們預計本季度將再次獲得市場份額。隨著大多數安裝基礎仍在第 14 代或更舊的伺服器上，我們看到未來有顯著且持久的更新機會。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:08:43)The strength and breadth of demand, combined with our continued share gains, demonstrate the competitiveness of our portfolio and the consistency of our execution. Turning to storage, revenue is up 26%, as strong demand for our Dell IP portfolio translated into revenue growth and improved storage profitability. Dell IP delivered another record demand growth quarter, marking our sixth consecutive quarter of demand growth above market. Demand remains broad-based. Enterprises continue to modernize their storage environments as data growth increases the importance of keeping data available and secure.

(00:08:43)需求的強勁和廣泛，加上我們持續的市場份額增長，展示了我們產品組合的競爭力和執行的一致性。轉向存儲，收入增長了 26%，因為我們的 Dell IP 產品組合的強勁需求轉化為收入增長和存儲盈利能力的改善。Dell IP 在需求增長方面又創下了記錄，標誌著我們連續第六個季度的需求增長超過市場。需求仍然是廣泛的。隨著數據增長提高了保持數據可用性和安全性的必要性，企業繼續現代化其存儲環境。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:09:20)At the same time, we are beginning to see incremental demand from AI workloads, which require customers to prepare, manage, and move increasingly large volumes of data. We saw strong growth across PowerFlex, PowerStore, PowerProtect, and PowerVault. PowerStore posted double-digit demand growth for the ninth consecutive quarter. PowerScale and ObjectScale also drove another exceptional quarter in unstructured storage, which has now grown double-digit or better for three consecutive quarters. Storage is becoming a more meaningful contributor to our growth and profitability.

(00:09:20)同時，我們開始看到來自人工智慧工作負載的額外需求，這要求客戶準備、管理和移動越來越大量的數據。我們在 PowerFlex、PowerStore、PowerProtect 和 PowerVault 上看到了強勁增長。PowerStore 連續第九個季度實現了兩位數的需求增長。PowerScale 和 ObjectScale 也在非結構化存儲中推動了另一個卓越的季度，該領域現在已經連續三個季度實現了兩位數或更好的增長。存儲正成為我們增長和盈利能力的更重要貢獻者。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:09:56)Dell IP continues to increase as a percentage of our storage mix, and margins continue to improve, supporting overall ISG profitability. Our share gains, expanding Dell IP mix, and accelerating pace of product development give us confidence in the opportunity ahead. Turning to CSG, revenue grew 20% with demand growth across all regions and verticals. Commercial revenue grew 22%, marking our eighth consecutive quarter of growth, with demand up for the 10th quarter. Large enterprise customers continue to refresh their PC install base, driving double-digit growth across all regions.

(00:09:56)Dell IP 在我們的存儲組閤中的比例持續增加，利潤率也在改善，支持整體 ISG 的盈利能力。我們的市場份額增長、擴大的 Dell IP 組合和加速的產品開發速度使我們對未來的機會充滿信心。轉向 CSG，收入增長了 20%，在所有地區和行業中需求增長。商業收入增長了 22%，標誌著我們連續第八個季度的增長，需求在第十個季度上升。大型企業客戶繼續更新他們的 PC 安裝基礎，推動所有地區的兩位數增長。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:10:35)More cost-sensitive customers are extending their upgrade cycles. This is increasing the number of older devices in the install base and expanding the long-term refresh opportunity for CSG. Consumer revenue is up 7%, marking the fourth consecutive quarter of demand growth. CSG profitability remains strong, benefiting from price discipline and greater scale. In closing, we delivered record revenue and EPS with continued strong cash flow and record capital returned to shareholders. Our results reflect several reinforcing factors.

(00:10:35)更具成本敏感性的客戶正在延長他們的升級週期。這增加了安裝基礎中舊設備的數量，並擴大了 CSG 的長期更新機會。消費者收入增長了 7%，標誌著連續第四個季度的需求增長。CSG 的盈利能力依然強勁，受益於價格紀律和更大的規模。最後，我們實現了創紀錄的收入和每股收益，並持續強勁的現金流，創紀錄的資本回饋給股東。我們的結果反映了幾個相互增強的因素。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:11:11)First, infrastructure demand is growing structurally, driven by data center modernization, AI adoption, and the attractive economics of deploying workloads on-premises. Second, our broad-based portfolio across AI infrastructure, traditional servers and networking, storage, and PCs enables us to serve the full range of our customers' needs. Lastly, we delivered value at scale through our engineering and deployment expertise, supply chain scale, and disciplined operating model. Our four-year operating expense rate guidance of approximately 8% of revenue—the lowest in our company's 42-year history—demonstrates the operating leverage this model can deliver.

(00:11:11)首先，基礎設施需求結構性增長，受到數據中心現代化、人工智慧採用以及在本地部署工作負載的吸引力經濟的驅動。其次，我們在人工智慧基礎設施、傳統伺服器和網絡、存儲和個人電腦方面的廣泛產品組合使我們能夠滿足客戶的各種需求。最後，我們通過工程和部署專業知識、供應鏈規模以及嚴謹的運營模式提供了規模價值。我們四年的運營費用率指導約為收入的 8%——這是我們公司 42 年歷史上最低的——顯示了這一模式所能帶來的運營槓桿。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:11:56)These advantages reinforce one another and are driving growth, share gains, profitability, and cash generation. By creating more value for our customers, we compound our advantages and generate durable cash flow and long-term value for our shareholders. I'm proud of our team's performance. We enter the second half with strong momentum and confidence in our position. With that, let me turn it over to David to walk through the financials and our outlook.

