servers & ODM · Industry Index 17 (rank #23) ·
price: as of 2026-10-30 index: as of 2026-10-30 fundamentals: latest filing 2026-09-08 Reports quarterly (10-Q XBRL)
Dell Technologies is a global provider of PCs, storage and PowerEdge servers, including AI-optimized systems built around NVIDIA and AMD accelerators.
Industry exposure 0.4 (AI-optimized ISG servers are a large and fast-growing backlog, but the company also earns substantial revenue from traditional PCs, storage and services.)
Delayed, end-of-day, aggregate per contract — not a live tape or trade-level flow. Buy/sell side is INFERRED from where each contract's last print sat in the bid/ask spread, not observed order flow. The company-wide side is withheld unless quoted contracts cover at least a quarter of the day's premium, so it can be blank while individual contracts below show a side. Call/put premium is measured across the chain we capture — the 6 nearest expiries within 45 days, not the full option chain — while the table below lists at most 20 flagged contracts, so summing those rows will not reproduce the percentage.
Why flagged:FOMC Rate Decision in 5 days
| Date | Contract | Score | Side (inferred)? | OI Δ? | Volume | Vol/OI | Flags |
|---|---|---|---|---|---|---|---|
| 2026-10-30 | $440 CALL | 80 | buy-side | +4 | 657 | 34.6× | |
| 2026-10-30 | $450 CALL | 72 | sell-side | +1 | 532 | 11.6× | |
| 2026-10-30 | $435 CALL | 66 | mid-market · no side | +2 | 249 | 5.4× | |
| 2026-10-30 | $460 CALL | 63 | mid-market · no side | +5 | 276 | 5.9× | |
| 2026-10-30 | $360 PUT | 63 | mid-market · no side | +3 | 568 | 5.4× | |
| 2026-10-30 | $400 PUT | 61 | mid-market · no side | +529 | 1,662 | 1.8× | |
| 2026-10-30 | $445 CALL | 59 | sell-side | 0 | 184 | 12.3× | |
| 2026-10-30 | $415 PUT | 59 | mid-market · no side | +62 | 624 | 2.0× |
12 smaller flags (under $100000 premium) hidden.
latest session: 1.8× its 13-day baseline
16% calls / 84% puts (by premium)
News set the tone, but the swarm won’t commit — a negative tilt with weak agreement, so the call is Neutral.
Most voters leaned one way; news dissented. Directional agreement 0.07.
A mildly-positive score, but weak agreement — so the engine returns a no-conviction Neutral rather than overclaim. This is the system refusing to force a call it doesn’t have.
The AI-server line is enormous and it is not a moat - the FY2026 10-K says so in its own margin bridge. AI-optimized servers net revenue went 1,873m in Fiscal 2024 to 9,286m in Fiscal 2025 to 24,683m in Fiscal 2026 (+396% then +166%), lifting total ISG revenue to 60,826m (+40%). Over the same year ISG operating income as a percentage of segment revenue fell 110 basis points to 11.7% 'due to a decline in gross margin rate that outpaced the decline in operating expense rate. Gross margin rate decreased primarily as the result of a shift in mix towards our AI-optimized servers offerings', and the Fiscal 2027 outlook repeats the expectation of 'margin rate pressure resulting from a continuing shift in mix towards our AI-optimized servers offerings'. The cleanest test of pass-through is the filing's product-versus-services split: product net revenue grew 27% to 90,405m at a 13.7% gross margin (down from 15.8% and 17.5%), while services net revenue fell 4% to 23,133m at a 44.8% gross margin. The AI boom arrived entirely as thin product revenue and did not pull the profitable services book along with it. What Dell adds is described plainly as integration: it uses contract manufacturers, buys components from suppliers and 'subsequently sell[s] those components to the manufacturer', and its own 'manufacturing process consists of assembly, software installation, functional testing, and quality control'. The bypass is named too: 'We also face competition from non-traditional IT companies, including large Infrastructure-as-a-Service providers, that often buy their infrastructure directly from original design manufacturers. Competitive pressures could increase if customers choose to move existing workloads to these providers.' What survives as a moat is the part an ODM cannot sell an enterprise: a direct sales force and account teams, a global service and support footprint whose gross margin rate is still rising, storage that held revenue within 3% of flat through the whole mix shift, and Dell Payment Solutions financing that produces multiyear recurring arrangements.
