Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Dell and HP's latest results indicate an improving PC industry environment in 2H23E, though weaker than expected China demand has softened initial expectations.</li>
<li>A key take-away is that a major AI PC upgrade cycle is indeed on the horizon, with additional clarity now provided as to when and how it will unfold.</li>
<li>A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the market.</li>
</ul>


Dell and HP's latest results indicate an improving PC industry environment in 2H23E, though weaker than expected China demand has softened initial expectations.
A key take-away is that a major AI PC upgrade cycle is indeed on the horizon, with additional clarity now provided as to when and how it will unfold.
A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the market.


Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction.</li><li>The company ended fiscal year 2025 with strong financial results, highlighting both an 8% increase in annual revenue to $95.6 billion and a 10% rise in earnings per share (EPS) to $8.14.</li><li>The operating income was also notably high at $8.5 billion, underscoring cost efficiency with a 4% reduction in operating expenses.</li></ul>

Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction.The company ended fiscal year 2025 with strong financial results, highlighting both an 8% increase in annual revenue to $95.6 billion and a 10% rise in earnings per share (EPS) to $8.14.The operating income was also notably high at $8.5 billion, underscoring cost efficiency with a 4% reduction in operating expenses.

Dell Technologies Is Betting Big In AI Infrastructure—Are PC Refresh Cycles Next?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>US and China are fiercely competing in the development of humanoid robots, with China's DeepSeek V3 setting new standards in AI technology on Apple's Mac Studio.</li><li>A Dell executive cautions against the hype surrounding AI, emphasizing the critical need for a strategic approach and proposing a two-question reality check at the AI EXPO 2025.</li><li>Vietnam responds to US trade surplus and tariff concerns by reducing tariffs and approving StarLink, showcasing the country's efforts to address economic challenges.</li></ul>

US and China are fiercely competing in the development of humanoid robots, with China's DeepSeek V3 setting new standards in AI technology on Apple's Mac Studio.A Dell executive cautions against the hype surrounding AI, emphasizing the critical need for a strategic approach and proposing a two-question reality check at the AI EXPO 2025.Vietnam responds to US trade surplus and tariff concerns by reducing tariffs and approving StarLink, showcasing the country's efforts to address economic challenges.

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

<ul><li>Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both opportunities and challenges for investors.</li><li>The company recorded $95.6 billion in revenue for the fiscal year, reflecting an 8% increase, and achieved an operating income of $8.5 billion.</li><li>Notably, Dell achieved a record EPS of $8.14, an increase of 10%, attributing this success to efficiency improvements and cost reductions, with operating expenses decreasing by 4% year-over-year.</li></ul>

Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both opportunities and challenges for investors.The company recorded $95.6 billion in revenue for the fiscal year, reflecting an 8% increase, and achieved an operating income of $8.5 billion.Notably, Dell achieved a record EPS of $8.14, an increase of 10%, attributing this success to efficiency improvements and cost reductions, with operating expenses decreasing by 4% year-over-year.

Dell Technologies: Is There Going To Be A Robust Impact Of AI and Data Center Solutions Growth In The Coming Years?

<ul>
<li>Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market</li>
<li>Qualcomm’s Earnings Call Insights -- Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share</li>
<li>Mediatek Earnings Call Highlights -- Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA</li>
</ul>


Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market
Qualcomm’s Earnings Call Insights -- Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share
Mediatek Earnings Call Highlights -- Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA


PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the...

Vincent Fernando, CFA

Dell Technologies Is Betting Big In AI Infrastructure—Are PC Refresh Cycles Next?

Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction. The...

Baptista Research

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

US and China compete in the cutting-edge AI race as China's DeepSeek V3 raises the bar, while Dell execs caution against AI hype at AI EXPO 2025...

Tech Supply Chain Tracker

Dell Technologies: Is There Going To Be A Robust Impact Of AI and Data Center Solutions Growth In The Coming Years?

Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both...

Baptista Research

PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the...

Vincent Fernando, CFA

Dell Technologies Is Betting Big In AI Infrastructure—Are PC Refresh Cycles Next?

Dell Technologies Inc.'s latest earnings provided a comprehensive overview of the company's financial performance and strategic direction. The...

Baptista Research

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

US and China compete in the cutting-edge AI race as China's DeepSeek V3 raises the bar, while Dell execs caution against AI hype at AI EXPO 2025...

Tech Supply Chain Tracker

Dell Technologies: Is There Going To Be A Robust Impact Of AI and Data Center Solutions Growth In The Coming Years?

Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both...

Baptista Research

PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market

​ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...

Vincent Fernando, CFA

ARM-based chips, led by Qualcomm and Mediatek, are poised to disrupt the PC market with successful market share gains and collaborations with...