11AM Hour: Dell CEO on AI, Wells Fargo CFO on Earnings & UnitedHealth's Beat and Raise 10/13/26

Michael Dell says AI compute demand still exceeds supply with no bubble signs, even as bank earnings and UnitedHealth show diverging investor reactions.

• Dell sees no AI bubble: Michael Dell argues there's "not enough supply for it to be a bubble," noting H100 rental prices hit a one-year high despite the chip being four years old, signaling demand still exceeds supply.
• Dell's efficiency story: Headcount fell to 97,000 (down 11,000) while revenue rose 19%, which Dell attributes to AI-driven process reimagining rather than just cost-cutting; only 10-15% of companies, he says, understand this shift from compute to intelligence.

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