Dell Technologies
DELLQ2 2023(DELL Q1 FY2024)Estimated1% AI
AI Revenue %
1%
AI Fair Value
$603.4M
AI Revenue (Q)
$222.4M
Total Revenue (Q)
$22.2B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2024 (ended May 5, 2023). Dell's ISG revenue was $7,593M, with servers and networking at $3,837M and storage at $3,756M. This is the first quarter where AI server demand began ramping following the ChatGPT-driven surge. However, Dell had not yet disclosed specific AI server revenue in this filing. The filing mentions ISG addresses 'machine learning, artificial intelligence, and data analytics.' Based on Dell's subsequent disclosures, AI server revenue was minimal in this quarter (~$200-300M from early NVIDIA GPU-based server orders). Conservative estimate: ~$200M AI server revenue / $20,922M total = ~1.0%. Math: $200M / $20,922M = 0.96%.
Analyzed by claude-opus-4-6
Quoted Figures
Servers and networking $ 3,837 $ 5,048 Storage 3,756
10-Q Q1 FY2024, Note 16 Segment Information, ISG Disaggregation
Infrastructure Solutions Group $ 7,593 $ 9,285
10-Q Q1 FY2024, Segment Revenue Reconciliation
Total net revenue 20,922
10-Q Q1 FY2024, Condensed Consolidated Statements of Income
AI Products Identified (Ring 1)
PowerEdge XE9680 (NVIDIA GPU servers)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
ISG servers and networkingISG storage
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix