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Dell Technologies (Dell) posted strong third-quarter results for fiscal 2026, with $27.0 billion in revenue, up 11% year-over-year, and diluted EPS of $2.28. Its Infrastructure Solutions Group (servers and networking) was the standout, delivering $10.1 billion in revenue, up 37% YoY, with overall ISG revenue hitting $14.1 billion, up 24%.
Dell says this growth stems from surging demand for AI servers, with $12.3 billion in new AI-server orders during the quarter alone, and a year-to-date pipeline of about $30 billion, mixed across enterprise, sovereign-cloud, and large-scale "neocloud" customers.
In plain terms: Dell is investing heavily in high-performance computing infrastructure. This includes building large HPC clusters, deploying custom AI servers, and providing flexible scaling options for global enterprises and sovereign cloud buyers. Their ability to provide complete HPC solutions, including compute, networking, support, and storage, makes them a key partner for organizations needing powerful, scalable computing resources, from research institutions to cloud providers.
The GPU King: Nvidia’s Q3 Rocket Fuel for HPC Infrastructure
NVIDIA delivered blow-out third-quarter results: $57.0 billion in revenue, a 62% increase over last year. Data center revenue alone hit a record $51.2 billion, up 66% YoY.
Nvidia executives highlighted that demand for its latest GPU architecture, NVIDIA Blackwell, remains red-hot and that cloud GPUs are “sold out.” The firm sees this demand driven by exploding workloads in training and inference for generative AI, large-language models, HPC, and emerging “agentic” AI.
On margins and profitability, Nvidia remains a beast, non-GAAP gross margin of around 73.6%, operating income and EPS both rising sharply.
Bottom line: Nvidia is arguably the single most influential driver of high-performance AI and HPC compute capacity today. Its GPUs, systems, and software stack (e.g., CUDA) have become the backbone for data centers, research labs, and cloud providers racing to build next-gen AI infrastructure.
Dell vs. Nvidia: Two Sides of the HPC Coin
| Business Model | Selling servers, networking gear, storage, services, full-stack HPC and AI infrastructure. | Selling GPU accelerators (and full systems) the compute “engines” behind AI/HPC workloads. |
| Q3 FY26 Results (scale) | Revenue: $27B; Servers & Networking revenue up 37% YoY; strong cash-flow, $30B+ pipeline in AI server orders. | Revenue: $57B; Data-center revenue: $51.2B; GPU demand “off the charts”, high margins. |
| Value Prop in HPC | Custom, turnkey computing + networking + support, ideal for enterprises, sovereign clouds, large HPC deployments. | Massive compute density and efficiency, enabling cutting-edge AI training/inference and HPC workloads; the horsepower behind workloads. |
| Strategic Strength | Engineering and integration, combining compute + infrastructure + global support + customization. | Tech leadership, GPU performance, software ecosystem, scale, and brand dominance in AI/HPC. |
| Best Fit Use Cases | Organizations that want turnkey HPC clusters, enterprise AI deployments, or regulated/sovereign environments. | Entities needing raw GPU compute for AI training, large-scale inference, simulation, scientific computing where maximum performance matters. |
In other words: Dell builds the highway; Nvidia builds the engines that run fastest on it.
Why This Matters and What’s Next
With both firms posting record results, the HPC and AI-infrastructure space is clearly firing on all cylinders. For enterprises and institutions in any region, this means two things:
- Access to enterprise-grade HPC infrastructure is becoming easier and more affordable. Institutions needing heavy compute (data analysis, big data, simulation, AI modeling) can now tap into turnkey server/GPU clusters from Dell, powered by Nvidia GPUs.
- AI and HPC scale are accelerating. Given Nvidia’s GPU dominance and Dell’s global delivery + support capabilities, the barrier to entry for building powerful AI-powered compute environments is dropping. We might soon see more data-heavy, compute-intensive startups or public-sector deployments outside traditional tech hubs.
Looking ahead, if current order backlogs, demand for AI servers, and GPU supply hold, we could be on the brink of a new wave of HPC deployments across research, modeling, enterprise AI, climate modeling, healthcare genomics, and other data-heavy fields.
This quarter's numbers from Dell and Nvidia aren't just financial wins; they signal that high-performance computing is shifting from niche to mainstream. As someone involved in software, and big data, this is a signal worth paying attention to.