(00:11:56)這些優勢相互增強，推動了增長，市佔率增長、盈利能力和現金生成。通過為客戶創造更多價值，我們複合了我們的優勢，為股東創造持久的現金流和長期價值。我為我們團隊的表現感到驕傲。我們以強勁的動能和對我們地位的信心進入下半年。接下來，我將把時間交給大衛，讓他來介紹財務狀況和我們的展望。

David Kennedy - Dell, Chief Financial Officer

(00:12:23)Thanks, Jeff. We delivered another record quarter, capping a very strong first half of the year. The team executed exceptionally well, driving record revenue, record EPS, and record shareholder returns. Total revenue was up 58% to $47 billion. Gross margin dollars grew 78% to $9.9 billion. Gross margin rate was 21.1%, driven by an improvement in ISG margin rate and a higher mix of ISG revenue. Operating expenses were up 22% to $4 billion, primarily due to variable compensation tied to our outperformance.

(00:12:23)謝謝你，傑夫。我們又交出了創紀錄的季度，為今年上半年畫上了非常強勁的句號。團隊執行得非常出色，推動了創紀錄的收入、創紀錄的每股收益和創紀錄的股東回報。總收入增長 58%，達到 470 億美元。毛利潤金額增長 78%，達到 99 億美元。毛利率為 21.1%，這得益於 ISG 毛利率的改善和 ISG 收入的更高比例。營運費用增長 22%，達到 40 億美元，主要是由於與我們的超常表現相關的變動補償。

David Kennedy - Dell, Chief Financial Officer

(00:13:06)Building on last quarter, we continue to drive significant scale in the P&L, with OPEX down 250 basis points to 8.5% of revenue. Operating income grew 160% to $5.9 billion, or 12.6% of revenue, driven by higher revenue scale and price discipline across servers, storage, and CSG. Net income was up 189% to $4.6 billion, primarily driven by strong operating income. Diluted EPS increased 203% to $7.04, a record. Moving to ISG. ISG delivered record revenue of $31.8 billion, up 89%, marking the 10th consecutive quarter of double-digit or better revenue growth.

(00:13:06)在上個季度的基礎上，我們繼續在損益表中推動顯著的規模，營運費用率下降 250 個基點，達到收入的 8.5%。營運收入增長 160%，達到 59 億美元，或收入的 12.6%，這得益於更高的收入規模和伺服器、存儲及 CSG 的價格紀律。淨收入增長 189%，達到 46 億美元，主要得益於強勁的營運收入。稀釋每股收益增長 203%，達到 7.04 美元，創下紀錄。接下來談談 ISG。ISG 創造了 318 億美元的創紀錄收入，增長 89%，標誌著連續第十個季度的雙位數或更高的收入增長。

David Kennedy - Dell, Chief Financial Officer

(00:14:01)AI server momentum accelerated, and we set records across the board, including $60.9 billion in orders, $16.4 billion in revenue, and $95 billion in ending backlog. Traditional server and networking revenue was $10.5 billion, up 122%, as demand continued to outpace supply. Storage revenue was $4.9 billion, up 26%, with strong demand across the Dell IP portfolio, driving revenue growth and significant margin contribution. Dell IP storage demand has grown above market for six consecutive quarters. Unstructured storage remained one of our fastest-growing solutions, with broader strength across the rest of the portfolio.

(00:14:01)人工智慧伺服器的動能加速，我們在各個方面創下了紀錄，包括 609 億美元的訂單、164 億美元的收入和 950 億美元的結束積壓。傳統伺服器和網絡的收入為 105 億美元，增長 122%，因為需求持續超過供應。存儲收入為 49 億美元，增長 26%，在 Dell IP 產品組閤中需求強勁，推動了收入增長和顯著的毛利貢獻。Dell IP 存儲需求在連續六個季度中增長超過市場。非結構化存儲仍然是我們增長最快的解決方案之一，整個產品組合的其他部分也表現強勁。

David Kennedy - Dell, Chief Financial Officer

(00:14:55)ISG operating income was a record $4.8 billion, up 225%, marking the ninth consecutive quarter of double-digit or better growth, primarily driven by higher revenue across the business. Operating margin was 15%, up 620 basis points. Looking at the key drivers of margin performance, several factors came together favorably this quarter. The demand environment was strong, mix and rates were favorable, and the team executed with discipline. While we do not expect every benefit to continue at this level, the quarter also reflects meaningful structural improvements in the business, which is reflected in our second-half guidance.

(00:14:55)ISG 的營運收入創下 48 億美元的紀錄，增長 225%，標誌著連續第九個季度的雙位數或更高增長，主要得益於業務的更高收入。營運利潤率為 15%，增長 620 個基點。觀察利潤表現的主要驅動因素，本季度有幾個因素共同促成了良好的結果。需求環境強勁，組合和利率有利，團隊執行得非常嚴謹。雖然我們不期望每一項好處都能持續在這一水平，但本季度也反映了業務中有意義的結構性改善，這在我們下半年的指導中得以體現。

David Kennedy - Dell, Chief Financial Officer

(00:15:42)Looking more closely at the drivers, first, we are realizing the benefits of our multi-year modernization journey. That work is driving greater efficiency and strong operating leverage, resulting in significant scale. Second, storage profitability was up, with a higher mix of Dell IP and rate expansion across the solutions. Third, we maintained strong operational price discipline in a dynamic environment, reflecting our team's strong execution and continued focus on supporting our customers. Turning to CSG, CSG revenue was up 20% to $15 billion, Commercial revenue grew for the eighth consecutive quarter, up 22% to $13.2 billion, and consumer revenue increased 7% to $1.8 billion.

