The Dell thesis is undersold here imo. The IREN-Dell deal you mentioned is actualy a proof point that Dell's becoming the turn-key integrator for AI infra at scale. Most people still see them as a PC company but that datacenter segment is quietly transforming into a high-margin AI assembly business. The component price passthrough risk is real tho, especially with HBM supply tightness. I've been tracking their guidance revisions and they've consistently beat on datacenter revenue which suggests the pipeline is stronger than street estimates.
Thank you for your comment and the additional commentary on Dell, I agree with your points. Michael Dell has one of the most impressive histories of capital allocation I've read, building an $82B company from scratch (and taking the company private when the market was penalizing Dell for reinvesting profits, then public again). His book 'Play Nice, but Win', is an entertaining read for anyone curious to learn more about the company's history.
The Dell thesis is undersold here imo. The IREN-Dell deal you mentioned is actualy a proof point that Dell's becoming the turn-key integrator for AI infra at scale. Most people still see them as a PC company but that datacenter segment is quietly transforming into a high-margin AI assembly business. The component price passthrough risk is real tho, especially with HBM supply tightness. I've been tracking their guidance revisions and they've consistently beat on datacenter revenue which suggests the pipeline is stronger than street estimates.
Thank you for your comment and the additional commentary on Dell, I agree with your points. Michael Dell has one of the most impressive histories of capital allocation I've read, building an $82B company from scratch (and taking the company private when the market was penalizing Dell for reinvesting profits, then public again). His book 'Play Nice, but Win', is an entertaining read for anyone curious to learn more about the company's history.