On Friday, May 29, Dell shares they grew 39% suddenly. Since becoming a publicly traded company seven years ago, Dell has never had a rise like that. At first glance, this growth would seem strange, but the company has discovered that with stagnant PCs, the focus had to change. Nothing has gone wrong with that turn of the helm, but other traditional PC manufacturers have also taken advantage of the opportunity.
The PC is dead, long live the server. In recent years the PC segment has been struggling with low margins and sales that have slowly been slowing down. Manufacturers were totally tied to that situation, but some have taken advantage of the opportunity that AI offered them.
Dell and Lenovo rub their hands. Dell published its financial results and they were spectacular: 88% year-on-year growth thanks to the fact that its revenue in the server segment has risen 757%. Not only that, its guidance for this year has improved as well, further boosting confidence in the company’s near-term future. Lenovo also had a fantastic quarter: May was its best month on the stock market since 1999, doubling the value of your shares thanks again to that fever for hardware dedicated to AI.
AI as a shield against inflation. The entire sector is experiencing a paradoxical situation: the cost of components such as DRAM memories or SSD units is absolutely shotbut companies are earning more than ever. Dell has tripled its net profit to $3.44 billion, allowing it to offset those costs through almost daily price increases. Lenovo has managed to maintain its margins because once again the market is willing to pay whatever it takes for servers and AI infrastructure.
Beyond hyperscalers. One might think that to have resources in the age of AI it would be necessary to turn to hyperscalers (Amazon, Microsoft, Google), but Dell and Lenovo have shown that their experience in servers has managed to offer an alternative for all types of clients. Jeff Clarke, chief operating officer at Dell, explained that the need for AI hardware is so enormous that this segment continues to break sales records.
The PC is no longer the protagonist. Although Dell’s Client Solutions division—which includes its revenue from PC and laptop sales—grew a more than decent 17%, that figure pales in comparison to the 181% growth of its infrastructure division. Lenovo follows a similar line: its shares rose 22% last Friday after confirming that its AI revenues manage to offset the weakness of the traditional PC business.
The focus changes. Something similar happens with HPE, the company that spun off from HP to focus on the business segment. Its server business hasn’t grown as much, but they already have contracted orders worth $5 billion and that guarantees a promising second quarter. Other consumer products makers are also migrating to AI infrastructure: Foxconn has absolute trust in which the demand for these components will continue to be exceptional in the coming months, and the same happens with Quanta Computer, which continues to see how its servers do not stop growing in importance in revenue for the company: They were already 80% of the total in the first quarter of 2026.
Image | Dell
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