(00:15:42)更仔細地看驅動因素，首先，我們正在實現多年現代化旅程的好處。這項工作正在推動更高的效率和強勁的運營槓桿，產生了顯著的規模。其次，存儲盈利能力上升，Dell IP 的比例更高，解決方案的利率擴張。第三，我們在動態環境中保持了強勁的運營價格紀律，反映了我們團隊的強大執行力和持續專注於支持客戶。轉向 CSG，CSG 收入增長 20%，達到 150 億美元，商業收入連續第八個季度增長，增長 22%，達到 132 億美元，消費者收入增長 7%，達到 18 億美元。

David Kennedy - Dell, Chief Financial Officer

(00:16:36)CSG operating income was $1.1 billion, or 7.6% of revenue, driven by pricing discipline and the benefits of scale in the P&L. We will continue to balance customer demand with supply availability to drive profitable share gains. CSG remains an integral part of the business. It provides scale across our supply chain and manufacturing, completes our end-to-end portfolio with the essential productivity device, and is our most capital-efficient business. Together, these strengths make CSG a significant source of cash generation, helping to fund growth across Dell and capital returns to our shareholders.

(00:16:36)CSG 的營運收入為 11 億美元，或收入的 7.6%，這得益於價格紀律和損益表中的規模效益。我們將繼續平衡客戶需求與供應可用性，以推動盈利的市場份額增長。CSG 仍然是業務的重要組成部分。它在我們的供應鏈和製造中提供了規模，通過必要的生產力設備完善了我們的端到端產品組合，並且是我們資本效率最高的業務。這些優勢使得 CSG 成為現金生成的重要來源，幫助資助 Dell 的增長以及向我們的股東回報資本。

David Kennedy - Dell, Chief Financial Officer

(00:17:18)Moving to cash and the balance sheet, we delivered another strong cash quarter. We achieved cash flow from operations of $2.2 billion and adjusted free cash flow of $8.1 billion. This performance was primarily driven by sequential revenue growth and higher profitability. We returned an all-time record $4.3 billion to shareholders this quarter, including repurchasing 9.5 million shares at an average price of $401 per share and paying a dividend of approximately 63 cents per share.

(00:17:18)轉向現金和資產負債表，我們交出了另一個強勁的現金季度。我們實現了 22 億美元的營運現金流和 81 億美元的調整後自由現金流。這一表現主要受到連續收入增長和更高盈利能力的推動。本季度我們向股東回報了創紀錄的 43 億美元，包括以每股 401 美元的平均價格回購 950 萬股股票，並支付了每股約 63 美分的股息。

David Kennedy - Dell, Chief Financial Officer

(00:17:53)This acceleration in shareholder returns, up $2.2 billion quarter-over-quarter, reflects our agility and commitment to capital deployment as we generate more significant adjusted free cash flow, as well as our confidence in long-term value creation. We ended the quarter with $14.2 billion in cash and investments, up $0.2 billion sequentially, and our core leverage ratio stands at 0.8x. Overall, our strong cash generation and healthy balance sheet, further validated by positive credit rating actions during the quarter, provide significant flexibility to invest in the business and continue returning capital to shareholders.

(00:17:53)這一加速的股東回報，較上季度增加了 22 億美元，反映了我們的靈活性和對資本部署的承諾，因為我們產生了更顯著的調整後自由現金流，以及我們對長期價值創造的信心。我們以 142 億美元的現金和投資結束了本季度，較上季度增加了 2 億美元，我們的核心槓桿比率為 0.8 倍。總體而言，我們強勁的現金生成和健康的資產負債表，進一步得到本季度正面信用評級行動的驗證，為我們提供了顯著的靈活性，以投資於業務並持續向股東回報資本。

David Kennedy - Dell, Chief Financial Officer

(00:18:36)Turning to guidance, we've had a strong first half of the year, and we expect the second half to be even stronger. The momentum we've seen continues, and we are raising our expectations across every line of business. Our second-half gross margin rate outlook has improved over the past 90 days, and we continue to drive significant operating leverage and scale. For Q3, we expect revenue to be $49 billion at the midpoint, up roughly 80% year over year. We expect ISG to grow roughly 145%, supported by $19 billion in AI server revenue.

(00:18:36)轉向指引，我們上半年的表現強勁，預計下半年會更強。我們看到的勢頭持續，我們正在提高對每個業務線的預期。我們對下半年的毛利率預期在過去 90 天內有所改善，我們繼續推動顯著的營運槓桿和規模。對於第三季度，我們預計收入中點為 490 億美元，同比增長約 80%。我們預計 ISG 將增長約 145%，得益於 190 億美元的 AI 伺服器收入。

David Kennedy - Dell, Chief Financial Officer

(00:19:17)CSG revenue is expected to increase by roughly 15%. Operating expenses are expected to decline by low single digits sequentially. Operating income is expected to grow by roughly 120%. We expect ISG operating income rate to increase just over one point year over year, even as AI server revenue more than triples. We expect the CSG operating income rate to moderate to roughly 6% as we balance demand, market share, and profitability. We anticipate a diluted share count of approximately 651 million shares.

