Dell Technologies Chief Operating Officer Jeff Clarke said in a recent conversation with Morgan Stanley that agentic AI is markedly different from past hardware cycles. He expects that if related AI workloads continue to grow, shortages of key components could persist for more than five years, with memory and HDDs being the areas he is currently most concerned about. Clarke believes agentic AI is decoupling cognitive output from human input, driving enterprises to undergo AI transformation and thereby continuously expanding the size of the infrastructure market. Dell expects inference token generation to grow 87-fold by 2030.