Thank you. Thank you very much. Good morning and welcome to Dell Technologies World. This year, I'm coming to you from a very special street where ideas and action turn into results and outcomes. This is Dell Technologies' way, and you're all here, from students to teachers to engineers to your neighborhood bank and hardware store. For the next four days, we're going to be telling your stories, real stories about how together we're putting your data to work to drive breakthrough innovation. Our street is alive with your energy, and yes, your creativity and your data. Whether you're developing cancer treatments or growing a business, data is at the center of everything, everywhere, all the time. Over 75% of enterprise data will soon be created and processed at the edge. AI will follow the data, not the other way around. The future of AI will be decentralized, low latency, and hyper-efficient. That is why Dell is pioneering the edge AI revolution, bringing real-time intelligence to wherever the data lives. You know, at Dell, we absolutely love data. We store it, we protect it, we organize it, and we transform it into actions and insights that drive human progress. Turbocharged by AI, that engine of progress is going faster than ever before. The pace of innovation is at Mark III. We are creating the future where intelligence amplifies human potential on a massive scale, standing on the corner of Dell Technologies' way and a new age dawning. The world's most advanced intelligence factories are right here. From xAI's Colossus to CoreWeave, ServiceNow, G42, Mistral, and many others, these are specialized deployments requiring high-value engineering and custom designs, all delivered at unprecedented speed. Here is an example of one we are deploying right now. It's 110,000 GPUs, direct liquid-cooled. It uses 240 MW of power. It's 27,500 GPU nodes, 2,800 racks, 6,000 network switches, 27,000 mi of network cables. That's enough to wrap around the Earth and then some. Six mi of water pipes and 77 mi of rubber hose to circulate the 100,000 gal of water needed to recirculate throughout the system. From a blank piece of paper to operational in weeks, it's high density, it's high efficiency, it's built for scale, and able to generate tens of trillions of tokens per month using the most advanced and largest models in the world. Systems are being planned right now that will scale to a million GPUs and beyond. We just love these customers who push our engineering and our innovation to the edge. These are companies that are in the business of pure intelligence. For most of us, the reality is a little different. AI isn't your product, but AI can power your purpose. You don't need your own Colossus, but you do need AI. We are taking all the learnings from these massive systems to make AI easier for you. From AI PCs to small domain-specific models running on the edge to the planetary-scale AI data centers, we have you covered. I have the honor of spending a lot of time with you, our customers, our partners, and friends. Over 97% of the Fortune 500, millions of small and medium-sized businesses around the world, governments, institutions, and all of the incredible companies joining us here today. Mostly, I listen. I learn about your businesses and your opportunities. Each organization has its own culture and values. You are solving different problems. From disease prevention to advanced manufacturing, you are facing different challenges. Yet you all share a powerful legacy of customers, employees, and innovation. You want to serve them better, faster, more securely, and you want to grow while you're doing it. You are working to consolidate infrastructure, build new skills, and embrace powerful innovations. You worry that the engine of progress is pulling away, and you worry about being left behind and about how or when to jump on. It's a lot, I get it, and that's okay. That is why we're all here. We're here to share our experiences and to help you get on board. Dell Technologies is full of on-ramps, and the real danger is standing still. Let's keep moving. There is a bank I want to visit and someone I want you to meet who's putting data to work and embracing an AI-augmented future for the enterprise. Please welcome my friend and visionary leader, Larry Fine Smith, from JPMorgan Chase. Larry, great to see you here. Here we are at JPMorgan. Why don't we start the conversation with some context? Tell us about the size and scale of technology at JPMorgan, as well as what your priorities are for the future. First, Michael, I'd like to say it's great to be here at Dell Tech World. I was thinking this morning about how long we've been partnering with Dell, and it's been nearly 30 years, and that's an amazing partnership. I just want to thank you for the friendship for so many of those years. Context is a great place to start. We have many lines of business at JPMorgan Chase, including Chase. I hope many of you are customers, of course. We have 84 million customers, 71 million that interact with us digitally. Our commercial and investment bank moves $10 trillion of payments on any given day, which talks to our global systemic importance. Our asset and wealth management business has $4 trillion under management. We operate in 100 markets globally with over 300,000 employees. Now, that requires us to build and deliver technology at scale as well. 60,000 technologists, 44,000 software engineers, an exabyte of data, 6,000 applications, and announced today at our investor day an $18 billion technology budget, which is needless to say, very significant. While we're a