What drove Dell's revenue growth in the past year?

Dell's revenue growth in the past year was driven by several key factors: 1. **Infrastructure Solutions Group (ISG) Performance**: The ISG segment contributed significantly to Dell's revenue growth, with a 29% increase in net revenue, totaling $43.6 billion. This growth was primarily driven by record servers and networking revenue, which saw a 42% year-over-year increase. 2. **AI Server Demand**: The strong performance of Dell's AI servers has been a key driver of its revenue growth. UBS expects AI server revenues to reach at least $15 billion by the fiscal year 2026, marking a growth of over 50%. This growth is due to the rapid development of AI technology and the increased demand for high-performance computing. 3. **Market Position and Portfolio**: Dell's strong market position with a comprehensive portfolio of technology solutions and its global presence have contributed to its revenue growth. The company's diverse offerings, ranging from client devices to AI and cloud infrastructure solutions, have positioned it well to capitalize on various market opportunities. 4. **Financial Performance**: Dell's robust financial performance, with a significant increase in net income from $2,422 million in FY2023 to $4,576 million in FY2025, has supported its revenue growth. The company's strong balance sheet and commitment to innovation have also enabled it to navigate the competitive landscape of hardware and enterprise data center hardware effectively. In summary, Dell's revenue growth in the past year was driven by the performance of its ISG segment, particularly in servers and networking, the strong demand for AI servers, its strategic market positioning, and its robust financial performance.