One of the few names that continues to stand out is Dell. We’ve already heard Trump mention it as a buy several times.

What’s especially remarkable is how well the stock has held up over the past few weeks while many other AI names have completely fallen apart.

It’s still one of the biggest beneficiaries of the AI buildout.

Nvidia supplies the GPUs, but obviously customers need much more than chips. They need servers, CPUs, memory, networking, storage, cooling, power equipment, software integration, financing, installation, and long-term support.

Dell combines these parts into complete systems that can be deployed at scale. Many companies would rather buy a tested Dell rack than coordinate 10 different suppliers themselves.

And demand for its AI servers is exploding.

Dell generated $16.1 billion of AI-optimized server revenue in its latest reported quarter, up from $1.9 billion a year earlier. Total quarterly revenue reached a record $43.8 billion, up 88%, while adjusted EPS increased to $4.86. Dell also raised its full-year revenue outlook to around $167 billion.

The order book provides unusually strong visibility. Dell entered fiscal 2027 with $43 billion of AI server backlog after receiving more than $64 billion of AI server orders during the previous year. Basically much of its future revenue has already been ordered.

And one of its biggest advantage is its scale. Dell is one of the world’s largest technology hardware buyers in the world. Many smaller server manufacturers struggle to secure enough supply. However, Dell’s purchasing scale, relationships, and manufacturing capacity give it better access to constrained parts.

Since its blowout earnings report at the end of May, the stock has been consolidating near its highs. There has never been any meaningful selling pressure. No one wants to sell. Even as the broader AI trade came under heavy pressure, Dell refused to break down. Instead, the stock only moved sideways. So, this is a top watch.