(00:19:17)CSG 的收入預計將增長約 15%。營運費用預計將連續下降低個位數。營運收入預計將增長約 120%。我們預計 ISG 的營運收入率將同比增長超過一個百分點，即使 AI 伺服器收入增長超過三倍。我們預計 CSG 的營運收入率將適度下降至約 6%，因為我們平衡需求、市場份額和盈利能力。我們預計稀釋後的股份數量約為 6.51 億股。

David Kennedy - Dell, Chief Financial Officer

(00:20:00)Diluted non-GAAP earnings per share is expected to be $6.50, up over 150% at the midpoint. For the full year, we are raising our revenue guidance by $25 billion to $192 billion at the midpoint, up roughly 70%. Diluted non-GAAP EPS is expected to be $25.50, up approximately 150%. We expect ISG to grow roughly 120%, driven by AI server revenue tripling year over year to $74 billion. We expect traditional servers to grow just over 100%, storage up in the mid-teens, and CSG revenue to grow in the mid-teens.

(00:20:00)稀釋後的非 GAAP 每股收益預計為 6.50 美元，中點增長超過 150%。對於整個年度，我們將收入指引提高了 250 億美元，至中點 1920 億美元，增長約 70%。稀釋後的非 GAAP 每股收益預計為 25.50 美元，增長約 150%。我們預計 ISG 將增長約 120%，得益於 AI 伺服器收入同比增長至 740 億美元。我們預計傳統伺服器增長略超過 100%，存儲增長在中位數十幾，CSG 收入增長在中位數十幾。

David Kennedy - Dell, Chief Financial Officer

(00:20:44)Excluding the mixed impact of AI servers, gross margin rates are up year over year. Our modernization efforts are paying off by simplifying, standardizing, automating, and enhancing our operating model with AI, delivering significant operating leverage, with operating expenses at approximately 8% of revenue—the lowest level in the company's 42-year history. With gross margin improvement and the benefits of significant scale, operating income is expected to grow approximately 120%, with over two points of rate improvement year over year.

(00:20:44)排除 AI 伺服器的混合影響，毛利率同比上升。我們的現代化努力通過簡化、標準化、自動化和增強我們的運營模式，利用 AI 取得了成效，實現了顯著的營運槓桿，營運費用約佔收入的 8%——這是公司 42 年歷史上的最低水平。隨著毛利率改善和顯著規模的好處，營運收入預計將增長約 120%，同比改善超過兩個百分點。

David Kennedy - Dell, Chief Financial Officer

(00:21:21)INO is expected to be between $1.4 and $1.5 billion. Diluted non-GAAP earnings per share is expected to be $25.50, up approximately 150% at the midpoint. In closing, we've delivered another exceptional quarter, capping a record first half of the year. Over the past two quarters, revenue was $90.8 billion, up 71%. EPS grew 208% to $11.90. We generated record cash flow from operations of $6.3 billion and returned an all-time record $6.3 billion to shareholders. The team executed exceptionally well across the business.

(00:21:21)INO 預計在 14 億至 15 億美元之間。稀釋後的非 GAAP 每股收益預計為 25.50 美元，中點增長約 150%。最後，我們交出了另一個卓越的季度，為創紀錄的上半年畫上句號。在過去兩個季度中，收入為 908 億美元，增長 71%。每股收益增長 208%，達到 11.90 美元。我們創造了 63 億美元的營運現金流，並向股東回報了創紀錄的 63 億美元。團隊在整個業務中執行得非常出色。

David Kennedy - Dell, Chief Financial Officer

(00:22:06)The second quarter provided further evidence that AI momentum is accelerating, with $60.9 billion in orders, $16.4 billion in revenue, and a backlog approaching $100 billion. At the same time, traditional servers, storage, and CSG all contributed, reinforcing the breadth and balance of our portfolio. Beyond the numbers, I would highlight our operating discipline. The modernization work we've invested in over several years is showing results in scale, margin structure, and our ability to execute in a dynamic supply environment.

(00:22:06)第二季度進一步證明瞭 AI 的勢頭正在加速，訂單達 609 億美元，收入為 164 億美元，未交付訂單接近 1000 億美元。同時，傳統伺服器、存儲和 CSG 都做出了貢獻，強化了我們產品組合的廣度和平衡。除了數字之外，我想強調我們的運營紀律。我們在幾年內投資的現代化工作在規模、利潤結構和在動態供應環境中執行的能力上顯示出成效。

David Kennedy - Dell, Chief Financial Officer

(00:22:44)We're entering the second half from a position of strength and will continue to balance growth with discipline to drive long-term shareholder value. You are seeing the compounding benefits of our durable competitive advantages, differentiated operating model, and operational discipline. We're excited about the second half and confident in our long-term value creation. Thank you to the team for their execution, and thank you all for your time today.

(00:22:44)我們從一個強勢的立場進入下半年，並將繼續平衡增長與紀律，以推動長期股東價值。您正在看到我們持久競爭優勢、差異化運營模式和運營紀律的累積效益。我們對下半年感到興奮，並對我們的長期價值創造充滿信心。感謝團隊的執行，感謝大家今天的時間。

Q&A

David Kennedy - Dell, Chief Financial Officer

(00:23:09)Now, I'll turn it back to Paul to begin the Q&A session.

