Morgan Stanley's In-Depth Conversation with Dell (DELL.US) COO on "This Time Is Different": AI Agents Are Not Just Another Refresh Cycle, but a TAM Expansion, With Rising Probability of a $756 Bull Case

Zhitong Finance APP has learned that Morgan Stanley issued a research report stating that after a one-on-one meeting with Chief Operating Officer Jeff Clarke at Dell's headquarters, the bank gained a deeper understanding of the bullish thesis for Dell, but still maintained its "Equal-weight" rating and $511 price target. The core debate in the report is whether AI agents will bring about another peak in the hardware cycle or a multi-year structural boom in on-premises infrastructure. Morgan Stanley explicitly stated that the meeting prompted it to reassess its previously bearish view and that it believes the probability of the $756 bull case being realized over the next 12 months has increased.