Dell Technologies (DELL) Citi's 2024 Global TMT Conference summary

Conference overview

• The event brought together 250 corporations and over 1,600 investors from technology, media, and telecom sectors, reflecting industry convergence and record attendance.

• The three-day agenda included panels, keynotes, and one-on-one meetings, fostering new connections and growth opportunities.

Industry trends and AI opportunity

• IT spending is growing 6-7% this year, with core businesses seeing double-digit growth and AI-driven server and networking sales up 80% year-over-year.

• AI is expanding the total addressable market, with early but accelerating enterprise adoption and significant demand for data, compute, storage, and networking.

• AI is viewed as a transformative opportunity, comparable to the internet but progressing faster, with productivity gains expected across industries.

• Enterprise AI adoption is CEO-driven, focusing on core processes and expected to become as ubiquitous as electricity or the internet.

Competitive positioning and business strategy

• Engineering value-add, services, and financing differentiate offerings, with $6B in AI server shipments and growing enterprise customer base.

• Enterprise AI business is expected to surpass hyperscaler demand, with higher margins and record growth in server and storage segments.

• The opportunity pipeline is several multiples of the current $3.8B backlog, with productivity use cases in coding, services, sales, marketing, and more.

• Infrastructure solutions are evolving, with new updates to storage and networking platforms and a focus on delivering rack-scale solutions.