leading global bank, we actually firmly believe that technology is a differentiator and the heartbeat at everything we do at JPMorgan Chase. In terms of our priorities, four key priorities. The first is to build best-in-class digital experience for our clients, customers, employees, many of the 44,000 software engineers. For these experiences, as you said, we want to leverage that exabyte of data and put AI into everything we do. Significant focus, of course, on cybersecurity, recognizing the trust that customers place in us. Last but not least, to have all of that run on a modern, resilient, scalable infrastructure. That's how we think about our priorities. Awesome. We have been working together for a long time, particularly on your private cloud strategy. As you said, with a resilient, scalable, modern infrastructure, let's talk about your cloud and data center strategy and how it's evolving given what's going on with AI. Yeah. To start, we have a hybrid multi-cloud, multi-provider strategy. Our private cloud is an incredibly strategic asset for us. We still have lots of applications, lots of data on-prem for purposes like resiliency and latency and a variety of other benefits. There, you've been a great key partner as well. We've used your next-gen compute hardware. We used your software-defined storage. We also have a substantial GPU footprint for things like market risk calculations. That drives, with your partnership, great utilization, great density, great data mobility for the applications. Let me switch to our LLM strategy. Our strategy is to use a constellation of models, both foundational and open, which requires a tremendous amount of compute in our data centers, in the public cloud, and of course, at the edge. The one thing that's constant, whether you're training models, fine-tuning models, finding a great use case that has large-scale inferencing, or using these next-gen reasoning models, they all will drive compute. We think Dell is incredibly well-positioned to help JPMorgan Chase and other companies in their AI journey. Yeah. It's kind of fun to think about putting that exabyte to work, given all the advancements in the models. And when you think about the employee experience, that's an area that you're also leading, and you've got a new headquarters you're building and always focus on how do you give people the right tools. Tell us how you're thinking about the future of work at JPMorgan and how is Dell helping you achieve that. I feel like I'm standing in our lobby right now, which is just awesome. What I thought I'd do for everyone in the audience before I go into the details of our future of work strategy is I want to play for all of you a short video of how we're thinking of our new headquarters. The goal of building this new HQ was to create a place where people could come to work and love to be there, whether you're an employee or a client, and all with commitment to sustainability and all with leading-edge technology. Why don't we play the video for a second? Great. JPMorgan Chase has our employees in mind as we build state-of-the-art new workplaces. We're improving the employee experience in the office through real estate enhancements and innovations. Welcome to the workplace of the future. You'll find thoughtful layouts for productivity and collaboration, diverse and flexible features, because everyone works differently. We're making it faster and easier to swipe into our offices and making buildings energy efficient and green certified so you can feel good about their sustainability. Our employee-first approach is being built into the new headquarters in New York. Its design and ergonomics inside are as striking as its exterior. Reimagining our workplaces is part of making your best life happen. We are so excited to go into that building and have you come visit us. Let me tell you a little bit about that building. 2,500,000 sq ft, 14,000 employees will be there, 100,000 connected devices, all electric, renewable energy, net zero operational emissions. Dell has been such a strategic partner for us as we think about our next-gen modern workspace. Let me tell you how we're thinking about things. One, we're going to be using Dell Thin Clients and peripherals and with tremendous efficient desk power as low as 125 W. By the way, we wanted to have an envelope less than 200 W, and we're significantly better than that given our partnership. Dell servers on the back end, which enables our immersive audio video, which is going to be everywhere in that building. Also using Thunderbolt 4 monitors for a flexible experience so that you can either bring your own device or for our traders, which have very complex configuration with four monitors. Over time, AI compute at the edge, which will allow our applications to run with far greater performance and intelligence. In this diverse ecosystem where we have technologists, traders, bankers, contact center agents, each with their unique role, our modern workspace in partnership with Dell will play a unique role in having very designed, tailored experiences, which is going to transform the way we work, the way we collaborate, and the way we innovate. That has been a great partnership with you and your entire team. Fantastic. Given your focus on AI and the impact on your infrastructure and employee experience, can you talk about your data and AI strategy and where are you in this journey of sort of realizing the benefits of that one exabyte? I'm sure you'll have two exabytes here pretty soon. How are you thinking differently now about your data? Yeah. There is no question, and