Dell Technologies still has plenty of upside despite a scary-looking price run-up. Per Michael Dell, it just delivered the world's first working, liquid-cooled Nvidia Vera Rubin NVL72 server rack to CoreWeave. x.com 

Dell should benefit from AI data-center construction because builders say almost every new facility runs on Dell or Super Micro servers. Sales rose 49% in the past year to $151B; Dell is 18% below its high and is an easy double from here. x.com 

Dell still looks expensive at about 20x FY28 estimated EPS, since the expected AI server guidance raise to about $75bn is already priced in; the rating stays Hold. Fiscal Q2 looks soft, with revenue estimated at $42.2bn versus a $44.5bn guidance midpoint and EPS of $4.70 versus $4.84 consensus. NVL72 shipment estimates are cut, enterprise and PC demand show early cooling, and Hon Hai is winning more SpaceX Rubin orders. Tier-2 neocloud buildouts and Vera CPU racks are positives. x.com 

Dell is positioned at the forefront of a multi-hundred-billion-dollar AI infrastructure opportunity with one of the industry's most complete end-to-end offerings, from servers, storage and networking to enterprise software. AI server orders in its ISG infrastructure business are accelerating, partnerships with Nvidia, AMD and Broadcom have deepened, and global enterprise and government procurement has improved order visibility. Its long-term compounding potential could be substantial. x.com 

Enterprise and neocloud demand is creating a second wave of AI infrastructure spending, with tailwinds for Nvidia and Super Micro. Dell forecasts 200 GW of AI data center growth through 2030, half driven by these customers, and estimates a $1 trillion AI infrastructure opportunity over the next four years. AI servers could enter a new growth phase in 2027, with higher shipment volumes and more revenue per deployment. x.com 

Dell looks overvalued, trading about seven turns above its historical multiple range and at a premium to many AI semiconductor bottleneck names despite not providing a bottleneck solution. Michael Dell spiking the ball on the latest quarter might mark the top. x.com 

Dell, Cisco and HPE are overlooked winners of the next AI wave because their installed bases will be key for tech infrastructure in the AI revolution. x.com  x.com 

Meta's unmet AI demand pays its bottleneck suppliers. Super Micro's $19.5B quarterly outlook and under 8x forward earnings point to a double. CoreWeave's Meta deals total $35.2B; it should easily top $100. Builders say nearly all new sites use Dell or Super Micro; Dell could easily double. Micron's demand is off the charts at 5x forward earnings. Sources say Vertiv's gear is sold out for 2-3 years. VivoPower has 2GW+ potential in 5-7 years. Digi Power X has a $1.1B Cerebras deal. x.com  x.com  … Show more

Dell is a fair business at a fair price, but there are better uses of capital at this stage of the AI buildout. Value flows to whoever solves the hardest physics, the chips and memory, not the chassis; Dell's growth comes from repackaging NVIDIA hardware for a small margin, so its margin is set by others' scarcity. Its supply chain, lack of foundry or capex exposure, cheap valuation and shareholder-focused management make it the lower-risk AI infrastructure seat, with capped margins the price. … Show more

Dell sits in the layer that turns GPUs into working AI factories, so it wins as AI demand moves from model headlines into installed infrastructure. AI server revenue rose 757% to $16.1B, Infrastructure Solutions Group revenue rose 181% to $29B, and total revenue grew 88% to $43.8B. Dell booked $24.4B of AI orders and raised its FY27 AI server revenue target to about $60B. GPUs still need server design, integration, networking, storage, cooling and deployment. x.com