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Dell Stock Quadrupled in 2026—Still a Buy as AI Data Centers Ramp?
P/E looks cheap; Dell remains central to AI data center buildout, but risks include low-margin share-grabbing and elevated memory prices that may weigh on growth.
Editorial companion
What stands out
Shares of Dell Technologies have more than quadrupled since the start of 2026, and the commentator flags two cleanly opposed facts: Dell still trades at an apparently low price-to-earnings ratio (P/E), and the company sits at the center of the AI data center buildout. He also warns management may chase share by taking on lower-margin work to push against Hewlett Packard Enterprise, and that elevated memory chip prices could be a lasting drag on growth, the precise tradeoff the market is wrestling with.
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