The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

What happened: Dell Technologies (DELL) stock surged as much as 10% before trimming gains on Wednesday.

What's behind the move: The maker of laptops and servers raised guidance and posted record revenue and adjusted earnings for its fiscal 2027 second quarter amid a booming AI server business.

The company said it booked a record $60.9 billion in AI server orders and exited the quarter with a record $95 billion backlog.

Dell Technologies said it also saw growth in its traditional servers, networking, and storage businesses.

The company posted record revenue of $47 billion, up 58% year over year. Earnings per share came in at $6.34, up 273% from a year ago. Adjusted earnings rose 203% to $7.04 per share.

"The momentum we've seen continues, and we are raising our expectations across every line of business," said CFO David Kennedy during the company's earnings call.

Dell raised its full-year fiscal year 2027 revenue outlook by $25 billion to $192 billion, up nearly 70% year over year.

What else you need to know: Dell has seen its orders balloon as enterprise customers adopt artificial intelligence and use AI servers locally to run agentic AI queries.

Dell stock is up more than 230% year to date. Peer Hewlett Packard Enterprise (HPE), which also moved up 110% since the start of the year, jumped on Wednesday.

Ines Ferre is a senior business reporter for Yahoo Finance.

Click here for the latest technology news that will impact the stock market

Read the latest financial and business news from Yahoo Finance