(00:23:09)現在，我將把時間交回給 Paul，開始問答環節。

Paul Frantz - Dell, Head of Investor Relations

(00:23:13)Thanks, David, and let's get to Q&A. To ensure we get to as many of you as possible, please ask one concise question. Let's proceed with the first question.

(00:23:13)謝謝你，David，讓我們進入問答環節。為了確保我們能夠回答盡可能多的問題，請提出一個簡潔的問題。讓我們開始第一個問題。

Operator - Operator

(00:23:24)Thank you. Our first question will come from Amit Daryanani with Evercore.

(00:23:24)謝謝。我們的第一個問題將來自 Evercore 的 Amit Daryanani。

Amit Daryanani - Evercore ISI, Senior Managing Director

(00:23:31)Thanks a lot. Good afternoon, everyone, and congratulations on a really strong sprint here. I want to spend some time discussing the non-AI segment of ISG. Looking at it, traditional server growth of 122% actually outpaced AI compute, and storage grew by 26% as well. I think some may worry whether this growth is driven by a combination of pricing and pre-buys rather than genuine demand. Could you spend some time explaining what you believe is driving this demand? Also, if possible, please clarify the roles of pricing, demand, and share gains, and provide any insights on the workloads or use cases this infrastructure supports and its durability.

(00:23:31)非常感謝。大家下午好，恭喜大家在這裡取得了非常強勁的成績。我想花一些時間討論 ISG 的非 AI 部門。從數據來看，傳統伺服器的增長率達到 122%，實際上超過了 AI 計算，而存儲也增長了 26%。我想有些人可能會擔心這種增長是否是由於價格和預購的組合，而不是出於真正的需求。你能花一些時間解釋一下你認為推動這種需求的因素嗎？此外，如果可能的話，請澄清價格、需求和市場份額增長的角色，並提供有關這個基礎設施支持的工作負載或用例及其耐用性的任何見解。

Amit Daryanani - Evercore ISI, Senior Managing Director

(00:24:10)Thank you.

(00:24:10)謝謝你。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:24:12)Sure, Amit. Let me try to address that. When you look at traditional servers, which represent the vast majority of our growth this quarter, it's a consistent theme we've discussed last quarter. First, there is ongoing modernization in the data center. This modernization continues to drive consolidation. It increases space efficiency, power efficiency, cooling, and naturally drives demand. Demand is for new servers with more cores, more DRAM, and more storage as we consolidate an aging installed base. Secondly, this represents a significant opportunity for us.

(00:24:12)當然，Amit。讓我來試著解釋一下。當你看傳統伺服器時，這代表了我們本季度增長的絕大多數，這是一個我們上季度討論過的一個持續主題。首先，數據中心正在持續現代化。這種現代化持續推動整合。它提高了空間效率、電力效率、冷卻效率，自然也推動了需求。需求是對新伺服器的需求，這些伺服器擁有更多的核心、更大的 DRAM 和更多的存儲，因為我們正在整合一個老化的安裝基礎。其次，這對我們來說是一個重要的機會。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:24:57)Despite modernization, and to emphasize this is not a one-time event, we still have 1.2 million assets that are 14G or older in the installed base. These assets need to be upgraded. They will be consolidated with new technology, whether it's our 17G servers with consolidation ratios of 6 to 8 to 1, or the new 18G servers shipping next month, where we expect consolidation rates of 12 to 14 old servers per new 18G server. This transition is inevitable. A key driver will be the current security environment.

(00:24:57)儘管現代化，並強調這不是一次性的事件，我們仍然有 120 萬個資產是 14G 或更舊的。這些資產需要升級。它們將與新技術整合，無論是我們的 17G 伺服器，整合比率為 6 到 8 比 1，還是下個月發貨的新 18G 伺服器，我們預計每台新 18G 伺服器將整合 12 到 14 台舊伺服器。這一過渡是不可避免的。一個關鍵驅動因素將是當前的安全環境。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:25:41)Considering the evolving security landscape, including increased resilience requirements and new standards like post-quantum cryptography, outdated infrastructure must be updated. Additionally, enterprises are increasingly deploying AI workloads, particularly agentic workloads. While your question focused on non-AI segments, this growth complements the overall demand. In storage, we observe a similar dynamic. Our products remain highly competitive in the marketplace. Data volumes continue to grow. Despite inflationary pressures, more data is being generated globally at the edge, data centers, and in the cloud.

(00:25:41)考慮到不斷演變的安全形勢，包括增加的韌性要求和像後量子密碼學這樣的新標準，過時的基礎設施必須更新。此外，企業越來越多地部署 AI 工作負載，特別是代理工作負載。雖然你的問題集中在非 AI 部門，但這種增長補充了整體需求。在存儲方面，我們觀察到類似的動態。我們的產品在市場上仍然具有高度競爭力。數據量持續增長。儘管面臨通脹壓力，全球在邊緣、數據中心和雲端生成的數據仍在增加。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:26:28)This data must be stored. It also needs to be encrypted and protected. These factors contribute to the strong tailwind for our Dell IP portfolio. Consider this: Combining Q1 and Q2, we grew storage by 17% in the first half of the year. Our Dell IP storage has grown ahead of the market for six consecutive quarters on a demand basis. We could share many impressive figures. PowerStore has now grown for 10 consecutive quarters. PowerScale has grown for five quarters, ObjectScale for four, and Data Domain for three quarters in a row.