you said it in your opening, data is the long pole in the tent and the cornerstone to achieve value from AI, whether traditional AI or generative AI. At JPMorgan Chase, we treat data as a first-class asset. What I mean by that is we catalog our data, we understand lineage, how we permission and govern it, clear ownership, but most importantly, that the data is discoverable. That could be from our data scientists. It could be from application owners. It could be every employee that wants to take advantage of large language models. Now, AI agents. Before I go to generative AI, I want you to know, Michael, and the rest of the audience here that we've been using AI for more than a decade. That's been for things in machine learning models for fraud, personalization, marketing, operations. As we think to this transformational shift, which it is, I want to go and tell you some use cases we're doing. The first one is what we call our large language model suite, LLM Suite. We've rolled that out to 200,000 people at JPMorgan Chase, which we believe is the largest enterprise rollout of any generative AI application. That's used for QA, summarization, content generation with our own data in a highly secure way. The exabyte of data you're talking about. The next thing we've done is we've taken the architecture of that LLM Suite, and we've built applications for our financial advisors, our contact center agents, people that interact with clients so that they can have information at the tip of their finger, leveraging models rather than swivel chair application type capability, which is time-consuming and difficult to do. The last area, of course, is in the software development area. We've rolled out code generation AI capabilities to 40,000+ engineers, where we've seen as much as 20% productivity in the code gen space. We expect that to grow into all aspects of the software development lifecycle. Now, what I will say, which will be of no surprise, I think, to anyone in this room, is that is all human in the loop right now. The next exciting horizon is going to be using agents and reasoning models and how you orchestrate all of these agents working together. We think, as we talked about before we came on, that if you're using a reasoning model that's thinking and planning and rethinking and then executing complex business processes end to end, there's going to be a very big compute burden on that and an unbelievable opportunity for Dell. The last thing we're doing that's beyond the technology that I talked about is sharing with other companies about their AI journey. It's a very important part of this process. In fact, we had an amazing meeting in Round Rock just a couple of weeks ago with Jeff and your team and our operating committee to share our experiences in our AI journey. You're doing some great things. We're doing some great things. That is very important to do as your companies are evolving and using AI. The last thing I'll say is I think this is nothing like we've ever seen in technology, this transformational shift. If I could, I'd like to quote our Chairman and CEO, Jamie Dimon, who believes that this AI transformation, including Gen AI, is as transformational as any technological invention we've seen over the last couple of hundred years. Printing press, steam engine, electricity, computing, and the internet, the opportunity here is unbelievable. Dell and JPMorgan have an opportunity to partner in this way into the future. Awesome. Thank you so much, Larry. That was great. Much appreciated. Thanks so much. Thank you. What a great story of a modern enterprise driving forward with AI. I'm a big fan of JPMorgan and the work we've been able to do together. We've shared a vision for modern architecture. Here at Dell Technologies, we bring it all together in one place. Come on in. I want to show you around. Let's start where it all started with the PC. Personal productivity is being reinvented by AI. The installed base of a billion and a half PCs is aging, and it's being replaced with AI innovation. The Windows 10 end of life is coming, and we are ready. Dell is the leader in commercial AI PCs, and we're further distancing ourselves from the competition. We've simplified our portfolio and made it easy for you to choose the right system for you. We give you the choice of the latest from NVIDIA, Intel, AMD, and Qualcomm. Today's PCs are becoming AI workstations, blazing fast, all-day battery life, powered by NPU and GPU innovation. For developers and scientists, our Dell Pro Max with NVIDIA GB300 delivers up to 20 petaflops of performance and 800 GB of memory. That is enough to run and train models with one trillion parameters right under your desk. AI is moving out of the cloud onto the edge, bringing intelligence to every device and every location in real time. With AI PCs and our rugged PowerEdge servers, you can process your data instantly, securely on site. You can slash latency and unleash new possibilities from smart cities to virtualized telecom networks, which brings us to modern infrastructure. Just as AI is revolutionizing the PC, it is revolutionizing traditional data centers. First up, AI is driving consolidation to free up as much space and as much power and energy as possible. Second, as you consolidate, you need to re-architect. Disaggregated architecture is open automated pools of compute, networking, and storage. It combines the flexibility of three-tiered with the simplicity of hyper-converged to run any workload anywhere. Our disaggregated solutions are built with the industry's best components, where we lead the industry. First