Summary of Dell Technologies Inc. Fireside Chat with Bernstein Conference Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Event**: Fireside Chat with Bernstein Conference - **Date**: January 9, 2024 Key Industry Insights - **Impact of AI**: AI is seen as a significant driver of productivity and economic growth over the next 5 to 10 years, unlocking new opportunities in technology and expanding the total addressable market (TAM) for hardware and services [3][4][16] - **Customer Interest**: There is a strong interest from customers across various sectors in AI applications, particularly in customer operations, content management, software development, and sales [6][7] - **Generative AI**: The current wave of generative AI is drawing attention to previously available technologies that organizations have not fully utilized [6] Financial Performance and Projections - **AI Demand**: Customer demand for AI solutions has nearly doubled quarter-on-quarter, with an AI-optimized backlog reaching approximately $1.6 billion [18] - **Market Growth**: Dell expects low single-digit revenue growth in the PC segment, with an operating income framework of 5% to 7% [33] - **Cash Flow**: Over the past five years, Dell has generated more than $36 billion in adjusted free cash flow, indicating strong financial health [45] AI Infrastructure and Market Dynamics - **Server Market Growth**: The AI server market is projected to grow significantly, with estimates suggesting it could reach $120 billion by 2025, a five-fold increase [14] - **Capacity Concerns**: There are concerns about potential overbuilding in AI infrastructure, but Dell is taking a disciplined approach to capital investment [15] - **Inference vs. Training**: Inference is expected to require more computing power than training, as it will occur in real-time across various applications [21][24] Strategic Focus Areas - **Edge and Telco Infrastructure**: Dell sees significant growth opportunities in edge computing and telco infrastructure, which are relatively new domains for the company [48][51] - **Profitability of AI Servers**: Currently, AI servers are less profitable than traditional servers, but margins are expected to improve as the market matures and Dell shifts towards enterprise customers [28][29] Leadership and Future Outlook - **Succession Planning**: Dell has a strong internal leadership team with extensive experience, ensuring continuity in management [72] - **Public Company Status**: Dell has no plans to go private and intends to continue its capital return strategy through share repurchases and dividends [60] Additional Insights - **Customer Adoption**: Many customers are beginning to develop their AI architectures, indicating a shift towards more substantial investments in on-premise AI solutions [66] - **Market Position**: Dell maintains a strong position in the market with a focus on operational cost management and margin improvement across its various business segments [42][40] This summary encapsulates the key points discussed during the fireside chat, highlighting Dell Technologies' strategic direction, market opportunities, and financial performance.

Dell Technologies Inc. (NYSE:DELL) Fireside Chat with Bernstein Conference Transcript January 9, 2024 1:15 PM ET Executives Michael Dell - Founder, Chairman and CEO Analysts Toni Sacconaghi - Bernstein Toni Sacconaghi Good morning, everyone, and welcome. I’m Toni Sacconaghi, Bernstein’s IT Hardware Analyst, and I’m thrilled to have, Michael Dell, Founder and Chairman and CEO of Dell Technologies, join us today for a fireside conversation. Before I begin, I’d just like to read the Safe Harbor. A reading from ...

Dell Technologies Inc.’s stock DELL, -0.17% rose 2.5% in premarket trading on Monday after JP Morgan upgraded the company to overweight from neutral. “We are more positively inclined toward the AI-driven compute investment cycle, which will benefit branded server companies…even as the drivers for the remaining businesses are more mixed, being subject to the macro backdrop,” analysts said. JPMorgan raised its revenue and earnings forecasts for Dell due to its “higher confidence” in the sustainability of a s ...

ROUND ROCK, Texas, Jan. 3, 2024 /PRNewswire/ -- Dell Technologies (NYSE: DELL) announces that Michael Dell, chairman and chief executive officer, will participate in a virtual fireside chat hosted by Bernstein on January 9, 2024 at 12:15pm CT / 1:15pm ET. A live webcast and a replay will be available on Dell Technologies' Investor Relations page at investors.delltechnologies.com. About Dell Technologies Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transfor ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 3, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37867 Dell Technologies Inc. (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Dell Technologies Inc. (NYSE:DELL) Q3 2024 Earnings Conference Call November 30, 2023 4:30 PM ET Company Participants Rob Williams - Head of Investor Relations Jeff Clarke - Vice Chairman and Chief Operating Officer Yvonne McGill - Chief Financial Officer Tyler Johnson - Senior Vice President & Treasurer Conference Call Participants Amit Daryanani - Evercore ISI Wamsi Mohan - BofA Securities Toni Sacconaghi - Bernstein Erik Woodring - Morgan Stanley Ben Reitzes - Melius Research Asiya Merchant - Citigroup ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 4, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37867 Dell Technologies Inc. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Dell Technologies Inc. (NYSE:DELL) Q2 2024 Earnings Conference Call August 31, 2023 4:30 PM ET Company Participants Robert Williams - Head of Investor Relations Jeff Clarke - Vice Chairman and Chief Operating Officer Yvonne McGill - Chief Financial Officer Tyler Johnson - Senior Vice President & Treasurer Conference Call Participants Shannon Cross - Credit Suisse David Vogt - UBS Samik Chatterjee - JPMorgan Toni Sacconaghi - Bernstein Aaron Rakers - Wells Fargo Erik Woodring - Morgan Stanley Amit Daryan ...

Disclaimer 2 Copyright © Dell Inc. All Rights Reserved. Hall Butler Enhanced Governance and Board Structure Continually evolving governance practices informed by our regular shareholder engagement efforts • Enhanced proxy language around governance and shareholder engagement • Aligned economic interests of all share classes | --- | --- | --- | --- | --- | |--------|-------------------------------------------------------------------------------------------------------------------------------------------|---- ...

Dell Technologies Inc. (NYSE:DELL) Corporate Sustainability Investor Call July 27, 2023 4:00 PM ET Company Participants Hall Butler - Senior Director, Investor Relations Cassandra Garber - Vice President of Corporate Sustainability and ESG Alyson Freeman - Sustainability Product Manager, Infrastructure Solutions Group Conference Call Participants Hall Butler Hello, everyone. And thank you for joining us today. Welcome to our Fourth Annual Investor Call Covering Dell Technologies Corporate Sustainability. I' ...