Dell CFO: $64B AI Demand Still Just Beginning

Dell Technologies CFO David Kennedy says enterprise AI infrastructure buildout is still in its early stages, citing $64 billion in AI demand booked last year, with $34 billion in Q4 alone. The company has surpassed 5,000 Dell AI Factory deployments, up from 3,300 just six months ago. Dell is leveraging its financial services arm and private credit relationships to help customers fund AI buildouts. The company generated over $11 billion in operating cash flow in FY26 and returned $7.5 billion to shareholders. Kennedy warned enterprises that failing to adopt AI could threaten their survival.