up, compute. Our 17th-generation PowerEdge supports your most challenging workloads. And 17G has a seven-to-one replacement ratio over previous generations. With the open managed system, you can get automated intelligence and maximum efficiency. You can free up space and power for those AI workloads with great ROI. We connect it all with lightning-fast Dell networking to feed those data-hungry GPUs and deliver real-time intelligence from massive data sets, which brings us to data storage. We love storage at Dell. PowerStore is the leading intelligent all-flash enterprise solution. It's AI-driven, automated, and the perfect choice for disaggregated architecture. More than 17,000 customers have chosen PowerStore as a cornerstone for their data center. With industry-leading deduplication and compression, these customers have saved more than eight exabytes of capacity along with the power and space that comes with it. Now on to PowerScale. This is distributed file and object storage for unstructured data. That's the fastest growing kind at any scale from terabytes to petabytes. It's secure, it's efficient, it's fast, and it's ideal for AI and large-scale analytics. Next up, PowerFlex, the latest software-defined architecture with extreme efficiency to manage traditional and modern workloads. All of our infrastructure is designed from the ground up to be the most secure in the industry. With PowerProtect, you can achieve cyber resiliency by securing your data, responding to threats, and ultimately recovering from attacks. Dell APEX subscription services make it easy for you to get the technology you need however you want to consume it. From design to manufacturing to delivery, deployment, and support, you can count on Dell's leading global services around the world and our resilient, flexible, and undefeated global supply chain. Look for much more news on all of this tomorrow as we talk more about modern infrastructure in the keynotes tomorrow morning. The overwhelming majority of the world's data is created in the data center or on the edge. As you heard from Larry, cost, performance, and security will keep much of that data on premises. Soon, agents, our new digital workforce, will be everywhere, able to complete almost any task. Today, 80% of data is in cold storage. You can imagine a world in the not-too-distant future where data moves to warm and hot tiers, constantly in circulation with thousands of multi-agent systems transforming millions of tasks from the data center to the edge. In many ways, modern architecture is not a destination. It is a street of continuous innovation. We have been walking on this path for a long time. Looking here, there is a Lowe's Home Improvement Store where we are doing some really cool work. Let's stop by and say hello to a good friend and a great customer, Seemantini Godbole. Michael, it's so nice to meet you. Seemantini, great to see you. Great to be here. Thank you for giving us this opportunity. I think many of us are familiar with Lowe's, but why don't you tell us a little bit about the company and your role? Absolutely. Michael, Lowe's is in a unique business of home improvement. We always think about Lowe's as any other retailer. We are a retailer and very proud of it. We are a home improvement retailer. When you think about a mass retailer, you're buying a $50 T-shirt. You're buying a $100 pair of shoes. Let's say they don't work out. You'll return it. You'll move on in your life. No big deal. With Lowe's, you're doing your floors. You're remodeling your entire kitchen. You're planting your garden. You're inviting your friends and family with pride and joy into your home. You're showcasing this every day. These are $10,000, $20,000 purchases. They need to be taken really seriously. This is generally a family decision. We are in their life at lots of different points. We have a lot of touch points. We go into their house to measure their kitchen. We give them a coat. We have a discussion with the family. We are back there to install. We have pro and DIY customers. I feel like our business is much more joyful, meaningful, and complex at the same time. I feel like it's ripe for technology and AI. Now, most people, when they think of Lowe's, don't think of it as a technology powerhouse. You have led in the last six or seven years a rather remarkable digital transformation of the company. Can you talk a little bit about the role technology plays and what your digital strategy has been? Absolutely. Michael, when I came in about seven years ago, my boss, our CEO and Chairman, Marvin Ellison, had come in. I came a couple of short months later. We could not even print an e-receipt. Three weeks after I got into my job, our website crashed in 2018 on a Black Friday. There were lots of other problems going on. Coming from there all the way to putting AI in every associate's hand across 300,000 associates, more than 1,700 stores, has been phenomenal. This would not have happened without Marvin's sponsorship and support. He is the biggest supporter of technology, first of all. Michael, I'll tell you a little story. Seven years ago, when I came into this job, I got an email from you congratulating me on my appointment and then how Dell and Lowe's is going to partner. I think you're a great leader, and you must send this email to every newly appointed CIO. We thought we were extra special. Seemantini, you are very, very special. I want you to know that. Let's make sure everybody at Dell Tech World knows Seemantini, I'm telling you, is incredibly special. She wouldn't be on stage if she wasn't