If Dell Technologies’ (NYSE:DELL) latest earnings call is any indication, companies are rushing to lock in AI server capacity much like consumers rushed to stock up on toilet paper during the early days of the pandemic, securing supply now before shortages and rising prices hit later.

Dell’s Chief Operating Officer, Jeff Clarke, said Thursday demand came in stronger than expected across all business segments and geographies, with customers increasingly moving to “secure supply across a broad range of IT needs.”

Customers Are Planning Years Ahead

Clarke said some of its largest customers are already planning infrastructure needs three to five years ahead, a sign that securing future supply has become a bigger priority than locking in the best price.

"I mean, clearly, the longer-term conversations we are having with customers are multiyear in nature… Think 3, 4, 5 years," Clarke said on the call.

According to ...