Rating: narrow
The FY2026 10-K describes advantages that are real but shallow, and a revenue mix that is diluting them. It names them as 'our end-to-end solutions portfolio, go-to-market capabilities, supply chain, and global services' and calls the direct sales channel 'a significant competitive advantage', while conceding it faces 'ongoing product and price competition in all areas of our business from both branded and generic competitors' and, on components, that 'any disruption that may occur because of our dependence on single- or limited-source vendors would not disproportionately disadvantage us relative to our competitors' - i.e. no differentiated supply position. The filing's own margin table shows where the franchise actually earns: total gross margin fell from 23.8% of net revenue in Fiscal 2024 to 22.2% in Fiscal 2025 to 20.0% in Fiscal 2026, and inside that, product gross margin fell 17.5% to 15.8% to 13.7% while services gross margin rose 40.8% to 41.4% to 44.8%. Narrow rather than none, because the high-margin services and storage core is intact and its margin rate improved; narrow rather than wide, because the line that is growing carries a 13.7% product gross margin and the filing attributes the whole decline to it.
Type: cost scale
The filing locates the advantage in scale of distribution and supply, not in proprietary rights. It states 'Our world-class supply chain operates at significant scale', describes a direct sales force plus a partner network that produced 'approximately 40% of our net revenue' in Fiscal 2026, and lists supply chain and global services among its competitive advantages. The IP alternative is ruled out in the same document: with 25,859 granted patents held at January 30, 2026, Dell still says 'we are not substantially dependent on any single patent or group of related patents.'
Leadership: co leader
The 10-K's only positioning claim is the unquantified 'Dell Technologies is a leader in the global technology industry'; it names no competitor and gives no share anywhere. The band therefore rests on disclosed absolute scale - ISG net revenue of 60,826m and CSG net revenue of 50,984m in Fiscal 2026, operations in over 170 countries - set against the filing's own admission that hyperscale Infrastructure-as-a-Service buyers 'often buy their infrastructure directly from original design manufacturers', which caps how much of the market Dell can lead at all.
Pricing power: weak
The filing describes price-taking and its own tables confirm it. It reports 'ongoing product and price competition in all areas of our business from both branded and generic competitors' and says 'We closely monitor market pricing, including the effect of foreign exchange rate movements, in an effort to provide the best value for our customers.' Total gross margin fell from 23.8% of net revenue in Fiscal 2024 to 22.2% in Fiscal 2025 to 20.0% in Fiscal 2026, with product gross margin down to 13.7%; CSG operating margin fell three straight years (7.6%, 6.1%, 5.6% of segment revenue); and non-GAAP operating income as a percentage of net revenue 'decreased 10 basis points to 8.8%' even as revenue grew 19%. Consolidated operating margin did rise 70 basis points to 7.2%, but the filing credits a lower operating expense rate for that, not price.
Curated moat judgment grounded in the cited source. source: sec.gov
Layer: servers & ODM
Integrator between accelerator and component suppliers and enterprise or sovereign buyers: the 10-K says Dell purchases components from suppliers, sells them on to contract manufacturers, and performs 'assembly, software installation, functional testing, and quality control', then reaches customers through a direct sales force and a partner network that generated about 40% of Fiscal 2026 net revenue.
Derived from this company's mapped supply-chain edges and its industry layer.
The moat prior voted +0.05 on the long (~6-month) horizon at weight 0.20 — the swarm call there is neutral (score 0.10, conviction 0).