special. Okay, keep going. We took it as sign-off. We are extra special. Since then, I think Dell and Lowe's partnership has been phenomenal. I think what we did was we took advantage of every technology out there. We created an API at scale, really robust foundational technology, even for AI, for example. We have invested a lot and created a foundry where I do not want the engineers to think about which LLM to use, how should I use it. It should simply be using an agent, API calls, and you should be able to call the foundry. We will get you the right model deployed and answer your questions. You have done an amazing job in transforming Lowe's, and it is still ongoing. We are very proud to be able to support that effort. Can you talk a little bit about how Dell is engaged with you and the role that we play in the Lowe's digital strategy? Absolutely. We are big consumers of lots of Dell products. It'll be fun to talk about all these things. Michael, like you were saying, AI is following the data. More than our 1,700 stores, that's the place. That's where the data is being generated, our e-commerce business, of course. These are the places where data is being generated. What we always thought is we'll do a micro data center in the back of every store. We have it. We have four PowerEdge Dell servers with NVIDIA GPUs. These are L4 chips. We have two PowerEdge servers, which are doing, from a perspective of SD-WAN. We have another Dell server, which is doing video analysis. Michael, frankly, we started with a micro data center, but there is so much power packed in it. It is not a micro data center anymore. But it is low latency, high performance. We are doing real-time decisioning and inferencing right there. That helps us. In the data center, Michael, we have hundreds of Dell servers, again, PowerEdge. This is where we had standardized our tech stack from an API, analytical AI workload perspective, which we have been running for a long time. Now that we have generative AI, what we have done is with Dell hardware. Sometimes we have H100s that we acquired through you guys with NVIDIA. Or sometimes we have L40s. I think we will have lots of different sizing because one size does not fit all. We are learning and experimenting with that. That is how we are running our generative AI workload in the data center. Dell recently won the Client Solutions Award from Lowe's. What that means is we are going to have micro thin clients at the self-checkout terminal with the peripherals. Sales associates are going to have Dell workstations. In our headquarter location, we are going to have, again, thin clients and Dell laptops and peripherals. We have a huge footprint. You were talking about storage, Michael, and block storage, file storage, object storage, I mean, for structured and unstructured data. Like we said, we are a huge consumer of your technology. Thank you. How are you thinking about AI going forward in your strategy, given all the opportunities that are presented? Absolutely. Michael, my role is technology at Lowe's. And lowes.com as a business rolls up to me. When we were thinking about AI, you were talking about there are some companies who are building LLMs and who are building models. We are not in the business of building LLMs. So our first thought process was, how do we use this technology for the benefit of our associates, our store associates, our customers? We always thought that our store associates should look like super associates. When you guys go to the stores and ask them a question, they have to be able to help you. And you should feel like you got just a tremendous treatment. That dream is so close. It is in our hands now, at our fingertips with the generative AI technology. Some of the things, Michael, we have done in our stores, for example, we said that every store associate now has on his or her Zebra device, they have almost like a ChatGPT for home improvement. You may be a master plumber, but you may not know enough about electrical. You may be a master electrician, but you may not know enough about the garden center. It is really important that even if you are an electrician and that morning you are working in the garden center, you should be able to answer the questions of the customers. That is why the companion app that we have comes into the picture. The other cool thing, which I am really proud of, is what we are doing is we are deploying computer vision algorithms at the edge. We are going to figure out, Michael, let's say you are in one of our aisles and you're looking at the product. Our stores are quite large, and the planogram is quite high. Sometimes it's difficult to just look around the corner and know there is an associate who can help you. Let's say you are in an aisle. You're kind of spending a couple of minutes and wondering like, hey, I wish I had help. What's going to happen, Michael, is we are going to pick up those signals through computer vision. We are going to know that there is a customer in a particular aisle waiting for help. Uber style, we are going to send notifications to the associates in that department. They are going to get a notification on their Zebra device that, hey, there is a customer who needs help. They are going to press the button like, I'm on my way. They are going to come and help you. What we think is when you are in Lowe's aisle and you think, I wish I had help, magically, an associate is going to appear next to you and is going to be able to help you. He or she is going to be able to help you because they are going to have companion apps. They are going to be able to answer your