Dell Surpasses Micron and AMD! Stock Soars 285% This Year as Super Micro’s Strong Earnings Forecast New Boom

Dell Technologies (DELL-US) stock has risen 285% year-to-date, far surpassing other much-discussed artificial intelligence (AI) infrastructure plays. Jordan Klein, an analyst at Mizuho's trading division, described the stock's performance as "insane," noting that Dell's gains have exceeded "almost all large-cap tech stocks."

Micron (MU-US), another investor favorite, is up 219% this year, while AMD (AMD-US) has gained 126%, yet both still trail behind Dell. On Thursday, Dell shares rose again, closing up 2.1% at $494.51 per share.

Hong Kong-based PC and server manufacturer Lenovo Group (Lenovo) (00992-HK) reported strong earnings on Thursday, with adjusted profits surging 176% and revenue growing 43%. The company attributed its robust growth to continued rising demand for AI infrastructure.

Financial results showed that Lenovo's AI-related revenue—including AI-optimized servers and PCs—grew 60% year-over-year in the last quarter and now accounts for 35% of the company's total revenue.

Ahead of Lenovo's report, Super Micro Computer (SMCI-US) released its earnings on Tuesday, providing revenue guidance that beat Wall Street expectations. Investors were also optimistic about Super Micro's improved profitability, with adjusted gross margins reaching 17.6% last quarter—more than double the originally expected range of 8.2% to 8.4%.

Mizuho's Klein stated that Super Micro's earnings are a "very important leading indicator" for Dell. Dell is scheduled to report earnings in September, and he expects AI and enterprise business performance to exceed market expectations, forecasting total revenue growth of 50–60%.

Following Super Micro's after-hours earnings release on Tuesday, its stock soared 19% on Wednesday, lifting the broader semiconductor sector. New cloud service provider CoreWeave (CRWV-US) and optical component maker Lumentum Holdings (LITE-US) also reported better-than-expected earnings on Tuesday, further boosting market optimism around AI investment themes.

Both Super Micro and CoreWeave noted that their backlog of unfulfilled orders continues to grow, reflecting sustained strong customer demand for AI hardware.

Last month, Super Micro announced preliminary results, stating that new order value in the previous quarter surpassed $60 billion, pushing its backlog for the fiscal year 2026 to a record high.