Jim Cramer Talked About 16 Stocks Like Micron and Dell, Along With the AI Infrastructure Spending

12. Dell Technologies Inc. (NYSE:DELL)

Dell Technologies Inc. (NYSE:DELL) was among the stocks Jim Cramer talked about as he discussed the recent rally in several AI-related stocks. Cramer noted that “we should have been buying it” instead of being scared, as he remarked:

We spend a huge amount of time around here pondering the supposed overvaluation of tech. It’s right at the heart of what’s allegedly wrong with the stock market, right? But I challenge that on two different fronts. First, how expensive is tech really? Just consider Dell. Four months ago, Dell was at $114, and there were plenty of firms thinking it was way too expensive because it was going to have a huge problem on its hands, thanks to rising memory prices and a pesky Super Micro, a difficult, well-connected competitor.

Any generalist who was looking at the company certainly wasn’t all that attracted to it. Dell was buying back a lot of stock. It seemed like a decent situation except the intelligentsia kept coming on air and was busy telling everyone it was a gigantic bubble. Turns out this stock was selling for only 8 times forward earnings, perhaps one of the cheapest 10 to 15% of stocks in the entire S&P 500. We just didn’t know it yet because the company hadn’t reported it yet. We shouldn’t have been scared of Dell. We should have been buying it. That $114 stock now trades at $465.

Dell Technologies Inc. (NYSE:DELL) provides storage systems, servers, networking gear, and consulting services, as well as laptops, desktops, workstations, and accessories.