Dell Technologies: AI Demand Is Real, Margin Payoff Comes Later

Group 1 - The article discusses Dell Technologies' (DELL) performance and investment thesis, highlighting AI server exposure as a key driver for potential upside [1] - The analyst previously covered Dell in May and October 2025, noting varying degrees of success in their investment calls [1] - The May thesis focused on supportive valuations and anticipated a rebound in enterprise spending, which contributed to a positive outlook for the company [1] Group 2 - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing expertise in equity valuation and market trends [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, aiming to provide actionable investment ideas [1] - There is a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis to identify high-growth investment opportunities [1]