Dell (DELL) doesn't have the same glamour as Apple (AAPL), but there was a time when the two were battling for attention with their PCs and laptops. Today, their stories look very different. While Apple is grabbing headlines with its latest products such as the foldable iPhone Duo, Dell has quietly transformed itself into an AI infrastructure powerhouse.

Dell shares have climbed 323% in 2026, touching a new high of $567.75 on Friday, compared to Apple's 22% gain. After a move like that, taking profits feels almost automatic. But I would wait. Dell's story may be less sensational than Apple's, but it is generating some remarkably exciting numbers that suggest the story may have more room to run.

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Here's why I wouldn't lock in profits yet.

Dell Hasn't Lost Its Charm. It May Have Found a New One.

Dell Technologies was once primarily known as a PC and laptop company, but that is no longer the business investors are looking at. Today, it has evolved into a major infrastructure player, spanning AI servers, traditional servers, networking, storage, and PCs. DELL stock may have run hard this year, but its business is running harder, and the second-quarter earnings showed that. Many analysts even raised the target price for the stock. The most bullish estimate sits at $735, which implies the stock can still climb by another 29% from current levels.

There are a few reasons why analysts are so strongly optimistic for Dell's future. AI and data center spending are now driving much of the company's growth. In the second quarter, Dell reported a 58% year-over-year (YoY) increase in revenue to $47 billion, with $16.4 billion just from AI server revenue. Earnings per share also surged a staggering 203% to $7.04. Storage revenue also rose 26% in the quarter, boosted by demand for Dell's internally created storage products.

While AI is driving Dell's growth, its legacy PC business isn't dead either. Revenue for its client solutions business rose 20% in the quarter as large enterprises continue to replace older PCs. Customers that are more sensitive to costs are stretching replacement cycles. While this appears to be a bad sign, Dell believes delaying upgrades leaves more aging devices in the installed base, potentially creating a larger pool of machines that will eventually need to be replaced.