Quick Read – Dell (DELL) is undervalued at $238.94; it’s an AI infrastructure compounder with hidden alpha in data center growth, not PCs. – Dell’s Infrastructure Solutions Group generated $8.95B in AI-optimized server revenue, growing 342% year-over-year with a $43B backlog. -…
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I keep hitting the buy button on Dell Technologies (NYSE:DELL) for reasons that have almost nothing to do with the laptop on my desk. If every Inspiron, XPS, and Latitude vanished overnight, I would still be a buyer. The market files Dell under “PC company.” You should file it under “AI infrastructure compounder that nobody is pricing correctly.” The thesis is simple: the laptop business is the cover story, the data center business is the actual investment, and the gap between those two perceptions is where the alpha lives.
The part of Dell that actually matters Look at the Q4 FY26 split. Infrastructure Solutions Group did $19.60 billion in revenue, up 73% year over year, with AI-optimized servers alone contributing $8.95 billion, a 342% jump. Client Solutions, the laptops and desktops everyone fixates on, came in at $13.49 billion.