Editorial prior — subjective, not backtested. It is bounded (±0.6), low-confidence, and never votes on short/medium. See exactly how it voted →
Products & services with an editorial market-share band and technical barrier band — qualitative judgments tied to a cited basis, never invented figures.
| Product | Market share | Technical barrier |
|---|---|---|
| AI-optimized servers · AI infrastructure Servers configured for AI model training, fine-tuning and inferencing, disaggregated as a separate reported product category from the fourth quarter of Fiscal 2026. | Top 3 Scale is disclosed, rank is not: AI-optimized servers net revenue was 24,683m in Fiscal 2026 against 9,286m in Fiscal 2025 and 1,873m in Fiscal 2024 (+166% and +396%), 'primarily driven by an increase in units sold'. The 10-K names no competitor and states no share, so top_3 is the strongest band the source supports. | Low The filing describes its own contribution as integration rather than invention - components purchased from suppliers, contract manufacturers used, a process of 'assembly, software installation, functional testing, and quality control' - and names the bypass directly: large Infrastructure-as-a-Service providers 'often buy their infrastructure directly from original design manufacturers', with pressure rising 'if customers choose to move existing workloads to these providers'. |
| Client Solutions Group PCs and peripherals · Client computing Branded notebooks, desktops and workstations plus displays, docks and peripherals, sold as commercial and consumer lines with configuration, support, deployment and extended warranty services attached. | Top 3 Disclosed as revenue, not rank: total CSG net revenue of 50,984m in Fiscal 2026 (+5%), split 44,062m commercial (+8%) and 6,922m consumer (-8%, after -17% the prior year). No share figure appears in the filing. | Low Segment profitability has fallen every year on the filing's own table - CSG operating income of 5.6% of segment net revenue in Fiscal 2026 against 6.1% and 7.6% in the two prior years - in a business the 10-K says faces 'ongoing product and price competition in all areas of our business from both branded and generic competitors'. |
| Storage · Enterprise storage and data protection Primary, unstructured and data-protection storage across all-flash, purpose-built, software-defined and hyper-converged architectures. | Top 3 Net revenue of 16,631m in Fiscal 2026 (+1%) after 16,457m (+1%) and 16,261m - a stable book disclosed in absolute terms only; the filing asserts no share or rank. | Moderate The stability is the evidence: storage revenue held flat within 3% across three years in which the rest of ISG more than doubled, on a portfolio the 10-K describes as spanning 'multiple architectures, including all-flash, purpose-built, software-defined, and hyper-converged infrastructure platforms'. The filing claims no switching cost, only that 'Our product and process patents may establish barriers to entry'. |
| Traditional servers and networking · Enterprise infrastructure General-purpose and mission-critical server portfolio plus the networking line that complements storage and AI-optimized systems. | Top 3 Net revenue of 19,512m in Fiscal 2026 (+9%) after 17,850m (+13%) and 15,751m; no rank or share appears in the filing. | Moderate The growth is priced, not just shipped - the 10-K says the increase was 'primarily due to an increase in the average selling price of our traditional servers and networking offerings, partially offset by a decline in units sold', with the higher ASP 'primarily driven by richer configurations'. That is some latitude with installed enterprise accounts, but the filing describes 'demand for our traditional servers and networking offerings outpaced supply' rather than any structural lock-in. |
These charts plot Dell Technologies's reported income statement, cash flow, and balance sheet from its SEC filings through 2026-09-08. Every figure is as-filed XBRL — none of it is an estimate.
Over the reported window, revenue grew 110% to $113.5B (FY2015→FY2026); gross margin moved 16% → 20%; net income at $5.9B in FY2026.
Analyst consensus — third-party estimates from Yahoo Finance, as of 2026-10-26. Not SEC filings and not a TradingPilot forecast. source: finance.yahoo.com
| Period | EPS (est.) | Revenue (est.) | YoY |
|---|---|---|---|
| Q/E Oct 2026 | USD 6.56 (USD 6.41–USD 7.37) · 24 | USD 49.2B (USD 48.9B–USD 49.7B) · 21 | +82% |
| FY 2027 | USD 25.90 (USD 25.50–USD 28.93) · 26 | USD 193.4B (USD 192.0B–USD 197.3B) · 22 | +70% |
Each figure shows the consensus mean, its (low–high) range where available, and · the number of analysts behind that estimate.
