“Google, Reddit, Amazon, TSMC – Are our Biggest Winners Still a Buy Now?”
Dell's valuation is inflated relative to its low-margin reality; expect multiple contraction and price decline.
Dell is less shiny since it doesn't build the chips or the AI models, but they do provide the infrastructure for it all, the data centers. So, it's not a pure play because half of their revenues comes from this legacy PC segment or at least that was the case in the past year.
But now it has shifted slightly and the infrastructure part of the business has actually grown to 60% primarily driven by 70% revenue growth in that segment year-over-year.