Bloomberg Businessweek Dell Hikes Estimates on Strong AI Demand
Oct 7, 2025
Woo Jin-ho, a Senior Hardware and Networking Analyst at Bloomberg Intelligence, discusses Dell's soaring AI server demand and impressive revenue projections through fiscal 2030. He analyzes if Dell is truly an AI company or merely a server assembler and delves into competition within the sector. Meanwhile, Brandon Scott, Mayor of Baltimore, shares insights on his city's crime reduction strategies, plans for economic development, and the impact of federal support. Together, they paint a picture of a tech-forward future and urban resilience.
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Dell Is A Box Maker, Not An AI Firm
- Dell is primarily a server “box maker” that assembles NVIDIA chips for AI workloads rather than an AI software company.
- Woo Jin Ho says strong AI-server demand drives durable revenue growth but doesn’t make Dell a chip-margin business.
Guidance Driven By AI Server Growth
- Dell guided 7%–9% revenue growth through fiscal 2030, up from prior 3%–4% guidance.
- That assumes AI server revenue grows ~20%–25%, implying AI servers could reach ~$45B by 2030.
AI Server Cycle Still Early
- Analysts see the AI server cycle as early on the S-curve with many new data centers forming.
- Woo Jin Ho notes Dell has visibility into near-term order flow but still faces component and GPU supply constraints.