Dell Technologies stock has gained 242% in 2026, driven by explosive 757% growth in AI server revenue to $16.1 billion（約2.6兆円）. With the global AI server market projected to grow at 34% annually through 2030 and reach $449 billion（約72兆円）, Dell's 17% market share positions it to potentially double from current levels within three years, even at modest valuation multiples.
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Dell Technologies stock has risen 242% in 2026, outpacing even Micron Technology's near-tripling gain, driven by a 757% year-over-year surge in AI server revenue to $16.1 billion（約2.6兆円） in the first quarter of fiscal 2027 (ended May 1). The company raised its fiscal 2027 AI server revenue forecast to $60 billion（約9.6兆円） from $50 billion（約8兆円）.
Why it matters
The global AI server market is projected to grow at a compound annual growth rate of 34% through 2030 and reach $449 billion（約72兆円） in revenue by decade's end. With an estimated 17% market share, Dell is well-positioned to capture this growth—and the article argues the stock could still double over the next three years even at conservative valuation assumptions, since it trades at 24 times forward earnings compared to the Nasdaq-100's 33 times earnings multiple.
What to watch
Dell's earnings per share are projected to rise 78% in the current fiscal year to $18.41, with analysts expecting robust double-digit growth in the following two years. If earnings reach $25.77 per share in fiscal 2029 and the stock trades at 33 times earnings, the article projects a potential stock price of $850.
Dell Technologies' stock has tripled its gains from Micron Technology in 2026, surging 242% as demand for AI servers accelerates. The gain reflects a dramatic acceleration in the company's core AI business: in the first quarter of fiscal 2027 (ended May 1), Dell reported AI server revenue of $16.1 billion（約2.6兆円）, up 757% year-over-year. The prior fiscal year (2026) saw $24.7 billion（約4兆円） in AI server revenue, and the company now projects $60 billion（約9.6兆円） for the full fiscal 2027—a $10 billion（約1.6兆円） upward revision from its prior $50 billion（約8兆円） guidance.
This performance aligns with a broader expansion in server infrastructure spending driven by generative AI adoption. According to market research firm IDC, the global server market's revenue jumped 31% in the first quarter of 2026 and is expected to maintain a 25% annual growth rate through the end of the decade. The AI server segment is moving even faster: research estimates the generative AI server market will expand at a compound annual growth rate of 34% through 2030, generating $449 billion（約72兆円） in revenue by decade's end. Dell, with an estimated 17% market share according to Fortune Business Insights, is capturing an outsized share of this growth and gaining further share relative to competitors.
The company's earnings momentum reinforces the bull case. Dell's earnings per share are projected to climb 78% in fiscal 2027 to $18.41, with analysts expecting continued strong double-digit growth in fiscal 2028 and 2029. The article models a scenario in which earnings per share reach $25.77 in fiscal 2029 and the stock trades at 33 times earnings—a multiple in line with the Nasdaq-100 index—implying a potential stock price of $850. With Dell currently trading at 24 times forward earnings, the article argues the valuation remains attractive even after the year's stunning 242% rally, and that the stock could double within the next three years based on fundamental growth in the AI server market and Dell's market share expansion.
Dell's explosive 242% stock gain in 2026 reflects a fundamental shift in demand toward AI infrastructure. The company's AI server revenue jumped 757% year-over-year to $16.1 billion（約2.6兆円） in Q1 fiscal 2027, far outpacing even the already-robust 31% growth in the overall global server market. This acceleration has prompted Dell to raise its full-year AI server revenue guidance to $60 billion（約9.6兆円）—a $10 billion（約1.6兆円） upward revision—signaling confidence in sustained momentum.
The broader opportunity underpinning this growth is substantial: the generative AI server market alone is projected to reach $449 billion（約72兆円） in revenue by 2030, growing at a 34% compound annual rate. Against this backdrop, Dell's 17% estimated market share positions it as a primary beneficiary of the shift to AI-driven workloads. The company's earnings per share are forecast to jump 78% in fiscal 2027 to $18.41, with analysts expecting continued double-digit growth in the two years beyond. Even under conservative assumptions—a fiscal 2029 earnings per share of $25.77 and a valuation multiple of 33 times earnings (in line with the Nasdaq-100)—the article's model suggests potential upside to $850 per share. Current trading at 24 times forward earnings leaves room for multiple expansion, suggesting the near-term rally may have further to run.
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