May. 19 at 11:25 PM
$DELL still looks like one of the more mispriced names in the AI hardware stack.
Everyone is focused on pure-play AI software, but the real revenue ramp is happening in infrastructure. AI services growth is tracking ~100% YoY, and Dell is sitting right in the middle of that demand curve with enterprise server + rack-scale deployments.
What the market is underestimating: this is also a quiet proxy for sovereign + on-prem AI adoption, especially after recent ecosystem partnerships tied to
$PLTR enterprise deployments. Governments and large institutions don’t run frontier AI in the cloud — they buy boxes and stack them on-prem. That’s Dell’s lane.
At ~18x forward earnings, you’re not paying a hyperscaler multiple, yet you’re getting direct exposure to AI infrastructure expansion. Still looks like a lagging rerate candidate if AI capex stays hot.
