AI server OEM (PowerEdge)
Dell Technologies
An enterprise AI-server OEM. Its PowerEdge XE servers carry NVIDIA H200/B200 for enterprise, neocloud and sovereign customers. FY2026 AI-server orders $64B+, backlog $43B; AI servers were ~26% of company revenue in a quarter. Unlike ODMs (Foxconn, Quanta), it wins enterprise via its brand, integration and services.
DELL Updated Sep 12, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Dell Technologies is directly linked to 5 companies (3 supply, 2 revenue relationships) and reaches 46 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-09-12).
Financials & Segments
- Total revenue · FY2026 AI orders $64B+, $43B backlog
- Customer concentration · NVIDIA-GPU based; enterprise/sovereign.
- Segments · AI servers (PowerEdge XE) · Storage/services · PCs
Revenue from
- Enterprise · neoclouds · sovereign (AI servers) High confidence· Amount $43B · FY2026 백로그 · AI server backlog (orders $64B+)
Supplies AI servers to enterprise, neocloud and sovereign customers ($64B+ orders). - IREN High confidence· contract $5.8B · GPU 시스템 공급 · supply agreement
Supplies $5.8B of GPU systems and equipment to neocloud IREN — a large deal showing the brand/integration-based AI-server OEM extending into neocloud customers.Confirms EN GlobeNewswire Published Nov 3, 2025: IREN secures $9.7B AI cloud contract with Microsoft - storage · services · PC (enterprise) Medium confidence
Storage, solutions, services and PCs. - Waters Corporation Medium confidence
Dell Technologies supplies OptiPlex XE4-based LND4 systems that Waters customizes for waters_connect under vendor agreements supporting long-life component availability, while Dell hardware procurement spending was not disclosed.Confirms EN Waters Corporation Published Nov 5, 2025: Waters eLAC/E32 / LND and cLAC/E32 Acquisition Server Configuration 16 Release Notes
Pays to
- NVIDIA High confidence
Builds AI servers (PowerEdge XE) with NVIDIA H200/B200 GPUs — GPU allocation is both the cost and the upstream bottleneck of Dell's AI-server revenue, with NVIDIA's roadmap driving volume. - Intel Medium confidence
Sources Intel CPUs for servers/PCs. - Amphenol Medium confidence
Connectors to Dell AI servers. - memory & components · ODM (undisclosed) Low confidence
Memory, storage and components.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| IREN | lead1 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Waters Corporation | lead1 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| Dell Technologies | node | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +320.2 |
| Intel | benef1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Amphenol | benef1 | +34.4 | -12.5 | +30.8 | +40.7 | +95.3 | +22.7 |
| AT&S | benef2 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +334.1 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +172.1 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +138.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| PSK Inc | benef2 | +22.7 | -19.6 | +14.2 | -2.6 | +228.2 | +105.7 |
| Simmtech | benef2 | +119.6 | -34.6 | +12.4 | -63.3 | +392.9 | +94.9 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +52.7 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +50.4 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +43 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +35.5 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Merck KGaA (EMD) | benef2 | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +10.4 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +5.6 |
| Nikon | benef2 | +46.2 | +10.9 | +23.1 | +13.7 | +19.7 | -2.4 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | -6.7 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -7.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| Mobileye | benef2 | · | · | +23.6 | -54 | -47.6 | -18 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Dell Technologies operates across AI server OEM (PowerEdge). Momentum stayed firm and it is +320.2% in 2026. The stock (+320.2%) is ahead of both its demand side (avg +18.3%) and supply side (avg +68.7%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is IREN (+18.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Unlike ODMs (Foxconn, Quanta), it wins enterprise via its brand, integration and services.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $492 · Price $522.6 (09-05) · Upside -6%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Evercore ISI | Outperform | $500 | Jul 8, 2026 | Report ↗ |
| Morgan Stanley | Equal-Weight | $477 | Jun 23, 2026 | Report ↗ |
| Goldman Sachs | Buy | $500 | Jun 1, 2026 | Report ↗ |
After blowout AI-server-driven earnings, targets keep climbing (Evercore and Goldman at $500, Morgan Stanley $477); consensus is Buy with an average target near $470.