Not Nvidia. Not Micron. This Is My Top AI Infrastructure Stock to Buy Right Now (Hint: It Can Double Within 3 Years)

Dell Technologies has captured 28% of the AI server market after recording $60.9 billion in orders and building a $95 billion backlog, positioning the company to triple AI server revenue to $74 billion in fiscal 2027. The stock surged 316% in 2026 as the company posted record quarterly revenue of $47 billion on surging demand for AI infrastructure.

DELL now trades at 28 times forward earnings, a valuation analysts say leaves room for the stock to reach $1,037 by fiscal 2029—roughly double current levels. The company's AI server dominance reflects its ability to scale production and delivery capacity while competitors struggle to meet enterprise demand for GPU-dense systems.

Dell's backlog represents nearly two years of AI server revenue at current run rates, providing unusual visibility into growth trajectory. The $95 billion figure dwarfs the company's traditional server business and underscores the infrastructure buildout accelerating across cloud providers and enterprises deploying large language models.

The valuation reflects both execution and risk: Dell must convert backlog into shipped units while maintaining margins in a market where NVDA controls GPU supply and hyperscalers increasingly build custom systems in-house.