Dell Technologies, Inc. Class C (DELL)

In July 2025, analysts reiterated a "buy" rating on DELL stock, citing strong cash flows and a robust backlog. The company released its Fiscal Year 2026 Second Quarter Results on August 28, 2025, and held a Securities Analyst Meeting on October 7, 2025. In October 2025, there were reports of insider selling of shares by Director Ellen Jamison Kullman and Silver Lake Group L.L.C. Dell announced its Fiscal Year 2026 Third Quarter Results on November 25, 2025, reporting record third-quarter revenue of $27 billion, an 11% increase year-over-year, and diluted earnings per share (EPS) of $2.28, up 39% year-over-year, driven by strong AI server demand. In recent months leading up to January 2026, the stock experienced notable weakness due to investor concerns about a potential "AI bubble." In January 2026, Dell's stock price declined, with some analysts suggesting potential downside risks due to memory inflation and weak PC demand. At CES 2026 in January, Dell admitted that consumers are not primarily interested in buying PCs for AI features, leading the company to refocus on traditional laptop qualities and its XPS brand.

Demand for Dell Technologies' products and services exhibits some seasonality and is influenced by market trends. There is currently strong and relentless demand for AI servers, driving significant order and backlog growth for Dell. The PC market, however, is projected to experience a seasonal pattern in 2026, with stronger performance in the first half and weaker demand in the second half. The end of Windows 10 support in October 2025 is acting as a catalyst for a major commercial PC refresh cycle, which Dell expects to drive mid-single-digit PC revenue growth for calendar year 2025. Despite the industry's push for AI PCs, consumers prioritize traditional laptop attributes such as battery life, performance, and display quality over experimental AI features. Demand for general-purpose servers from corporate clients is expected to remain flat or decrease in 2026, but this is offset by robust demand for AI servers from cloud service providers.

Dell Technologies designs, develops, manufactures, markets, sells, and supports a comprehensive range of information technology infrastructure, software, and peripherals. Its major products and services include laptops, desktops, monitors, servers, data storage solutions, networking equipment, and artificial intelligence (AI) solutions. The company caters to a diverse clientele, including large enterprises, governmental agencies, educational institutions, and small to medium-sized businesses. Dell operates through two primary divisions: Client Solutions Group, which focuses on personal computers and peripherals, and Infrastructure Solutions Group, which handles servers, storage, and networking.

Dell Technologies maintains a significant global presence, operating in over 180 countries. The company has a worldwide network of sales offices, manufacturing facilities, research and development centers, and customer support operations. Its manufacturing facilities are located in several countries, including the US, Malaysia, China, Brazil, India, Poland, and Ireland. The United States accounts for a substantial portion of its net sales, representing 53.4%.

Dell Technologies generally maintains a strong brand reputation, recognized for its quality products and innovation. The company's environmental record and engagement in green initiatives have also contributed positively to its image. Dell has demonstrated competency in mergers and acquisitions, which has helped expand its capabilities. Historically, the company faced challenges with customer service due to outsourcing, but it has invested in improvements. In January 2026, Dell's candid admission at CES 2026 that consumers are not driven by AI features in PC purchases, and its subsequent pivot to emphasize core hardware qualities and the XPS brand, could be seen as a move to align with customer preferences and potentially bolster its reputation for practical innovation. Positive sentiment was also noted in early January 2026 with DBS Bank upgrading Dell to a "moderate buy."

The ownership structure of Dell Technologies is a mix of institutional, insider, and retail investors. Michael Dell, the founder, is the largest individual shareholder, holding a significant stake in the company. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., State Street Corp, Morgan Stanley, Geode Capital Management, Llc, and Boston Partners. Temasek Holdings Private Ltd is also a notable owner. Institutional investors hold approximately 17.61% to 37.68% of the company's stock, while insiders own around 9.93% to 50.13%, and public/individual investors hold between 12.19% and 55.01%.