Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have watched Dell Technologies for forty years — first as the dorm-room mail-order PC assembler that taught the industry what working-capital discipline looks like, and now as the largest arms dealer in the AI infrastructure buildout. The numbers coming out of Round Rock today are genuinely astonishing: revenue up 88% year over year last quarter, AI server revenue up nearly 800%, a $51.3 billion backlog. Michael Dell is one of the great operators of his generation, and we mean that sincerely.
Recent filings analysed: FWP (2026-09-10), 8-K (2026-09-01), 8-K (2026-07-06), 8-K (2026-07-01).
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