Dell Technologies

Pricing power is mixed. Commercial PC and commodity server categories are inherently competitive. Even in AI, where demand is exceptional, much of the value accrues to silicon vendors and the largest cloud buyers have negotiation leverage.

Management and outside reporting flag margin risk from component costs and competitive intensity, and non-GAAP gross margin fell year over year amid AI mix shift. Dell can price for solution value when bundling integration, services, and support, but we do not see monopoly-like pricing latitude.