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>AI PCs turning the PC refresh into a gradual, extended up-cycle</li>
<li>Memory inflation is one of the major margin risks for PC makers in 2026</li>
<li>Dell's server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.</li>
</ul>


AI PCs turning the PC refresh into a gradual, extended up-cycle
Memory inflation is one of the major margin risks for PC makers in 2026
Dell's server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.


PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

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 is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.</li><li>At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.</li><li>The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.</li></ul>

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

<ul>
<li>Dell doubles long-term growth outlook to 7–9% revenue and 15%+ EPS CAGR through FY30, led by AI infrastructure.</li>
<li>AI PCs emerge as Dell’s next growth engine; global refresh cycle could finally kickstart long-awaited PC upturn.</li>
<li>Taiwan makers Asus, Acer, Quanta, and Wistron positioned to benefit as AI PC and server demand scales together.</li>
</ul>


Dell doubles long-term growth outlook to 7–9% revenue and 15%+ EPS CAGR through FY30, led by AI infrastructure.
AI PCs emerge as Dell’s next growth engine; global refresh cycle could finally kickstart long-awaited PC upturn.
Taiwan makers Asus, Acer, Quanta, and Wistron positioned to benefit as AI PC and server demand scales together.


PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Dell's ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.</li><li>In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.</li><li>ISG is integral to Dell's AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Dell's ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.ISG is integral to Dell's AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Dell Technologies Inc (DELL) - Wednesday, Jun 4, 2025

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

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)

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Vincent Fernando, CFA

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized...

Baptista Research

PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here?

Dell doubles growth forecast through 2030 driven by AI infra, with AI PCs as the next growth engine and potential for a global PC upturn. Taiwan...

Vincent Fernando, CFA

Dell Technologies Inc (DELL) - Wednesday, Jun 4, 2025

Dell's ISG saw record revenues of $38.4B in FY2023, a 12% decline to $33.9B in FY2024, but rebounded with a 29% surge to $43.6B in

Value Investors Club (VIC)

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

​AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Vincent Fernando, CFA

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized...

Baptista Research

PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here?

​Dell doubles growth forecast through 2030 driven by AI infra, with AI PCs as the next growth engine and potential for a global PC upturn. Taiwan...

Vincent Fernando, CFA

Dell Technologies Inc (DELL) - Wednesday, Jun 4, 2025

Dell's ISG saw record revenues of $38.4B in FY2023, a 12% decline to $33.9B in FY2024, but rebounded with a 29% surge to $43.6B in

Value Investors Club (VIC)

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Dell doubles growth forecast through 2030 driven by AI infra, with AI PCs as the next growth engine and potential for a global PC upturn. Taiwan...

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...