Dell Technologies Inc.
DELL
Information Technology
4
exclusion reasons
3 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Dell provides essential computing infrastructure (servers, storage, networking) powering the Israeli military's data centers and surveillance apparatus. In January 2023, Dell won a major IMOD tender >$150M to supply servers and maintenance to the Israeli army (2023-2025), funded via U.S. foreign military aid. Investigative reports (2024-2025) link Dell server farms to AI-enabled targeting systems used in Gaza (Unit 8200, Golani Brigade). Dell's subsidiary EMC participates in the National Cyber Park in the Naqab, a tech hub for military units involved in West Bank population control.
Dell hardware utilized by Unit 8200 and Golani Brigade for processing surveillance data and automating combat support decisions in Gaza. EMC subsidiary participates in National Cyber Park supporting military units maintaining travel restrictions and population control in the West Bank.
Violation Tracker logs over $18M in penalties for employment discrimination and wage-and-hour violations, including a major settlement for systemic pay disparities affecting female and minority employees in California and Texas hubs.
Dell has persistent record of large-scale financial penalties. SEC: $100M penalty for fraudulent accounting scheme involving undisclosed Intel payments. False Claims Act: nearly $90M in settlements for overcharging U.S. government on hardware contracts. Violation Tracker total penalties: $206M+.
Related Issues
Surveillance Capitalism
Surveillance capitalism is extraction without consent — behavioral data harvested from people whose agreement was buried in terms they couldn't negotiate and can't revoke. We exclude companies whose revenue depends on this, and hold a high bar for any tech company where surveillance is a meaningful input. Until users can control, audit, and delete their data, this stays a core exclusion.
Palestine & Occupied Territories
We exclude companies that profit from Israel's occupation of Palestinian territories — settlement construction, military technology, surveillance infrastructure, discriminatory resource arrangements. The ICJ ruled this occupation unlawful in 2024. We don't wait for political resolution to stop funding what international law has condemned.
Research Sources
2 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.