questions. On the other hand, what we did for our customers is customers have similar questions. Home improvement, like I said, is complex. It's a field of expertise. Things such as, what exterior or interior paint should I use for my house? What plants or flowers work well in my zip code? I have a hole in the drywall. Hanging a picture about it will work. Actually, the better way is to fix it. How do I fix it? You can ask all these questions at lowes.com/ai. Michael, we were wondering as to how should we deploy AI. One of the things is we wanted to do impactful and meaningful things. We did not want to die a death of 1,000 pilots. We organized our efforts across how we sell, how we shop, and how we work. How we sell was for our associates. How we shop was for our customers. How we work is for our headquarter employees. For whatever reason, I think most companies have begun with their workforce in the headquarters for whatever reason. We began with, we said, no, we are going to put AI in the hands of 300,000 associates. Marvin was extremely passionate about that. We started that way. We have a scaled experience in more than 1,700 stores, 300,000 associates. We have lowes.com/ai rolled out across all customers of lowes.com. That is where we started. We will go to our headquarter employees and make sure that they have very similar research and analytics-oriented tools. Lastly, for our engineers, we are doing currently, we have a, we call it PR agent, which is pull request agent. 2,000 code reviews are being done by this PR agent. You do not have to wait for an engineer anymore to do your code review. You get instant response. Michael, I have also noticed if you get a response from a machine, you are tending to take it less emotionally than you get it from a fellow engineer. I do not know why. We are noticing that. We are doing 2,000 code reviews every week. We actually do 6,000 pull requests every week. We have scope to go further. In 60 days, this is our adoption. We will just keep going. I feel like the possibilities are limitless. Awesome. That's wonderful, Samantha. Thank you so much for the partnership. Thank you. Thank you. Lowe's is another great example of a business that is rethinking itself for AI. I'm having the same conversation with customer after customer. It's not just about the technology. It's about reimagining how enterprises can create and capture value from their data. We are entering the age of ubiquitous intelligence, where AI becomes as essential as electricity. With AI, you can distill years of experience into instant insights, speeding up decisions and uncovering patterns in massive data. It's not here to replace humans. AI is a collaborator that frees your teams to do what they do best, to innovate, to imagine, and to solve the world's toughest problems. Dell is the infrastructure, the backbone enabling enterprises to think faster, to act smarter, and to dream bigger. Last year at Dell Tech World, we introduced a new kind of factory that produces intelligence. Today, we have now more than 3,000 customers running Dell AI factories with a lot of success. The Dell AI factory is up to 60% more cost-effective than the public cloud. Recent studies indicate that about three-fourths of AI initiatives are meeting or exceeding expectations. That means driving ROI and productivity gains from 20% up to 40%, in some cases more. Now with agents and test-time compute and deep reasoning, the models are helping us think. They are thinking and acting on their own with autonomy. This does require orders of magnitude more tokens and infrastructure. That is why we will soon see the world invest more than $1 trillion in AI to ensure the prosperity of nations and industries alike. That is a well-justified investment, given that the knowledge economy drives more than half of global GDP. AI is the operating system that will power the world forward, adding an estimated $15 trillion to the global economy by 2030. For AI to reach its economic potential, adoption has to broaden. Our job at Dell Technologies is to make AI more accessible for all of you. 85% of enterprises plan to move generative AI workloads on-premises in the next 24 months. Together with partners like Microsoft, Hugging Face, Red Hat, Cohere, Meta with the Llama Stack and the Llama 4 models, Google bringing Gemini on-prem, ServiceNow, Mistral, Glean, and many, many more, we are developing AI for the enterprise, delivering end-to-end solutions with the right infrastructure at the right scale for every use case across every industry. With the pace of innovation that is occurring, I think the number of Dell AI factories is going to grow from thousands today to millions in the years ahead. We are on the cusp of an intelligence explosion. One partner who is front and center on the mission to bring AI to millions of customers around the world is NVIDIA. Today, we are super excited to introduce the Dell AI Factory with NVIDIA 2.0. First, let's start with a compute engine, introducing the next generation of AI-optimized servers, the Dell PowerEdge XE9780L and 9785L. Each holds eight B300 accelerators with four times faster training of LLMs and 11 times more compute for inferencing and directed-chip liquid cooling, supporting 256 GPUs in a single rack. Our Dell PowerEdge servers also support the latest NVIDIA RTX Pro 6000s, purpose-built for physical and agentic AI like robotics and digital twins with eight GPUs in a 4U chassis. The density and power of these systems is incredible. They do also generate more heat. We have our new power-cool enclosed rear door heat exchanger, which