How Much Of Dell Stock Is A Bet On Nvidia? Trefis Team Fri, November 13, 2026 at 9:56 AM EST 4 min read DELL -8.98% NVDA -3.53% CRWV -9.95% HPE -5.58% SMCI -2.48% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
More on the AI trade: our AI storyline page collects our pieces on AI stocks.
The laptop on your desk at work may be a Dell, but the money is now in the data center. On Monday, Nov 9, Nvidia fell 4.3% and Dell rose 5.4%. On Wednesday, after CoreWeave beat, Dell jumped 11.8% while Nvidia added 2.9%. All this while Nvidia sits 31% below its Oct 6 peak. On Thursday, the day Jensen Huang resigned as CEO, Nvidia fell 4.3% while Dell slipped 0.7%. So how much of Dell is really a bet on Nvidia?
On paper, Dell is deeply tied to Nvidia's customers. In the quarter to Jul 31, Dell's server, storage and networking unit sold $31.8 billion of its $47.0 billion of revenue, about two-thirds, up 89% from a year earlier; PCs and other client devices sold $15.0 billion. In the first half of the fiscal year that unit's sales more than doubled, from $27.1 billion to $60.8 billion. AI servers alone sold $16.4 billion, about 35% of revenue, and Dell expects $74 billion of its $192 billion this year, about 39%. Many of those servers carry Nvidia chips, some AMD's.
That 39% is easy to miss. For families with seven figures invested, Dell, Nvidia and the AI funds that hold both often add up to one bet on the same build-out. Do you know your total? A Trefis partner firm can add it up with you in a free 30-minute call.
Not much. Over the past year, Dell's daily moves tracked Nvidia's loosely, less than Super Micro's did.
Source: Trefis, one year of daily total returns through Nov 12. Since the Nov 6 close Nvidia is down 11.0% and Dell up 13.0%; over one year Dell returned 166.6%, Nvidia −14.0%.
The market prices Dell as the AI build-out, not as Nvidia: as the CoreWeaves of the world spend, Dell ships. We set out which stocks do take the hit in 5 Biggest Losers From Nvidia's $740 Billion CEO Crisis.
Test the other side. If buyers move some orders to AMD, Dell still builds the server; it sells AI servers on both Nvidia and AMD chips. AMD is up 30.3% since Nov 6, and Dell rose with it. So the risk is the build-out pausing, not who runs Nvidia. But the link is loose, not absent: on Nov 10 Dell fell 3.4% as Nvidia fell 5.5%. And if the leadership change disrupts Nvidia's supply or pricing, Dell's delivery timing and its server unit's margin move with it: that unit kept 11.7% of sales as operating profit last fiscal year, against 5.6% for PCs.
The price already doubts the payoff. Dell trades at 20.2 times trailing adjusted earnings, but about 12 times the $31.03 a share analysts expect for the year to January 2028, at $371.17. Consensus revenue rises from $194.6 billion this year to $235.7 billion next. How Dell stacks up against its closest rival is in Dell vs HPE.
The answer: about two-thirds of Dell's sales come from the server unit that AI spending doubled, but much less of its stock moves with Nvidia; it moves with AI spending. Watch at the next report, expected late November: new AI orders against last quarter's $60.9 billion, and the AI backlog, $95 billion against $18.4 billion at the end of October 2025; and whether the server unit holds last quarter's 15% margin. Strong orders also lift rivals, as in Own Hewlett Packard For AI? Dell's Order Book Demands A Look.
For education, not a recommendation to buy or sell.
If Nvidia's next CEO cut chip prices to defend share, would Dell's margin rise or fall?
If AI orders pause, how fast does a server unit that doubled in a year shrink?
How much of your money is in the AI build-out, counting every fund?
Dell, Nvidia and your index funds can all be the same build-out. For families with seven figures invested, a count of your total AI exposure takes a free 30-minute call with a Trefis partner firm.
For questions about this article or underlying research, email help@trefis.com.
