The Intrinsic Value Podcast - The Investor’s Podcast Network7 Sep 2025

TIVP036: Dell (DELL): Overlooked AI Growth Story? w/ Daniel Mahncke & Shawn O’Malley

Daniel Mahncke and Shawn O’Malley dive into Dell Technologies, the legacy PC giant that’s quietly become one of the largest suppliers of AI infrastructure in the world. Once seen as a low-growth hardware player, Dell now sits at the heart of the data center buildout — shipping billions of dollars worth of GPU-powered servers to customers like xAI, Meta, and Microsoft. With a growing AI backlog, enterprise trust, and deep global reach, Dell might be one of the most overlooked players in today’s AI cycle. IN THIS EPISODE, YOU’LL LEARN 00:00 – Intro 01:09 - How Dell became a global PC behemoth. 5:27 - Why Dell managed to outcompete IBM. 10:56 - How Dell’s business is structured. 14:30 - Why the PC Market is struggling to grow. 20:36 - What role AI Servers play in Dell’s future. 47:23 - Whether Dell has a moat. 54:09 - How profitable Dell is and how it allocates capital. 01:11:15 - Why hardware is such a tough business. 01:14:11 - Whether Dell is attractively valued at its current levels. 01:14:11 - Whether Shawn & Daniel add DELL to The Intrinsic Value Portfolio. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Sign Up for ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Community.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Norges Bank Interviews with Michael Dell. Dell Presentation on the AI PC Revolution. Jensen Huang, Michael Dell Interview on Nvidia and Dell Partnership 3rd Party Report on Dell’s Moat. Explore our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Uber,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Nike,⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Reddit,⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Nintendo⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Airbnb⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠AutoZone⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Alphabet⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ulta⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠John Deere⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Madison Square Garden Sports⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out the books mentioned in the podcast ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ SPONSORS Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠: ⁠⁠⁠Harvest Right⁠⁠⁠ Connect with Shawn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Email⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Connect with Daniel: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Email⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

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Episoder(795)

TIVP102 (Video): Hermès and LVMH Stock: Time to Buy Luxury? w/ Daniel Mahncke & Shawn O’Malley

Daniel Mahncke and Shawn O'Malley revisit the two luxury houses they passed on last time — Hermès (EPA: RMS), the 189-year-old maker of the Birkin bag, and LVMH (EPA: MC), the 75-brand conglomerate be...

11 Okt 1h 15min

TIVP101 (Video): HEICO Vs. TransDigm: Whose Aerospace Monopoly Is Better? w/ Kyle Grieve & Shawn O’Malley

In today’s episode, Kyle Grieve and Shawn O’Malley discuss HEICO and TransDigm, two dominant players in the aerospace components industry known for their pricing power and resiliency. They’ll compare ...

7 Okt 1h 17min

TIVP100 (Video): Walmart (WMT): From Discount Retailer to eCommerce Powerhouse w/ Kyle Grieve & Shawn O’Malley

In today's episode, Kyle Grieve and Shawn O’Malley discuss Walmart and how it grew from Sam Walton's small-town five-and-dime into a retail giant. Today, it also makes money from e-commerce, a marketp...

4 Okt 1h 15min

TIVP099 (Video): Meta (META): What the Market Misses w/ Daniel Mahncke & Shawn O’Malley

Daniel Mahncke and Shawn O'Malley revisit Meta Platforms (NASDAQ: META), the advertising machine behind Facebook, Instagram, and WhatsApp that reaches 3.6 billion people every day — over 40% of the wo...

27 Sep 1h 29min

TIVP098 (Video): Alphabet (GOOGL): The Megacap That Still Might Be Underrated w/ Kyle Grieve & Shawn O’Malley

In today's episode, Kyle Grieve and Shawn O’Malley revisit Alphabet nearly two years after Shawn's original pitch, tracing how the company transformed from a cash-rich, buyback-driven business into an...

20 Sep 1h 20min

TIVP097 (Video): Copart Stock (CPRT): Is Copart now a Buy? w/ Daniel Mahncke & Shawn O’Malley

Daniel Mahncke and Shawn O'Malley revisit Copart (NASDAQ: CPRT), the online salvage auction giant that turns totaled cars into a global marketplace, connecting insurers with more than a million buyers...

13 Sep 1h 10min

TIVP096 (Video): Uber (UBER): The Autonomy Referendum: Is Mr. Market Completely Wrong? w/ Shawn O’Malley and Daniel Mahncke

Shawn O’Malley and Daniel Mahncke revisit Uber (NYSE: UBER), one of the largest holdings in The Intrinsic Value Portfolio, fifteen months after they first pitched it. In that time, Uber’s operating pr...

9 Sep 1h 4min

TIVP095 (Video): Applovin (APP): The 30-Bagger Down More Than Half w/ Kyle Grieve & Shawn O'Malley

In today's episode, Kyle Grieve and Shawn O’Malley break down AppLovin, the mobile advertising platform that went from a failed app recommendation tool to one of the most profitable businesses in ad t...

6 Sep 1h 33min