Dell Technologies (DELL) perpetual market

Dell Technologies is one of the world's largest makers of personal computers and enterprise hardware, founded in 1984 by Michael Dell, who famously began building and selling computers from his university dorm room. The company grew by pioneering a direct-to-customer, build-to-order sales model that cut out middlemen and let buyers configure their own machines. Today Dell sells laptops and desktops to consumers and businesses, and a large infrastructure business supplying servers, storage and networking gear to data centers. That server business has made Dell an important beneficiary of the artificial intelligence buildout, as demand surges for the powerful systems used to train and run AI models. Michael Dell took the company private in 2013 and returned it to public markets, and it absorbed the enterprise storage giant EMC in a landmark 2016 deal. Dell is viewed as a barometer of both PC demand and data-center infrastructure spending.