Live from Dell World 26: Key Takeaways from Day 2 Keynote + Solutions Expo

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Live from Dell World 26: Key Takeaways from Day 2 Keynote + Solutions Expo

ll AI workloads in the public cloud once

Q4 $3.89 $4.32 $4.86 agents begin making repeated model calls, accessing proprietary data

FY $10.29 $12.98 $14.93 and creating recurring inference demand. Instead, DELL expects

customers to increasingly adopt hybrid AI architectures that place

sensitive data, high-volume inference and cost-sensitive agentic

1 Year Price History workloads on-prem or at the edge, while still using the public cloud for

select frontier-model use cases. Today’s product announcements

reiterated this theme, with DELL announcing PowerStore Elite, a new

third-generation storage platform with up to 3x performance and 3x

density improvement. DELL also broadened its data center portfolio

with eleven new PowerEdge servers, PowerProtect One, expanded

Dell Private Cloud support and agentic capabilities in the Dell

Automation Platform. Net/Net: Day 2 reinforced our view that DELL is

well positioned to monetize the next phase of enterprise AI adoption as

workloads move from pilots to production and customers become

increasingly focused on token economics, data locality and

infrastructure control. Maintain OP and $270 target.

Source: FactSet Tokenomics and The Case for Hybrid/On-Prem AI: Today’s keynote

centered around the idea that token economics are becoming

increasingly more important in enterprise infrastructure decision

making. While model/token costs are down ~80% y/y, token

consumption is up 10x, with reasoning token usage up ~320x, meaning

lower unit costs are unlocking materially higher usage rather than lower

total spend. As agents perform multi-step reasoning, call tools and

interact with enterprise systems, DELL’s view is that “token routing”