Dell $DELL Technologies DELL is benefiting from the ongoing expansion of its cloud infrastructure business, which is driving its long-term growth. The company’s comprehensive portfolio of servers, storage and networking solutions is well-positioned to capitalize on this trend.
Building on the strength of its comprehensive portfolio, Dell is witnessing strong growth in its Infrastructure Solutions Group (“ISG”). In the fourth quarter of fiscal 2026, Dell reported record ISG revenues of $19.6 billion, which increased 73% year over year, marking eight consecutive quarters of double-digit revenue growth. This growth is largely fueled by the increasing demand for AI servers, which are integral to cloud infrastructure. Dell’s AI server revenue alone reached $9 billion in the fourth quarter, with $34.1 billion in orders and a record $43 billion backlog.
The company’s partnership with LSEG has been noteworthy. In March 2026, DELL began a multi-year partnership with London Stock Exchange Group (“LSEG”) to improve its on-premises infrastructure and build a secure, high-performance private cloud platform. The company will provide integrated servers, storage and automation solutions to create a unified infrastructure. This will support LSEG’s multi-cloud strategy and boost the resilience and performance of its Data & Analytics and Markets platforms.
Dell has seen explosive growth in AI Cloud infrastructure, recording $34.1B in AI orders in Q4, $64.1B AI orders in FY2026, a $43B backlog and $9.5B in AI server shipments in Q4. The company expects $50B in AI revenues in FY2027, nearly doubling year over year, reflecting strong demand for AI cloud capacity and multi-quarter visibility via backlog. The company highlighted rapid expansion across cloud-related customers, with more than 4,000 AI customers. Growth spans multiple segments, including Neoclouds, Sovereign clouds and Enterprises building private AI clouds. The Zacks Consensus Estimate projects revenues to increase 24.22% year over year in fiscal 2027.