Tsvetta Kaleynska on DELL Becoming More Like NVDA & INTC, AI Raising CRWD Bar

**SPEAKER_1** (0:00)
How is AI impacting the earning space for cybersecurity and hardware? For more, we want to welcome in Tsvetta Kaleynska, consulting founder and CEO, Relay Global, to discuss the most recent views on Dell and CrowdStrike and what it signals for the AI boom. Tsvetta, it is so good to see you, always good to see you. Listen, Dell is off to the races this morning off the back of its results, and it's clear that it's viewed as a crucial part of the increasingly fast-moving AI frontier. You analyze millions of data points on social media and beyond about the most recently Dell and CrowdStrike. Excuse me, what does that data tell us at a high level?

**Tsvetta Kaleynska** (0:44)
Good morning, Diane. So good to see you. So as you mentioned, I analyze social media and conversations that happen on social media. So over this year, I've analyzed about 1.5 million social media posts mentioning Dell and the print itself. And there are several interesting things that stand out to me, several interesting stories. The first one is that there's a tremendous amount of market noise around Dell. So politics and the Pentagon actually account for about 16% of all the mentions about Dell. And then another 14% is purely about price action. But when I strip away that noise in that conversation on social media, what people are actually saying about the company is that it's actually an underlying business and its infrastructure is moving basically to AI. So the AI infrastructure is the story that really jumps out to me. AI server orders and backlogs accounted for about 14% of that conversation, which compared with 10% around PCs and Client Solutions basically tells us that people are shifting how they think about Dell. To me, that's actually a very important shift because Dell is increasingly being discussed by investors not simply as a company that makes your laptop, but as one of those companies that's applying the whole infrastructure that makes AI possible.
In fact, the interesting other thing is that it is mentioned in proximity to Micron, Nvidia, and Intel. So it's really moving away from anything hardware, and now it's really in that AI infrastructure space, and that's how it's viewed by investors and consumers.

**SPEAKER_1** (2:17)
It's so wild to see that shift because when you think about it, you think about it as an old school company. You mentioned the computers, the PCs. One of my computers for work is a Dell, and we just showed images of that, and that's how you knew it for years, and now it's become part of this AI infrastructure story here. How significant is that shift?

**Tsvetta Kaleynska** (2:40)
That's a very significant shift, Diane. Also, when I look at the data of what investors really care about is basically they're being asked, they're asking how much money Dell can actually make out of the whole AI demand. Looking ahead in the social data, what I can see is actually very constructive because the conversation is clearly moving from that PC discussions towards that AI infrastructure, and importantly, we're seeing that discussion around actual orders and deployment, not just about AI speculation. So that's a huge shift.

**SPEAKER_1** (3:14)
Okay. Let's talk a little bit about the data you got on CrowdStrike. It's had a massive run recently, strong results recently. Cybersecurity and focus today, especially because we have Palo Alto networks out with its results, but going into it, the bar was high because it was trading in sympathy with the CrowdStrike, for instance. But when you think about the data that you scrape with regard to CrowdStrike, what is the conversation about? Is it about identity protection? What stands out?

**Tsvetta Kaleynska** (3:42)
A few things stand out to me. So I analyzed on this one about 600,000 posts that mentioned CrowdStrike this year. So once again, I come back to the same story, which is that first, AI is becoming a central and the central demand story for CrowdStrike. So investors are no longer discussing CrowdStrike simply as the endpoint security company. They're increasingly seeing it as part of the same infrastructure required to deploy AI safely in the social data. Investors are also connecting that directly to a greater demand for identity protection, for cloud security, thread detection, among others. So again, CrowdStrike is being positioned within the broader AI ecosystem.
Importantly, the conversation is really moving beyond the general AI excitement because investors are discussing enterprise security needs including protecting their AI agents and securing employee identities in cloud environments. But that's actually interesting, but here's the more interesting part.
The valuation story is what I see in the data, and the tension that I see in the data is actually around the valuation. So investors are increasingly viewing CrowdStrike as a major beneficiary of the AI build out, but expectations are definitely high, and I see that on the long term for them as well.