(00:26:28)這些數據必須被存儲。它還需要被加密和保護。這些因素為我們的 Dell IP 投資組合提供了強勁的順風。考慮這一點：結合第一季度和第二季度，我們在上半年增長了 17% 的存儲。我們的 Dell IP 存儲在需求基礎上已經連續六個季度超過市場增長。我們可以分享許多令人印象深刻的數字。PowerStore 現在已經連續增長了 10 個季度。PowerScale 增長了五個季度，ObjectScale 增長了四個季度，Data Domain 連續增長了三個季度。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:27:09)Our older FlashArray product has also grown for 10 consecutive quarters. This demonstrates inherent demand. Our products are increasingly competitive. We see this reflected across the market, from the largest enterprise customers to small and medium-sized businesses. Additionally, there is growth opportunity in AI, driven by agents, KV cache, and new AI techniques. I hope this provides clarity.

(00:27:09)我們的舊 FlashArray 產品也已經連續增長了 10 個季度。這證明瞭內在的需求。我們的產品越來越具競爭力。我們在市場上看到這一點，從最大的企業客戶到中小型企業。此外，在 AI 領域也有增長機會，這是由代理、KV 緩存和新 AI 技術推動的。我希望這能提供一些清晰度。

David Kennedy - Dell, Chief Financial Officer

(00:27:35)To add, Jeff, I believe this supports the durability of growth and demand. As part of our guidance, we expect second-half growth rates to maintain the momentum seen in the first half. Jeff mentioned 17% growth in storage, with similar mid-teens growth expected in the second half. We continue to guide for traditional server growth in the triple digits for the second half as well. So, we continue to see pipelines building. We continue to observe the use cases that Jeff mentioned, all pointing to a broader, more durable ecosystem.

(00:27:35)此外，Jeff，我相信這支持了增長和需求的持久性。作為我們的指導的一部分，我們預計下半年的增長率將保持上半年的勢頭。Jeff 提到存儲增長了 17%，預計下半年也會有類似的中位數增長。我們繼續預測下半年的傳統伺服器增長也將達到三位數。所以，我們持續看到管道在建立。我們持續觀察到 Jeff 提到的使用案例，這些都指向一個更廣泛、更持久的生態系統。

Mark Newman - Bernstein, Senior Analyst

(00:28:12)Thanks, Alex.

(00:28:12)謝謝，Alex。

Operator - Operator

(00:28:14)The next question will come from Ben Reitzes with Melius Research. Hey, guys.

(00:28:14)下一個問題來自 Melius Research 的 Ben Reitzes。嘿，大家好。

Ben Reitzes - Melius Research, Partner and Head of Technology Research

(00:28:22)Thanks, and I'll echo that. It’s been a pretty impressive quarter and guidance. I wanted to ask about the longer term. Your partner in AI servers mentioned growing 70% next year in overall revenue. You guys are growing even faster than that. Your backlog has just surged. Also, you have these new CPU racks adding to traditional servers. So, would you expect to grow roughly in line with NVIDIA next year? You are really part of the AI segment they have. Do you see that kind of growth rate in your future, or anything you want to share about your long-term growth, given it’s much better than expected?

(00:28:22)謝謝，我也想重申這一點。這是一個相當令人印象深刻的季度和指引。我想問一下長期的情況。你們在 AI 伺服器上的合作夥伴提到明年整體收入增長 70%。你們的增長甚至比這個還要快。你們的訂單積壓剛剛激增。此外，你們還有這些新的 CPU 機架，增加了傳統伺服器的數量。那麼，你們預計明年會與 NVIDIA 的增長大致持平嗎？你們確實是他們 AI 領域的一部分。你們是否看到未來會有這樣的增長率，或者有什麼想分享的長期增長計劃，考慮到這比預期的要好得多？

Ben Reitzes - Melius Research, Partner and Head of Technology Research

(00:29:12)That would be appreciated. Thanks.

(00:29:12)這將不勝感激。謝謝。

David Kennedy - Dell, Chief Financial Officer

(00:29:15)Thanks, Ben. Look, if you focus on our second half trajectory, building on the last question, you can see we position ourselves based on the durability we see in demand. We observe this across the portfolio, which gives us tremendous leverage. As we continue to grow, the scale we achieve in the P&L offers opportunities to find further scale and growth. The second half growth, at 68%, closely mirrors the first half’s 71%. It’s clear we’re seeing signs that the data center is shifting from a cost center to a value creator.

(00:29:15)謝謝你，Ben。看，如果你專注於我們下半年的趨勢，基於上一個問題，你可以看到我們根據需求的持久性來定位自己。我們在整個產品組閤中觀察到這一點，這給了我們巨大的槓桿。隨著我們的持續增長，我們在損益表中實現的規模提供了進一步擴大和增長的機會。下半年的增長為 68%，與上半年的 71% 非常接近。很明顯，我們看到數據中心正在從成本中心轉變為價值創造者的跡象。

David Kennedy - Dell, Chief Financial Officer

(00:29:58)The ecosystem and enterprise customers we engage with are beginning to embrace this. There is significant complexity in execution. Right now, we are focused on executing a strong second half. We aim to continue that great momentum through the second half of the year. I believe we’ll be in a great position then and will keep pursuing growth going forward.

