Dell Technologies CEO Michael Dell said surging demand for artificial-intelligence computing remains intact even as he acknowledged that data-center construction will ultimately exceed need. Dell raised the company’s long-term annual revenue growth target to 7%–9% from 3%–4% and lifted its EPS growth outlook to 15% from 8%, sending shares up more than 3%. The company expects to ship $20 billion of AI servers in fiscal 2026—double last year’s total—powered by Nvidia’s Blackwell Ultra chips and sold to customers including CoreWeave and Elon Musk’s xAI. The chief constraint, Dell said, is electricity: some customers are delaying deliveries until new capacity comes online. The pressure is mounting as tech giants earmark billions for AI infrastructure; a planned 10 gigawatt buildout by OpenAI and Nvidia highlights the strain on a U.S. grid the EIA says will add 63 gigawatts in 2025. “To create intelligence and drive the economy, you need compute and energy,” Dell said, while conceding that overcapacity could emerge down the line.
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Data center
Artificial intelligence accelerator
Blackwell (microarchitecture)
OpenAI
CoreWeave
