Michael Dell: AI demand is in excess of supply

Summary

Michael Dell, founder and CEO of Dell, says the AI revolution is still in its early innings and that AI demand is running well ahead of supply. He argues Dell has clear AI-driven ROI, with double-digit EPS growth expected to continue for five years, and that the company is selling picks and shovels to model builders and inference providers. He also explains that memory pricing and semiconductor capacity are tight because new fabs take about four years to build and no one anticipated ChatGPT, reasoning models, or agents in time.

• Michael Dell says AI is still early and demand exceeds supply.
• Dell expects double-digit EPS growth to continue over the next five years.
• Dell benefits as a picks-and-shovels supplier to AI model builders and inference firms.
• AI productivity and efficiency gains are visible in a small number of companies.
• Memory pricing is surging because AI demand outpaces supply.
• Semiconductor capacity cannot catch up quickly due to four-year fab build times.
• No explicit trade recommendations were made; comments were broadly bullish on AI and Dell.