(00:29:58)我們接觸的生態系統和企業客戶開始接受這一點。執行中存在顯著的複雜性。現在，我們專注於執行一個強勁的下半年。我們的目標是通過今年下半年持續保持這種良好的勢頭。我相信到時我們會處於一個良好的位置，並將繼續追求增長。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:30:20)Ben, maybe I can provide some additional context. Our five-quarter pipeline grew sequentially. That follows booking $131.7 billion in orders over the past four quarters. I think that gives you a sense of what’s happening today. Looking at longer-term trends, I know you’re a believer in this, but We see agentic demand reshaping the data center and its underlying infrastructure. Inference has surpassed training and represents pure demand in our industry. We expect the tokens driven by inference to grow 87 times to 3,600 quadrillion tokens by 2030.

(00:30:20)Ben，也許我可以提供一些額外的背景。我們的五個季度管道按順序增長。這是基於過去四個季度訂單達到 1317 億美元的預訂。我想這讓你對今天發生的事情有了一個瞭解。從長期趨勢來看，我知道你是這方面的信徒，但我們看到主動需求正在重塑數據中心及其基礎設施。推理需求已經超過了訓練，並代表了我們行業中的純需求。我們預計到 2030 年，推理驅動的令牌將增長 87 倍，達到 3600 萬兆令牌。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:31:01)Training demand is projected to grow 5x to 850 zettaflops by 2030. Enterprise agentic workloads are expected to be the single largest workload by 2028. We anticipate AI will account for 75% of all data center demand by 2030, adding 200 gigawatts of power over that period. We believe half of that demand aligns with our sweet spot: our customers, the Neo cloud sovereigns, and enterprises. Looking at the numbers, we see an opportunity exceeding a trillion dollars over that timeframe. We believe we are well positioned.

(00:31:01)訓練需求預計到 2030 年將增長 5 倍，達到 850 澤塔浮。企業主動工作負載預計到 2028 年將成為最大的單一工作負載。我們預計到 2030 年，AI 將佔據所有數據中心需求的 75%，在此期間增加 200 吉瓦的電力。我們相信這一需求的一半與我們的優勢相符：我們的客戶、Neo 雲主權者和企業。從數字來看，我們看到在這段時間內超過一萬億美元的機會。我們相信我們的定位良好。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:31:40)Our model is differentiated, and our engineering sets us apart with every customer interaction. Our global deployment capabilities are unmatched in scale. We believe What we’re doing on the support side is equally important—helping customers ramp up and reach that first token faster than anyone else, then keeping it running. The DFS component we offer helps customers bridge the gap from order to first token, which we believe differentiates us, and we will continue to focus on that. If you believe that demand is there, it drives more servers in the growing each of those areas for us as well.

(00:31:40)我們的模型是差異化的，我們的工程在每次客戶互動中都使我們與眾不同。我們的全球部署能力在規模上無與倫比。我們相信我們在支持方面所做的同樣重要——幫助客戶加速並比其他任何人更快地達到第一個令牌，然後保持運行。我們提供的 DFS 組件幫助客戶從訂單到第一個令牌之間架起橋樑，我們相信這使我們與眾不同，我們將繼續專注於此。如果你相信那個需求存在，它會推動更多伺服器的需求。這也在我們的每一個領域中增長。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:32:28)Thanks, Ben.

(00:32:28)謝謝你，Ben。

Operator - Operator

(00:32:30)And our next question will come from Mark Newman with Bernstein.

(00:32:30)我們的下一個問題將來自 Bernstein 的 Mark Newman。

Mark Newman - Bernstein, Senior Analyst

(00:32:37)Thank you very much. Congratulations again on the fantastic results. I have a few more questions regarding the significant strength you're seeing in both traditional and AI servers. First, regarding traditional servers, this segment has traditionally consisted almost entirely of enterprise customers, and I understand you're including CPU racks and agentic AI servers, which I believe are CPU racks. Is this traditional server category still predominantly enterprise, or are you seeing a portion coming from, say, NeoClouds or Tier 3 CSPs?

(00:32:37)非常感謝。再次恭喜你們取得了驚人的成果。我有幾個問題關於你們在傳統伺服器和人工智慧伺服器上看到的顯著增長。首先，關於傳統伺服器，這個領域傳統上幾乎完全由企業客戶組成，我瞭解到你們正在包括 CPU 機架和代理人工智慧伺服器，我相信這些是 CPU 機架。這個傳統伺服器類別仍然主要是企業客戶，還是你們看到來自 NeoClouds 或 Tier 3 CSP 的一部分？

Mark Newman - Bernstein, Senior Analyst

(00:33:25)Similarly, for the AI server customer mix, both in terms of revenue and orders, I know the majority in the past has been NeoClouds or Tier 2 CSPs. Is that still the case? Could you provide any insights on the relative growth rates between enterprise and other larger customers in the AI server mix? Previously, you mentioned enterprise was growing faster, and I wonder if that remains true given the significant increase, particularly in orders. Thank you very much.

