Dell Technologies (DELL · NYSE)
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An underestimated winner of the data centre supercycle
AI servers are booming, backlog is at all-time highs and Dell is handing back billions every quarter, all while the market prices it like 2015.
Dell Technologies Inc
DELL: NYSE
524.18 USD
+310.16%
year to date
Market Cap
Avg Volume
Price
P/E Ratio
Pricing delayed 20 minutes Sep 4, 2026, 8:00 PM
Bull case for Dell Technologies
The physical backbone of artificial intelligence
Dell has quietly reinvented itself. What used to be a PC brand is now a data-centre powerhouse.
The AI gold rush needs hardware
Dell's AI server sales is up 165% year-on-year
Buybacks tell their own story
Dell has returned $14.5 billion to shareholders in just 2½ years.
Bear case for Dell Technologies
Cloud spending can pause
Hyperscaler budget pauses could briefly stall Dell’s growth.
Competitive intensity and pricing pressure
Rival AI server makers may pressure prices and margins.
Residual PC drag and capital return durability
Legacy PCs and slower buybacks could drag results.