Dell raised its AI server guidance, while the Bank of Japan signaled a more serious September rate discussion. WuBlockchain’s latest WhiteLine Daily also pointed to surging power interconnection requests from Texas data centers and a U.S. IPO filing from SB Energy.
Dell lifts FY2027 AI server revenue guidance to $74 billion
Early on Sept. 2 Beijing time, Dell reported results for fiscal year 2027 second quarter. Revenue reached $46.97 billion, up 58% year over year, and adjusted earnings per share came in at $7.04, above market expectations.
Dell said it booked $60.9 billion in AI server orders during the quarter, a sharp increase from $24.4 billion in Q1. Over the past 12 months, cumulative AI server orders have exceeded $130 billion. Q2 AI server revenue was $16.4 billion, up 100% from a year earlier, while backlog rose to $95 billion by the end of the quarter.
Against that backdrop, Dell increased its FY2027 AI server revenue outlook from $60 billion to $74 billion. It also lifted full-year total revenue guidance from $167 billion to $192 billion. After the earnings release, Dell shares rose about 7% to 8% in after-hours trading.
WuBlockchain said the current picture at Dell shows order growth running well ahead of revenue recognition, making near-term delivery capacity a more immediate constraint than customer demand.
BOJ signals September hike debate as 2-year JGB yield hits highest level since 1995
Bank of Japan Governor Kazuo Ueda said this month’s policy meeting will focus on whether economic activity and prices are tracking prior forecasts, and whether recent moves in oil, the yen, and overseas economies are adding to upside inflation risks.
Ueda did not directly commit to a September rate hike. Even so, hawkish voices inside the BOJ have become more visible. Board member Hajime Takata said again on the same day that rates should be raised more flexibly and in a timely way. At the July meeting, he had argued for lifting the policy rate from 1% to 1.25%.
Japan’s 2-year government bond yield then climbed to 1.84%, the highest since April 1995. The 5-year yield also reached a record high. The BOJ’s next policy meeting is scheduled for Sept. 17-18.
WuBlockchain’s takeaway was that markets are already preparing for a possible move in September. If a hike is delivered, funding in low-rate yen would become more expensive.
Reuters review shows Texas interconnection requests jump to 474 GW
According to a Reuters review of U.S. utility and grid data, large-load interconnection requests in Texas have risen from roughly 48 GW in 2023 to more than 474 GW now, with most of that demand tied to data centers.
The 474 GW figure is more than five times Texas’ historical peak power load. Reuters also said that large-load interconnection requests across the U.S. Midwest, Mid-Atlantic, and South now total more than 700 GW, which is over 10 times current estimates for actual data center power consumption nationwide.
Still, many of those projects involve duplicate applications, unsecured financing, or no confirmed tenants. Texas has paused some new large data center grid connections and started reviewing project owners and funding sources.
In other regions, charging and deposit requirements have already changed the pipeline. Exelon’s high-probability demand forecast fell by about 40%, and AEP Ohio’s application pipeline dropped by more than half.
WuBlockchain said the Texas response shows that queued capacity should no longer be treated as capacity that will necessarily be built.
SB Energy files for U.S. IPO with about $439 billion in contracted backlog
SB Energy, a data center and energy infrastructure company backed by SoftBank, has filed IPO registration documents with the U.S. Securities and Exchange Commission. It plans to list on Nasdaq under the ticker SBE.
The company disclosed about $439 billion in contracted backlog, most of it tied to data center operations. SB Energy currently has about 8.8 GW of contracted data center capacity, but none of its data centers has officially entered operation.
For the first half of 2026, SB Energy reported revenue of about $139 million, up 66.4% year over year. Its current revenue still comes from traditional energy operations. Net loss for the same period widened to about $3.21 billion. Nvidia also plans to make a $1.5 billion private investment alongside the IPO.
Reuters Breakingviews said the company’s 8.8 GW of data center capacity is currently concentrated mainly in two customers, OpenAI and SoftBank, and that most of the contracted revenue will take years to materialize.
WuBlockchain said the main risk is execution. Of the 8.8 GW under contract, only about 0.8 GW is under construction, and no project has started operating yet.
Main thread of the day
WuBlockchain’s summary drew a line between confirmed AI server orders at Dell and capacity numbers that still need to be tested in the real world, including Texas’ 474 GW of interconnection requests and SB Energy’s 8.8 GW of contracted data center capacity. On top of that, the BOJ’s latest signals point to tighter conditions for low-cost yen funding.