Dell Technologies Inc. ended last quarter with $43B in backlog, and management guided FY2027 AI server revenue of roughly $50B, implying about 103% YOY growth. To my eyes, this is an AI growth story, even though the traditional (i.e., CSG) business made up 45% of total sales last fiscal year, growing at just 5%. The AI server space is a tough market from a margin perspective, and the recent margin decline is not exciting. The backdrop for PC shipments this year is not encouraging.