External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

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

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.</li><li>The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.</li><li>Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.</li></ul>

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Headline Developments SpaceX (private) is set to launch The Pentagon’s next-generation national security satellite to orbit - the first launch with a reused rocket.  The launch of the GPS III SV05 for Space Force (below) will take place using the same Falcon 9 rocket booster that launched GPS III SV04 last November.

Headline Developments SpaceX (private) is set to launch The Pentagon’s next-generation national security satellite to orbit - the first launch with a reused rocket.  The launch of the GPS III SV05 for Space Force (below) will take place using the same Falcon 9 rocket booster that launched GPS III SV04 last November.

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.

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Infineon expands presence in Southeast Asia with new fab in Thailand for backend operations, strengthening its manufacturing capabilities in the region.</li><li>Biden's AI rules emphasize closed models, sparking discussion about the importance of open-source technology development in the industry.</li><li>EU urges Trump to lift AI export ban affecting 17 member states, imposed by Biden, to facilitate international cooperation in the field of artificial intelligence.</li></ul>

Infineon expands presence in Southeast Asia with new fab in Thailand for backend operations, strengthening its manufacturing capabilities in the region.Biden's AI rules emphasize closed models, sparking discussion about the importance of open-source technology development in the industry.EU urges Trump to lift AI export ban affecting 17 member states, imposed by Biden, to facilitate international cooperation in the field of artificial intelligence.

Tech Supply Chain Tracker (16-Jan-2025): Infineon builds new fab in Thailand

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)

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)

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in...

Quam Securities

Weekly Innovation Review (WIRE) #36

Headline Developments: SpaceX (private) is set to launch The Pentagon’s next-generation national security satellite to orbit.

Granite Bay Capital

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

Tech Supply Chain Tracker (16-Jan-2025): Infineon builds new fab in Thailand

Infineon expands in Thailand, Biden's AI rules spark discussion, EU urges Trump to lift export ban, Indichip & Yitoa to build SiC fab in India, CES...

Tech Supply Chain Tracker

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