Cramer Bets Dell Is the AI Hardware Leader, Not Nvidia, in 2026

Jim Cramer says Dell is the most important stock today, arguing its AI-server momentum outpaces Nvidia in 2026. Dell posted Q2 FY27 revenue of $46.97B (up 57.8% YoY) and EPS of $7.04, with net income up 255%. The AI story is supported by a record $95B AI backlog, $60.9B in AI-server orders, and $16.4B AI-server revenue. Dell raised its full-year outlook to about $192B in revenue and $25.50 in non-GAAP EPS. Valuation favors Dell (roughly 23x vs Nvidia’s ~44x), as the company’s AI-infrastructure push — including Vera Rubin-based systems and more than 6,500 AI customers — underscores a non-chipmaker leadership in AI deployment. Dell is up about 240% in 2026, while Nvidia has risen around 17%, making Cramer’s Dell-centric call particularly notable.