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Dell Technologies
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Dell turned a steady PC-and-server business into one of the largest sellers of AI servers — racing through a $43 billion backlog. The catch: AI servers are high-volume but thin-margin, and a few giant customers drive the boom.
Updated · Q4 FY26 · February 2026
6
Chapters
~18
Min read
~$114B / yr revenue · ~97K employees · public since 2018
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Spice: Serrano (4/5)
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0 of 6
1
Growth
~4 min
From PCs to AI Servers
A 40-year-old PC company just grew its AI-server sales 342% in a single quarter.
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2
Financial Health
~4 min
Big Revenue, Skinny Margins
Dell sells $113 billion of gear — and keeps only about 20 cents of gross profit per dollar.
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3
Moat
~3 min
Scale, Service, and Speed
Dell's edge isn't a software lock-in. It's being huge, fast, and trusted to deliver.
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4
Management
~2 min
The Founder Still Runs It
Michael Dell still runs the company he founded in a dorm room 40 years ago.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
The income statement says *what* happened. The company's own write-up says *why*.
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6
Risk
~3 min
High Volume, Low Margin, Few Buyers
Dell's AI boom is real — but it's thin-margin and leans on a handful of giant customers.
↻ Next update · Aug 27
est. Aug 27, 2026 · Q2 FY27 · Dell IR ↗
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You're reading the 6 opening chapters. After that, every time Dell files a new report, the chapters get updated here.