Good morning. Three years ago, Dell Technologies was watching its traditional PC business contract sharply after a pandemic-era boom, raising fresh questions among analysts about its growth trajectory. Then the AI surge hit—and Dell found itself holding exactly the infrastructure enterprises suddenly couldn’t get enough of.
The numbers tell the story. In fiscal 2026, Dell recorded more than $64 billion in AI-optimized server orders, shipped $25.2 billion worth, and exited the year with a $43 billion backlog as demand accelerated faster than many expected. The company is now guiding for roughly $50 billion in AI server sales in fiscal 2027.
I recently sat down with David Kennedy, CFO of Dell (No. 44 on the Fortune 500), in New York to talk about what’s driving that momentum—and what comes next.
Beyond the surge, Kennedy is using this moment to rethink how finance operates. He’s deploying AI agents across core workflows, where they’re beginning to take on tasks that once required significant human oversight—hinting at a broader shift in how finance teams are structured.
His message to peers: this transformation is already underway. Companies that modernize their data and governance now will move faster. Those that don’t may be forced to catch up in real time.
What he’s building inside Dell’s finance function may be just as consequential as the company’s AI boom. You can read my full interview with Kennedy here.
Sheryl Estrada
sheryl.estrada@fortune.com
