THE [FOREVER] FOUNDER

Michael Dell turned his dorm-room PC company into the go-to hardware provider for 99% of the Fortune 500. Now the longest-standing founder-CEO in tech has a chance to cash in on the AI boom—and make himself and his company bigger than ever.

- Michal Lev-Ram

I T’S HARD TO GET a splashy sound bite out of Michael Dell, even if you tee him up for one. When asked how big a growth opportunity the AI wave could be for his namesake company, Dell Technologies, the founder and longtime chief executive doesn’t offer up any pithy one-liners but instead ruminates in real-time.

“It feels every bit as big as previous waves, but probably bigger,” he says, pondering the question, and then adds, “You know, maybe quite a bit bigger.” He takes another brief pause, reconsiders his own words, and delivers a most inconclusive conclusion: “I don’t know for sure. Nobody knows.”

We’re seated in a conference room at Dell Technologies’ headquarters just outside Austin, where the temperature has hit 88° F in early March. Dressed in dark slacks and a navy blue denim button-down (Texan for business casual, no matter the season), Dell has just emerged from a photo shoot that he tolerated but clearly didn’t relish. It’s not that he isn’t on board with being the name and face of his company. That’s been true for a while—40 years, to be exact. He remains Dell Technologies’ biggest believer—and biggest shareholder, with 53% of the $79 billion company’s stock under his or his wife Susan’s name. But he’s not a natural-born showman. Never was. In fact, he seems to go out of his way to not put on a performance—even as he’s embarking on what could be his greatest act yet.