Dell Technologies (NYSE: DELL) is facing mounting competitive pressure in the artificial intelligence server market, with GF Securities warning that rivals could erode its dominance among two of its most critical customers. GF Securities still expects Dell to ship 15,000 NVL72 racks in both fiscal 2027 and fiscal 2028, indicating that near-term demand for its AI server products remains healthy despite the competitive concerns. Dell’s scheduled September 3 earnings report is now shaping up as a critical test of whether strong AI server demand can offset the emerging threat of market share losses to better-capitalized rivals. Investors will be watching closely for updates on AI server backlog figures, order concentration, profit margins, and any revisions to management’s full-year guidance when results are released. A stronger-than-expected outlook, accelerating rack shipments, or evidence that Dell is successfully retaining its SpaceX and CoreWeave volumes could provide meaningful support for the stock price.