(00:33:25)同樣，對於人工智慧伺服器的客戶組合，無論是從收入還是訂單來看，我知道過去大多數是來自 NeoClouds 或 Tier 2 CSP。情況仍然如此嗎？你能提供有關企業客戶和其他大型客戶在人工智慧伺服器組閤中的相對增長率的見解嗎？之前你提到企業增長得更快，我想知道這是否仍然成立，特別是在訂單顯著增加的情況下。非常感謝。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:34:09)You're welcome. Mark, regarding traditional servers, the 122% growth is primarily driven by our historical enterprise customers. I want to emphasize that demand exceeds supply. Demand was even greater than the results we published. We are supply constrained. However, demand is coming from our traditional enterprise customers. This is where the vast majority of workloads reside. This is where modernization is taking place. This is where the aged installed base exists. Heightened awareness around security and resiliency is driving demand here.

(00:34:09)不客氣。Mark，關於傳統伺服器，122% 的增長主要是由我們的歷史企業客戶推動的。我想強調需求超過供應。需求甚至超過了我們發布的結果。我們的供應受到限制。然而，需求來自我們的傳統企業客戶。這裡是絕大多數工作負載所在的地方。這裡是現代化正在進行的地方。這裡是老舊安裝基礎的存在地。對安全性和韌性的高度關注正在推動這裡的需求。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:34:46)I mentioned last quarter that we are beginning to see AI servers. When I discussed this, and it remains true this past quarter, NeoClouds are purchasing those servers. Some of our high-frequency trading customers are buying these types of servers, as well as our largest and most sophisticated enterprise customers who are advanced in their AI deployments. So, the vast majority of that 122% growth comes from traditional customers across all segments and geographies. AI servers are beginning to appear within that customer set, which is exciting to see.

(00:34:46)我在上個季度提到我們開始看到人工智慧伺服器。當我討論這個時，這在過去一個季度仍然成立，NeoClouds 正在購買這些伺服器。我們的一些高頻交易客戶也在購買這類伺服器，以及我們最大的、在人工智慧部署方面最先進的企業客戶。因此，這 122% 的增長絕大多數來自各個細分市場和地區的傳統客戶。人工智慧伺服器開始出現在這些客戶中，這是令人興奮的。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:35:26)That segment grew quarter over quarter. Growth occurred across NeoClouds. It also grew among our high-frequency trading customers and enterprise customers. So, that is encouraging. The mix within our traditional AI business is also exciting. As we mentioned in our remarks, we now have more than 6,500 customers purchasing Dell AI Factory. Of those, 3,300 have been added in the last three quarters. It took us eight quarters to reach the first 3,200 customers. This acceleration is driven by enterprise customers.

(00:35:26)這個細分市場在季度間增長。增長發生在 NeoClouds 之中。它也在我們的高頻交易客戶和企業客戶中增長。所以，這是令人鼓舞的。我們傳統人工智慧業務中的組合也令人興奮。正如我們在發言中提到的，我們現在有超過 6,500 個客戶在購買 Dell AI Factory。在這些客戶中，3,300 個是在過去三個季度新增的。我們花了八個季度才達到首批 3,200 個客戶。這一加速是由企業客戶推動的。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:36:03)Enterprise customers grew both quarter over quarter and year over year. Repeat buyers increased quarter over quarter and year over year. Enterprise revenue grew quarter over quarter and year over year. The pipeline of enterprise customers also grew sequentially. So, we are seeing more enterprise customers. The mix hasn't necessarily changed because we are still winning on the sovereign side as well as the large NeoCloud side. But the momentum with enterprise customers, measured by the number of customers, shows that the number of repeat buyers is increasing, and the indicators are strong.

(00:36:03)企業客戶在季度間和年間都增長。重複購買者在季度間和年間都增加。企業收入在季度間和年間都增長。企業客戶的管道也按順序增長。因此，我們看到更多的企業客戶。組合並沒有發生必要的變化，因為我們仍然在主權方面以及大型 NeoCloud 方面獲勝。但與企業客戶的動力，根據客戶數量來衡量，顯示重複購買者的數量在增加，指標也很強勁。

Jeff Clarke - Dell, Vice Chairman and Chief Operating Officer

(00:36:39)These customers tend to purchase more storage and networking when they engage with us, opting for a more complete solution. I hope that helps.

(00:36:39)這些客戶在與我們合作時往往會購買更多的存儲和網絡設備，選擇更完整的解決方案。希望這能幫助到你。

Mark Newman - Bernstein, Senior Analyst

(00:36:49)Thank you, Mark. Yes, thank you very much. We will now take a question from

(00:36:49)謝謝你，馬克。是的，非常感謝。我們現在將接受一個問題來自

校正紀錄

本檔為 AI 語音轉寫（中英對照）。經逐段核對財務數字內部一致性（營收 $47bn／+58%、EPS $7.04／+203%、ISG $31.8bn／+89%、CSG $15bn／+20%、AI 訂單 $60.9bn、AI 營收 $16.4bn、AI backlog $95bn、營運現金流 $2.2bn、庫藏股回購 950 萬股@$401、全年財測營收 $192bn／EPS $25.50 等），並與既有摘要版 活動_Dell_FY27Q2財報電話會議摘要改寫_20260901、報告_廣發香港_Dell_F2Q_20260903 交叉核對，數字一致，未發現需校正的轉寫錯誤、量綱矛盾或期間錯置。「過去 12 個月內 AI 伺服器訂單超過 1300 億美元」與逐字稿原文「$131.7 billion into orders」一致，非誤植。