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 Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Dell Technologies is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 45 companies within two hops; the links are backed by 4 dated sources, 3 of them primary filings (as of 2026-07-12).
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.
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 | -20 |
| IREN | lead1 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Dell Technologies | 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 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| PSK Inc | benef2 | +22.7 | -19.6 | +14.2 | -2.6 | +228.2 | +208 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | 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 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | 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 |
| Simmtech | benef2 | +119.6 | -34.6 | +12.4 | -63.3 | +392.9 | +94.9 |
| Samsung Electronics | 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 Technologies | 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 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | 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 |
| Nikon | benef2 | +46.2 | +10.9 | +23.1 | +13.7 | +19.7 | +15.9 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Merck KGaA (EMD) | benef2 | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +13.5 |
| King Yuan Electronics (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 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
Dell's thesis is 'an enterprise AI-server OEM that wins the enterprise via brand and integration, unlike ODMs.' It sells PowerEdge XE with NVIDIA H200/B200 to enterprise, neocloud and sovereign customers, with FY2026 AI-server orders of $64B+, a $43B backlog and AI servers ~26% of company revenue in a quarter — unlike pure ODMs (Foxconn, Quanta), it holds margin and relationships through its own brand, integration and services. In the graph it depends upstream on NVIDIA (GPUs), Intel (CPUs), Amphenol (connectors) and memory, and sells downstream to neoclouds, enterprises and sovereigns such as IREN ($5.8B). The keys are converting backlog to revenue and managing thin AI-server margins; with the stock far ahead of its chain (+248%), give-back risk is high if demand and margins fail to follow.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $492 · Price $435.7 (07-11) · Upside +13%
| 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.