Dell Technologies
DELLQ1 2024(DELL Q4 FY2024)Estimated6% AI
AI Revenue %
6%
AI Fair Value
$3.3B
AI Revenue (Q)
$1.5B
Total Revenue (Q)
$24.4B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2024 / full year FY2024 (ended February 2, 2024). Full year revenue was $88,425M, with ISG at $33,885M. The 10-K introduced 'AI-optimized servers' language for the first time in the Item 1 Business description. ISG revenue declined to $33,885M from $38,356M the prior year, but server mix shifted toward higher-value AI servers. Dell publicly stated it shipped $2.6B in AI servers in Q4 FY2024 on the earnings call, but this is not in the 10-K filing. Full year ISG was $33,885M. No AI-specific revenue line item in the financial statements. Estimate for Q4: ~$2,600M AI server revenue. Q4 revenue (total company) = $88,425M - $20,922M - $22,934M - $22,251M = $22,318M. $2,600M / $22,318M = ~11.7%, but this seems high given it is an earnings call figure not in the filing. Being conservative: ~$1,500M / $22,318M = 6.7%. Using $1,400M estimate = 6.3%, rounded to 6.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Infrastructure Solutions Group $ 33,885 $ 38,356
10-K FY2024, Segment Revenue Reconciliation
Our server portfolio includes high-performance general-purpose and AI-optimized servers able to run workloads across customers IT environments, on-premises and in multicloud and edge environments.
10-K FY2024, Item 1 Business, ISG Description
The Company s server portfolio includes high-performance general-purpose and AI-optimized servers.
10-K FY2024, Note 19 Segment Information
AI Products Identified (Ring 1)
PowerEdge XE9680PowerEdge XE8640PowerEdge R760xa
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