Dell Technologies stock has dominated the artificial intelligence server market in 2026, surging 242% year-to-date to leave rivals far behind. The company’s commanding lead reflects a beat-and-raise earnings cycle anchored by explosive AI server demand and an unprecedented backlog of orders.
In its first quarter of fiscal 2027, reported on May 28, Dell delivered AI-optimized server revenue of $16.13 billion, a 757% jump from the year-ago period, according to Yahoo Finance and Zacks Investment Research. Total quarterly revenue reached $43.84 billion, up 88% year-over-year, driven by $24.4 billion in AI orders booked during the quarter alone.
The scale of Dell’s AI opportunity became even clearer when the company raised its full-year fiscal 2027 AI server revenue guidance to approximately $60 billion, up from a prior expectation of $50 billion, according to Reuters and Seeking Alpha. The company now carries a backlog of $51.3 billion in AI server orders, signaling demand that far outpaces current supply, per Yahoo Finance reporting from early June.
Dell’s stock reaction has been emphatic. The company was up 46% over the past month alone as of late June, tracking the post-earnings repricing, according to 24/7 Wall Street analysis. On May 29, the day after earnings, Dell stock surged 32.8% to lead all stocks in the S&P 500 after delivering profits that beat expectations, according to the Los Angeles Times and The Business Journal.
Two other major AI server suppliers tell a starkly different story. Hewlett Packard Enterprise stock is up 103% year-to-date, a strong second-place finish, while Super Micro Computer stock sits at only 9% gain year-to-date, according to 24/7 Wall Street’s June 24 analysis. HPE’s gain is buoyed by its Juniper Networks integration, which added networking muscle to its AI infrastructure portfolio. Super Micro, despite triple-digit revenue growth, has faced headwinds from an 18% revenue miss in its fiscal Q3 and an ongoing export-control review that has weighed on investor sentiment.
The valuation gap underscores the momentum-versus-value tension in AI infrastructure stocks. Super Micro trades at 17x trailing earnings, Dell at 34x, and HPE at 46x, according to 24/7 Wall Street. The best performer carries the highest multiple, while the worst performer carries the cheapest—a pattern that inverts the traditional value-investing playbook and reflects the market’s confidence in Dell’s execution and AI-driven growth trajectory.
Dell’s fiscal 2026 performance set the stage for this year’s gains. For the full year ended February 2026, the company reported record revenue of $113.5 billion, a 19% increase year-over-year, with AI-optimized server orders topping $64 billion, according to Tickeron and HyperFRAME Research. That massive order book has now translated into the highest stock gains among its peers in 2026.
Sources
- Yahoo Finance — Dell’s 242% year-to-date gain, Q1 FY27 AI server revenue of $16.1 billion, $24.4 billion quarterly AI orders, $51.3 billion AI server backlog, and comparison with HPE and Super Micro Computer performance.
- Zacks Investment Research — Q1 FY27 AI-optimized server revenue of $16.13 billion and $24.4 billion in AI orders.
- Reuters — Dell’s raised full-year fiscal 2027 AI server revenue guidance to $60 billion.
- Seeking Alpha — $60 billion AI server revenue outlook and $51.3 billion backlog.
- 24/7 Wall Street — Dell’s 242% year-to-date gain as runaway leader, HPE up 103%, Super Micro up 9%, and valuation multiples comparison.
- CNBC — Q1 fiscal 2027 AI server revenue increased 757% to $16.1 billion.
- Los Angeles Times — Dell Technologies surged 32.8% on May 29, 2026, to lead all S&P 500 stocks after earnings beat.
- The Business Journal — Dell Technologies surged 32.8% after delivering profits that blew past expectations.
- Tickeron — Fiscal 2026 revenue of $113.5 billion, up 19% year-over-year, with $64 billion in AI-optimized server orders.
- HyperFRAME Research — Dell’s record fiscal 2026 revenue of $113.5 billion driven by AI-led infrastructure demand.
