For now, this momentum is very real, even if it ultimately seems to benefit only a very limited number of players, including, of course, Nvidia at the top of the food chain, in the role of the major designer.
Dell could possibly take on the role of the major coordinator, with its unrivalled scale and integration and distribution capabilities.
The Round Rock, Texas-based group proved this once again the day before yesterday with the publication of its half-year results, which were closely scrutinized by analysts.
Demand for servers calibrated for artificial intelligence and high-volume computing remains clearly very strong, resulting in growth of 69% over three months and 47% over six months in the corresponding segment.
This segment, which now accounts for more than a third of Dell's consolidated revenue, remains its only growth driver, as all other segments are more or less stagnant.
This also explains the jump in consolidated operating profit, which increased by a quarter. This comes as a relief to Dell shareholders, who were waiting for the group to give them some reassurance in this regard.
This will be necessary for the group to clearly return to growth after five years of stagnant revenue. Even though Dell has returned to the highest margins in its history since the arrival of new AI technologies, this is undoubtedly a positive development.
As with other distributors, however, the increase in demand for servers requires very large investments in working capital. These have put cash flows under pressure for the past two years, but here again Dell is providing reassurance this semester.
It is difficult to know to what extent this momentum will be sustainable, or whether the group and its distributor peers will be able to claim their share of the pie in a sector that remains controlled by its biggest beneficiary, equipment manufacturer Nvidia.
The investor consensus reflects this uncertainty, as it values Dell at multiples that are well within the norm.
