Dell Technologies makes and sells IT hardware and services through two segments: Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). ISG, roughly 58% of revenue, sells servers, storage systems, and networking equipment to enterprises, cloud service providers, and governments. AI-optimized servers — purpose-built systems using NVIDIA GPUs for AI training and inference — have become ISG's dominant growth driver, with Dell targeting $50B in AI server revenue in FY27. ISG also sells traditional x86 servers and a broad proprietary storage portfolio (PowerStore, PowerMax, PowerScale, and others), with storage being the highest-margin portion of ISG. CSG, roughly 42% of revenue, sells commercial and consumer PCs, with commercial representing about 86% of CSG revenue and being far more profitable. About 60% of Dell's sales flow through its direct sales force, with the remainder through resellers, integrators, and distributors. Dell's profitability is driven by product mix, scale, and component costs — particularly DRAM and NAND. AI servers carry mid-single-digit operating margins, lower than storage, but contribute meaningfully to total operating income given their scale. Services attached to hardware and Dell Financial Services, which carries ~$14B in financing receivables, are additional higher-margin revenue sources. Dell's near-term growth is anchored on AI infrastructure demand, a traditional server refresh cycle (roughly 70% of Dell's installed base runs on older-generation servers), and a PC refresh driven by an aging installed base and the Windows 10 end-of-life deadline.