captures nearly 100% of the heat loads. Advanced airflow and warmer, energy-efficient water systems save up to 60% in energy cooling costs, enabling denser AI environments. Second, networking. We're expanding our NVIDIA partnership by adding the latest X800 switches to our portfolio. We're delivering Dell PowerSwitch Ethernet models based on NVIDIA networking. You can accelerate AI with both Dell and NVIDIA technology. Third, storage and data challenges. Project Lightning, this is our high-performance file system, can train multiple AI models across tens of thousands or hundreds of thousands and soon millions of GPUs simultaneously. It is the world's fastest parallel file system with up to two times greater throughput than any competing system. You can accelerate time to insight. Our Dell object-scale platform integrated with NVIDIA Spectrum- X switches gives you petabyte-scale data lakes with real-time streaming. Now, fourth, scalability and distributed AI inferencing. The Dell AI Factory now enables a 100x increase in tokens per second for distributed inferencing. It is more than an 80% reduction in latency, which supports the exponential growth of agentic AI. It is not just about technology. It is also about accessibility and partnerships. That is why we were thrilled to bring Dell-managed services to the Dell AI Factory with NVIDIA. These services are like the easy button to help enterprises get started and accelerate the rollout of AI. With the Dell AI Factory with NVIDIA 2.0, you can manage the entire AI lifecycle across use cases from training to deployment at any scale. I recently had the pleasure of sitting down with Jensen Huang to talk about our partnership, enterprise AI and the future. I'd like to share a little bit about that conversation with you now. All right, Jensen. Look, we've been doing this together for a long time. With the Dell AI Factory with NVIDIA, we've got great momentum. In the last year, we built incredible solutions together. Inside NVIDIA, you're using the Dell AI Factory with NVIDIA. Inside Dell, we're doing it. Now we've got this incredible progress with the reasoning models and the test-time compute. We're on the way to agents. Give us your perspective on how you see the incredible progress here that's going on. From a technology perspective, we're now exactly as you say, we're in perception to generative to now reasoning AI models. And that's at the raw technology level. At the industrial level, we started with AI clouds. Some of it was CSP. Some of it are these new GPU cloud companies that are focused largely on AI-native startups and AI-native cloud companies. But we're also teeing up simultaneously, and you mentioned NVIDIA using it. We're simultaneously teeing up for one of the largest opportunities ahead of us, which is enterprise AI. These are companies that are essentially building a digital workforce of AI agents. And these AI agents could be working in cybersecurity in many of the cases I have, and software engineering, and marketing, and sales operations, and forecasting, and supply chain management. All these different AI agents are being created now that can augment our digital, our human workforce with a digital workforce. In order for us to bring these AI agents to the world's enterprise, some of them want to do it in the cloud, but many of them want to do it on-prem. There is a lot of data being created at the edge. Customers increasingly want to bring the AI to the data instead of bringing the data to the AI. Exactly. All the new capabilities that are being created require a ton of innovation. Together with the improvements in compute and storage and networking and put all this together, now we have the Dell AI Factory with NVIDIA version 2.0. You and I would know each other for 30+ years. We met during the PC revolution. We saw the internet come. We saw the cloud come. Now AI is here. This is unquestionably the single biggest platform shift. We talk about how every single layer of the tech stack, of the computing stack, is getting reinvented. It stands to reason for 500,000 enterprise companies around the world, which have built their IT data center over the last 30 years that you have known each other, it is built in the old way. It needs to be somehow brought into the world of AI. It's a whole new architecture that you've been talking about and we've been building together. The progress in the last year, we heard earlier today, customers like Lowe's, JPMorgan Chase, customers building their new factories like SanDisk and Continental, and so many other customers that are essentially creating intelligence with their proprietary data to enhance their own businesses and do it super fast. Yeah, that's incredible. They take their raw data, their institutional knowledge, and you put it into this AI factory, the Dell AI Factory. You refine that data. What comes out of it is intelligence. Of course, there's a lot of mathematics in the middle. From the outside looking in, it's not more complicated than that. Now we take that intelligence, we embed it into AI agents. When you use your own proprietary company data and you express it in an agent, essentially you're expanding your ability to express your competitive advantage. Look, we're not that far away where these models are really, really good at any cognitive task. That's going to make us all way more productive and way more effective. These deep research agents want to operate on your company's data. Your company's data is on-prem. We want to create the entire platform from compute. We have, oh man, we have so many new products that