NVIDIA, Dell Reshape AI Infrastructure Amid HBM Supply Crunch and Agentic AI Demand

Agentic AI no longer merely generates content. It can autonomously access corporate data, call tools and perform inference, forcing data centers to expand GPU, CPU, memory, storage and networking capacity in tandem. The partnership between NVIDIA and Dell Technologies will be crucial to whether enterprises can keep sensitive data on-premises and build AI factories that operate at scale.

On May 19, 2026, Jensen Huang and Michael Dell told Dell Technologies World in Las Vegas that HBM supply was still failing to keep pace with demand. NVIDIA had begun preparing its supply chain two to three years in advance. On June 1, Dell reported first-quarter revenue of $16.1 billion from AI-optimized servers, up 757% year on year, and raised its fiscal 2027 revenue forecast for the business to $60 billion.