The most important information in Dell's latest financial report is that enterprise level AI is accelerating its implementation. Dell believes that the demand for AI has evolved from the early stage of "hyperscalers monopolizing/concentrating exploration" to the stage of "NeoCloud, sovereign AI, and a large number of enterprise level customers competing and accelerating popularization". Enterprises are no longer just observing, but are beginning to deploy AI infrastructure on a large scale in local and hybrid cloud environments. This is also a strong evidence of the current strong demand discussed in Monday's space chat. 1. Key hardcore data Quantitative evidence to prove the explosion of enterprise level AI 1) AI orders and backlog orders reach new highs: The AI order volume for this quarter reached 60.9 billion US dollars, and the quarterly revenue of AI servers reached 16.4 billion US dollars; At the end of the quarter, the backlog of AI orders reached 95 billion US dollars. 2) Explosive growth in customer base: The total number of customers deploying Dell AI infrastructure has exceeded 6500. In the past three quarters, 3300 new enterprise customers were added, while the previous accumulation of the top 3200 customers took a full eight quarters. 3) The growth rate, repurchase rate, and revenue contribution of enterprise customers have all achieved double-digit/significant growth year-on-year and quarter on quarter. 2. Enterprise AI landing is not just about "buying AI servers", but driving "full stack IT modernization" Dell management emphasizes that the implementation of AI in enterprises is not just about buying a few GPU stacks separately, but will drive and drive the upgrade of the entire traditional IT environment Traditional servers/networks surged by 122%: Revenue from traditional servers and networks increased significantly by 122% (reaching $10.5 billion). One of the main reasons is that enterprises require massive CPU computing power to support AI applications and intelligent agent workflows. Storage demand has reached a turning point: storage business revenue has increased by 26%. As enterprises move from "training/experimentation" to "inference and data preparation", they must organize, manage, and protect their core data assets, driving the demand for data storage products such as PowerScale and ObjectiScale. 3. The transfer of driving force: from "model training" to "inference and intelligent agents" During the analyst Q&A session, Dell explicitly stated that the demand for AI on the enterprise side is accelerating from simple "big model training" to "inference and intelligent agent workflows for specific domain/enterprise private data". This means that enterprises are increasingly inclined to deploy AI in local data centers or at the edge to protect data privacy, control costs, and reduce latency, which directly hits Dell's trap as a traditional private cloud/data center giant. 4. AI PC driven commercial machine replacement trend Commercial PC revenue increased by 22%. With the approaching end of support for Windows 10 and the increasing demand for local AI computing power PCs (AI PCs) from enterprises, Large Enterprises are fully initiating the refresh cycle of PC hardware. Overall, Dell's answer is very clear: enterprise level AI is already reflected in the comprehensive linkage of orders, delivery, and cross product lines (AI servers+traditional CPU servers+storage+terminal PCs).