Next report ~2026-11-27.
Our model leans Low-confidence · Neutral on the stock over the medium horizon — a market-direction call, not an earnings forecast. See the Signal tab.
Some recent figures are from Yahoo Finance where the latest SEC filing hasn’t posted yet — FX-converted to USD and reconciled against SEC-filed periods.
Comparing against peers…
| Institution | Shares | Value | Δ shares QoQ | % of 13F | % shares out |
|---|---|---|---|---|---|
| BlackRock Passive / index | 24,094,119 | $10.4B | -655,283 | 0.2% | — |
| State Street Passive / index | 13,764,359 | $5.9B | -576,056 | 0.2% | — |
| FMR (Fidelity) Passive / index | 5,654,576 | $2.4B | 1,412,435 | 0.1% | — |
| Renaissance Technologies Guru | 646,677 | $279.0M | -74,900 | 0.4% | — |
| Bridgewater Associates (Ray Dalio (founder)) Guru | 12,230 | $5.3M | -211,162 | 0.0% | — |
TradingPilot-computed columns (% of 13F, % shares out) are derived from as-filed 13F values; only name, shares and value are as-filed.
Yahoo Finance (GlobeNewswire) · 2026-10-21 · product
NVIDIA introduced DSX POD, a reference design for Vera Rubin AI factories assembled and validated in modular containers before delivery. Computing and infrastructure partners plan to deliver the modular systems globally in early 2027; deployment still depends on prepared-site infrastructure.
NVIDIA Newsroom · 2026-10-16 · product
NVIDIA announced the availability of RTX Spark laptops, built on a superchip combining an NVIDIA Blackwell RTX GPU and an NVIDIA Grace CPU with up to 128GB of unified memory and up to 1 petaflop of FP4 AI performance; MediaTek collaborated on the custom CPU design. The laptops are available globally from ASUS, Dell, HP, Lenovo, Microsoft and MSI, starting at $2,599.
IDC · 2026-10-08 · earnings
IDC's preliminary data show worldwide PC shipments fell 20.1% year over year to 62.7 million units in Q3 2026, which it attributed to continued supply constraints and an inventory pull-in earlier in the year as vendors and channels stocked up ahead of memory-driven price hikes. Lenovo shipped 14.9 million units, down 22.6%, Dell Technologies 7.6 million, down 25.0%, and Apple's shipments fell 11.3%.
NVIDIA Blog · 2026-10-07 · product
At a Microsoft event in San Francisco, NVIDIA said RTX Spark laptop preorders opened, with availability on October 16, and that RTX Spark delivers one petaflop of FP4 AI performance with up to 128GB unified memory; Microsoft said it built its Surface Laptop Ultra around RTX Spark. Microsoft also announced general availability of Microsoft Execution Containers (MXC) for running agents on Windows, and systems are coming from makers including ASUS, Dell, Lenovo and Gigabyte.
Google · 2026-09-21 · product
Google opened pre-orders for Googlebook, its new category of Android-based laptops designed for Gemini, with initial devices built by Acer, ASUS, Dell, HP and Lenovo on Intel and Qualcomm processors. Prices start at $899, and devices arrive on U.S. shelves starting October 4.
Yahoo Finance · 2026-09-11 · earnings
Dell lifted its full-year AI server revenue forecast for the second time this year, citing continued strength in AI infrastructure orders and a growing server backlog.
NVIDIA Blog · 2026-08-08 · partnership
NVIDIA says AI cloud company Firebird has brought online the CIS region's largest AI factory in Hrazdan, Armenia, deployed in just over six months. Firebird plans to deploy more than 70,000 NVIDIA Rubin and Blackwell GPUs and 300 megawatts of AI infrastructure capacity in Armenia by the end of 2027, on a 2-gigawatt global roadmap spanning Armenia, Kazakhstan and additional markets. NVIDIA says it intends to invest in Firebird; partners include Dell Technologies, CoreWeave, Schneider Electric and Vertiv, with Perplexity an early customer.
