# Dell (DELL)
> 엔터프라이즈 AI 서버 OEM. PowerEdge XE에 엔비디아 H200·B200을 탑재해 기업·네오클라우드·국가(소버린) 고객에 공급. FY2026 AI 서버 수주 $64억+, 백로그 $43억(원문 $43B), 분기 AI 서버 매출이 전사 26%. ODM(폭스콘·콴타)과 달리 자체 브랜드·통합·서비스로 기업시장을 잡는다.
Canonical: https://valuechain.wiki/dell · Updated: 2026-07-12T05:39:09.7855+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Dell의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 45곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2026 AI 수주 $64B+, 백로그 $43B
- 고객 집중도: 엔비디아 GPU 기반, 엔터프라이즈·소버린.
- 사업부문: AI 서버(PowerEdge XE), 스토리지·서비스, PC

## Annual stock return (as of 2026-07-10)
- 2021: +51.2%
- 2022: -26.6%
- 2023: +95.9%
- 2024: +53%
- 2025: +11.2%
- 2026 YTD: +248.1%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Starbucks Corp | lead3 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| 존슨 컨트롤스 | lead3 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| IREN | lead1 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Dell | node | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Intel | benef1 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Amphenol | benef1 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| AT&S | benef2 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +390.3% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| 피에스케이 | benef2 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| 심텍 | benef2 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef2 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| 니콘 | benef2 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Merck KGaA | benef2 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| Mobileye | benef2 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| ST마이크로일렉트로닉스 | benef3 | +32.4% | -26.8% | +41.7% | -49.7% | +5.3% | +176.6% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| 미쓰비시전기 | benef3 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| 소니 반도체 | benef3 | +27.2% | -8.4% | +27.8% | +17.9% | +1% | -2.4% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

델의 투자 논점은 'ODM과 다른, 브랜드·통합으로 기업시장을 잡는 엔터프라이즈 AI 서버 OEM'이다. PowerEdge XE에 엔비디아 H200·B200을 얹어 기업·네오클라우드·국가(소버린) 고객에 파는데, FY2026 AI 서버 수주 $64B+·백로그 $43B에 분기 AI 서버 매출이 전사 26%다 — 폭스콘·콴타 같은 순수 ODM과 달리 자체 브랜드·통합·서비스로 마진과 관계를 쥔다. 그래프상 상류로 엔비디아(GPU)·인텔(CPU)·앰페놀(커넥터)·메모리에 의존하고, 하류로 IREN($5.8B) 등 네오클라우드·기업·소버린에 판다. 관건은 백로그의 매출 전환과 AI 서버의 얇은 마진 관리이며, 본주가 사슬을 크게 앞서 달린(+248%) 만큼 수요·마진이 따라오지 못하면 되돌림 위험이 크다. (analysis as of 2026-07-10)

## Money in · revenue from (3)
### 엔터프라이즈·네오클라우드·소버린 (AI 서버) (high)
- metric: 금액 $43B · FY2026 백로그 · AI 서버 수주잔고(수주 $64B+)
- note: 기업·네오클라우드·국가 고객에 AI 서버 공급(수주 $64B+).
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "FY2026 AI 수주 $64B+, 백로그 $43B."

### IREN (high)  → /iren.md
- metric: contract $5.8B · GPU 시스템 공급 · 공급 계약
- note: 네오클라우드 아이렌에 GPU 시스템·장비 $5.8B 공급 — 브랜드·통합 기반 AI 서버 OEM이 네오클라우드까지 고객으로 넓힌 대형 계약.
- [confirms] GlobeNewswire (EN, filing, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html: "아이렌에 GPU 시스템·장비 $5.8B 공급."

### 스토리지·서비스·PC (엔터프라이즈) (mid)
- note: 스토리지·솔루션·서비스·PC.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "AI 서버 외 스토리지·서비스·PC 매출."

## Money out · pays to (4)
### NVIDIA (high)  → /nvidia.md
- note: 엔비디아 H200·B200 GPU로 AI 서버(PowerEdge XE)를 구성 — GPU 할당이 델 AI 서버 매출의 원가이자 상류 병목으로, 엔비디아 로드맵이 물량을 좌우한다.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/델_테크놀로지스: "델 PowerEdge XE는 엔비디아 GPU 기반 AI 서버."
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "델 PowerEdge XE는 엔비디아 GPU 기반 AI 서버."

### Intel (mid)  → /intel.md
- note: 서버·PC용 인텔 CPU 조달.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "델 서버·PC에 인텔 CPU 탑재."

### Amphenol (mid)  → /amphenol.md
- note: 델 AI 서버에 커넥터 공급.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0001571996/000157199625000118/exhibit991earnings8kq3fy26.htm: "델 AI 서버에 커넥터 공급."

### 메모리·부품·ODM (비공개) (low)
- note: 메모리·스토리지·부품 조달.
- [confirms] 미국 SEC(델) (EN, filing, published 2026-03-16) https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm: "델 10-K: 서버·PC용 메모리·프로세서·부품을 다수 공급사·ODM에서 조달(공급 집중·가격 변동 리스크 공시)."

## 질문별 엔드포인트
- 누가 델의 고객인가? 델의 매출은 어디서 오는가? → https://valuechain.wiki/dell/customers.md
- 델의 주요 공급사는 어디인가? 델의 비용은 누구에게 가는가? → https://valuechain.wiki/dell/suppliers.md
- 델 주가가 움직이면 누가 수혜를 보는가? 델의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/dell/ripple.md
- 증권가가 보는 델: 목표주가와 투자의견은? → https://valuechain.wiki/dell/consensus.md

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._