Dell and Snowflake report major growth driven by AI demand

Major technology companies Dell Technologies and Snowflake have reported significant financial growth driven by the demand for artificial intelligence (AI) services.

Dell Technologies reported a 58% increase in revenue for its second fiscal quarter 2027, reaching $46.97 billion. The company noted $60.9 billion in AI-related orders and an AI order backlog of $95 billion. Consequently, Dell raised its annual guidance, forecasting 69% revenue growth and a 148% increase in adjusted earnings per share. Its AI server revenue has grown to approximately $74 billion, triple the previous year's level.

Snowflake also exceeded Wall Street expectations, with its stock rising over 22% in after-hours trading. The company reported second-quarter revenue of $1.55 billion, a 35.1% increase, surpassing analyst estimates. Adjusted earnings per share reached 62 cents, significantly higher than the projected 45 cents. CEO Sridhar Ramaswamy attributed this growth to AI products, which are driving new workloads and increased platform consumption.