Dell Technologies recorded a record USD95bn backlog and USD60.9bn in AI server orders during 2QFY27, according to Malacca Securities Research. The research house tied these figures to the company’s 27 October launch of new cybersecurity services, which it said could widen Dell’s growth avenues.
Dell Technologies Cybersecurity and AI Growth Story
On 27 October, Dell unveiled services covering AI security hardening and recovery, identity threat detection and quantum-ready data protection. Malacca Securities noted these could create cross-selling opportunities across Dell’s enterprise customer base, but the potential earnings contribution has not been quantified.
Separately, on 21 October, Dell and NVIDIA announced additional validated solutions for enterprise AI deployment. Dell’s AI Factory with NVIDIA customer base grew from 5,000 to more than 6,500 during 2QFY27, which the research house said supports demand visibility for servers, storage and related services.
Key Financial Numbers Behind the Call
Management raised its FY27 AI-optimised server revenue guidance to USD74bn, up 200% year on year, according to the research house. That guidance sits alongside the USD60.9bn in AI server orders and the USD95bn backlog recorded in 2QFY27.
Malacca Securities described these orders and backlog as the core of the earnings momentum case. Dell is scheduled to report 3QFY27 results on 24 November, which the research house flagged as the next checkpoint.
Valuation Basis and Technical View
The summary we reviewed does not state a rating, target price or valuation method, so Malacca Securities’ valuation basis cannot be detailed here. Readers should consult the full report for those assumptions.
On the chart, the research house said DELL rebounded from strong support after a minor correction. The RSI rose above 40 while MACD-V continued to extend its bullish formation, and the stock remains well supported by its 100-day EMA. Malacca Securities anticipates the uptrend could continue.
Risks Flagged in the Research
The most explicit caveat in the report is that the earnings contribution from the new cybersecurity services has not been quantified. The new services therefore remain a qualitative growth argument rather than a modelled number.
The technical case also depends on the 100-day EMA continuing to hold. A break below that level would weaken the continuation view the research house described.
What This Means for Retail Investors
Dell is a US-listed stock, not a Bursa Malaysia counter, so Malaysian investors would need overseas market access and should account for currency movements. The research house’s view is one input among many, and the full report from M+ Online contains the complete rating, target and assumptions.
Dell’s next earnings release on 24 November will show whether the USD95bn backlog and USD74bn guidance translate into reported numbers. Investors may wish to weigh that event alongside the research house’s technical and fundamental commentary.
Key Takeaways
- Malacca Securities cites a record USD95bn backlog and USD60.9bn in AI server orders for 2QFY27.
- FY27 AI-optimised server revenue guidance was raised to USD74bn, up 200% year on year.
- The cybersecurity services’ earnings impact has not been quantified by the research house.
- Technical momentum is described as bullish, with the stock supported by its 100-day EMA.
- The rating and target price are not stated in the summary; the full report is available from M+ Online at mplusonline.com.
Frequently Asked Questions
What is Malacca Securities’ call on Dell Technologies stock?
The summary of Malacca Securities’ Dell Technologies note does not disclose a rating or target price, so the full report from M+ Online is needed to confirm the call. The research house did say the technical trend remains bullish, with the stock supported by its 100-day EMA.
How large is Dell’s AI backlog?
According to Malacca Securities Research, Dell recorded a record USD95bn backlog in 2QFY27, alongside USD60.9bn in AI server orders. Management raised FY27 AI-optimised server revenue guidance to USD74bn.
When does Dell report its next earnings?
Dell is scheduled to report 3QFY27 results on 24 November, the research house noted. That release is the next scheduled checkpoint for the backlog and guidance figures.
Can Malaysians buy Dell shares on Bursa Malaysia?
No, Dell is listed in the United States rather than on Bursa Malaysia. Malaysian investors would need access to a US-listed trading platform to hold the stock.
Source & Attribution
This article summarises a research report published by Malacca Securities Sdn Bhd (M+ Online) on 28 October 2026. All ratings, target prices and forecasts belong to Malacca Securities Research, not to the author of this blog.
Read the original report: M+ Online Research Report | View full PDF
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Ratings and target prices cited are those of Malacca Securities Research and are subject to change. Always do your own research before making investment decisions.
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