Google News: Dell Technologies · 2026-07-15 · earnings
Dell posted record server sales and hiked guidance amid the AI infrastructure boom.
Agenzia Nova · 2026-07-03 · partnership
Vodafone and Dell Technologies are collaborating in Spain to expand data center capacity.
SiliconANGLE · 2026-07-02 · partnership
Dell and Microsoft are collaborating to support enterprise AI through hybrid cloud infrastructure.
Reuters · 2026-07-01 · partnership
Dell and AMD are collaborating on commercial PC fleet security.
2026-10-28 Yahoo Finance: DELL · Dell Technologies (DELL) Stock Declines While Market Improves: Some Information for Investors
2026-10-28 Yahoo Finance: DELL · What You Need to Know Ahead of Dell Technologies’ Earnings Release
2026-10-27 Yahoo Finance: DELL · What Dell Technologies Doubters Got Wrong Before A 297% Rally
2026-10-27 Yahoo Finance: DELL · Why is Dell (DELL) stock soaring today
2026-10-27 Business Wire AI · Dell Technologies Strengthens Cybersecurity and Resilience Across AI Environments, Identity and Infrastructure
2026-10-27 Yahoo Finance: DELL · Dell Technologies Strengthens Cybersecurity and Resilience Across AI Environments, Identity and Infrastructure
2026-10-21 EDGAR current 8-K filings · 8-K - Dell Technologies Inc. (0001571996) (Filer)
2026-10-21 PR Newswire Tech · Sourceability Appoints to Board of Directors Yvonne McGill, Former Dell Technologies CFO
2026-10-15 Yahoo Finance: DELL · Dell Technologies (DELL) Stock Drops Despite Market Gains: Important Facts to Note
2026-10-15 Yahoo Finance: DELL · CDW Canada Awarded Canadian Partner Excellence Award by Dell Technologies for the Fifth Consecutive Year
2026-10-15 Yahoo Finance: DELL · Dell Technologies (DELL) Stock Fair Value Edges Higher As Analysts Split On AI Outlook
2026-10-15 Yahoo Finance: NTAP · Barclays Downgrades Dell Technologies Stock After Massive Rally
2026-10-10 Yahoo Finance: DELL · Dell (DELL) Has Outpaced the S&P 500 by a Wide Stretch. Will the AI-Fueled Run Continue?
2026-10-09 Yahoo Finance: DELL · Dell (DELL) Stock Looks Fairly Valued After Its Huge Five Year Run
2026-10-09 Yahoo Finance: DELL · Dell Technologies (DELL) Outpaces Stock Market Gains: What You Should Know
2026-10-09 Yahoo Finance: DELL · Dell Technologies (DELL) Unveils AI Ready Windows PCs For Creators And Developers
2026-10-08 Business Wire AI · Accenture and Dell Technologies Expand Collaboration to Help Enterprises Scale Private AI and Modernize Infrastructure
2026-10-08 Yahoo Finance: DELL · Accenture and Dell Technologies Expand Collaboration to Help Enterprises Scale Private AI and Modernize Infrastructure
2026-10-07 Business Wire AI · Dell Technologies Drives the Agentic AI Era with New Windows PCs and Workstations
2026-10-06 Yahoo Finance: SMCI · DELL Jumps 32% in 3 Months: Can Strong AI Demand Fuel More Gains?
Impact = company-prominence tier (High/Medium auto-assigned by graph centrality/size; Low only on curated minor events), not a magnitude forecast.
| Date | Type | Event | Impact |
|---|---|---|---|
| 2026-11-24 | earnings | Dell Technologies earnings — Company-confirmed date. confirmed | High |
| Date | Event | Impact | Outcome |
|---|---|---|---|
| 2026-09-01 | Dell Technologies earnings confirmed | High | EPS beat · +15.8% |
| 2026-05-28 | Dell Technologies results release confirmed | High | outcome pending |
