Summary

• Dell has transitioned from a cyclical to a structural AI infrastructure player, with a $43B AI backlog and $64B AI order intake.
• FY2027 guidance implies ~$140 billion revenue and $50 billion AI servers, with growth largely backed by committed customer demand.
• ISG margins reached 14.8%, while higher-margin storage, networking, and services are expected to improve the overall profitability mix.
• Despite a sharp re-rating, DELL trades at 13-15x forward earnings with ~20%+ growth, offering market-level multiples and built-in downside protection.

Dell Technologies (DELL) continues to be an attractive buy for me despite the strong bull run because the story has evolved so much that the market has yet to catch up with the change. This

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of DELL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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