The Dell Story Is No Longer Just About PCs. Here's Why the Stock Still Looks Undervalued.

Dell Technologies has pivoted from a PC-centric maker to an AI infrastructure powerhouse, with quarterly results underscoring the shift. In fiscal Q1 2027, the company booked $24.4 billion in AI orders and $16.1 billion in AI server revenue, while total revenue jumped 88% year over year to $43.8 billion and EPS rose 214% to $4.86. The AI backlog sits at $51.3 billion, with a pipeline far larger, and commercial revenue up 18% year over year. Dell’s PC business remains resilient, though roughly one-third of installed PCs are four years old or older. Dell's AI Factory initiative bundles compute, storage, networking, software, and services to accelerate AI production and modernization.