we're launching together. We have x86 versions. We have Gray CPU versions. We have air-cooled versions. We have liquid-cooled versions. We have versions that are designed for running in virtualized environments like VMware and Red Hat. We have systems that are designed to run with Kubernetes. The developers will use brand new Dell workstations with our RTX Pro GPU, AI GPU. You have a Dell workstation, desk-side workstation with multiple RTX Pro 6000 GPUs. You even have a little tiny computer that sits next to somebody who has a laptop and they would like to have an AI-native, basically personal cloud. That little tiny device, we call ours a DGX Spark. You have one right here. Absolutely. Yeah, it's incredible. Little tiny AI supercomputer in your laptop. You open it up. Now you're connected to it. It's fantastic. From this little personal device to a laptop to a workstation, all the way to these AI factories, you're launching a whole new family this coming fall. It's incredible. Absolutely. Jensen, thank you so much for being here. Any closing thoughts for the Dell Tech World audience? I think that this is a once-in-a-lifetime opportunity. In the last 60 years, this is the biggest reinvention that you and I have seen. This is incredibly exciting technology. You want to engage it. The impact to your company is incredible. You want to be an early adopter. This is the beginning of a decade of transformation. You do not want to be second. This is the time you want to be first. Awesome. Thanks very much, Jensen. Jensen and I have been working together for a long time, for many decades. Our partnership has never been more important. It's a special relationship. We see a lot of those here at Dell, like we have with JPMorgan Chase and Lowe's and with all of you. Relationships thrive when you do what you say you're going to do and you live up to your commitments. Play nice, but win. That's how we do it here at Dell Technologies. We also understand our commitments to our planet and to future generations. We are at a golden hour of progress. This is going to take a whole lot of infrastructure and a whole lot of energy. We need new renewable energy sources. We need hyper-efficient data centers with smart power management optimized with liquid cooling. Our software tracks and forecasts energy consumption and emissions and automates the power and thermal management using telemetry. We also have leading asset recovery programs to retire the older systems, reuse some of the ingredients from those. That's critical as we refresh the 1.5 billion PCs in the install base with AI innovation. For us to realize the possibilities of AI, we need to do it responsibly so we can release this superpower onto the world at scale. It's a privilege to be able to showcase customers like JPMorgan Chase and Lowe's and partners like NVIDIA. My sincere thanks to Larry, Seemantini, and Jensen for sharing their stories today. There is one more story that I want to tell. It happens here at home. That is our final stop on Dell Technologies' way. The superpower of AI is not just for the enterprise. Why do we do all this? AI is for all of us. AI is for human progress. It is powerful whether it is in the hands of a Fortune 50 CIO, as you saw some examples earlier today, or a dad. That was the case for Adrian Mullan, the founder of a startup in Australia who wanted to give his children a better way to learn. Out of a dinner table conversation came an idea to build Norby, a robot. I prefer being called a conversational language companion. Thank you. I'm designed to help people learn a second language or assist those undergoing speech therapy to improve their speaking and pronunciation. The idea behind Norby is that we can build something that's much more interactive. We have the ability now with some of the new AI technology to be able to tailor the interaction to each individual user. The Dell Precision workstations and the NVIDIA GPUs have been a huge help. In our case, we use them in a few different contexts. One is obviously being able to do all the mechanical engineering and CAD designs for manufacturing. The other part of it is being able to train and fine-tune some of these large language models. I can speak 40 languages, and I'm adding more every week. We're getting to the stage now where a lot of these large language models get run in the cloud, but also be run locally. We can load them onto the workstations and train or fine-tune them on the edge. I would say on a more personal level, my youngest son spent about three and a half, four years in speech therapy. Being able to see him use it and get value out of it and stay engaged, both as obviously the creative Norby, but as a parent, that's been really fulfilling. Adrian is here today with us. Hello, Adrian. There's Norby, too. It's early days for Norby. As you can imagine, the power of an AI-driven revolution in personalized learning and language and speech therapy will present incredible possibilities. All it took, in the case of Norby, was a dream and Dell workstations powered by NVIDIA. AI is the new electricity. Dell is the grid powering this transformation, connecting the data, the intelligence, and the innovation. At our core, we're about solving the world's toughest challenges and enabling human progress. That is happening every day in laboratories, on manufacturing floors, in boardrooms, and at dinner tables around the world. We are so proud that it's all right here on our street where ideas turn into actions. Thank you for joining us at Dell Technologies World. We look forward to a terrific four days with you.