This AI Stock Has Tripled in 2026. It Could Still Double in 3 Years (Hint: It's Not Micron)

Micron Technology has been on a tear on the stock market in 2026, with its shares almost tripling this year, as of this writing. However, the memory specialist's gains have been eclipsed by a 242% surge in shares of Dell Technologies (NYSE: DELL).

Dell stock has benefited from a significant acceleration in revenue and earnings growth this year, primarily fueled by booming demand for its artificial intelligence (AI) servers. The good news for investors is that it isn't too late to buy Dell, as it is trading at an extremely attractive valuation even after its stunning rally in 2026.

Let's look at the reasons why this AI stock could double your money in the next three years.

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Dell Technologies dominates the fast-growing AI server market

Market research firm IDC estimates that the global server market's revenue increased by 31% in the first quarter of 2026. IDC expects the server market to clock a solid annual growth rate of 25% through the end of the decade.

AI servers will play a central role in this market's growth. According to another estimate, the generative AI server market could clock a compound annual growth rate (CAGR) of 34% through 2030, generating $449 billion in revenue by the end of the decade. With an estimated market share of 17%, according to Fortune Business Insights, Dell is in a solid position to capitalize on this massive market opportunity.

Importantly, Dell has been capturing a larger share of AI server sales. This is evidenced by a whopping 757% year-over-year increase in Dell's AI server revenue in the first quarter of fiscal 2027 (which ended on May 1) to $16.1 billion. The company expects to clock $60 billion in AI server revenue this fiscal year, up from the prior expectation of $50 billion. Dell delivered $24.7 billion in AI server revenue in fiscal 2026

So, the company's fiscal 2027 growth projection suggests it will grow significantly faster than the AI server market. This should set Dell up for impressive growth over the next three years, which could be enough for the stock to double, at least.

Here's how this AI stock could double

Dell's earnings per share could increase by 78% in the current fiscal year to $18.41. Analysts are anticipating robust double-digit growth from the company over the next two years as well.

Data by YCharts

Of course, Dell could exceed the projected growth rate, considering the terrific growth opportunity in AI servers and its improving market share. However, even if Dell's earnings per share increase to $25.77 in fiscal 2029 and it trades at 33 times earnings at that time, in line with the Nasdaq-100 index's earnings multiple, its stock price could reach $850.

That's nearly Dell's current stock price. Given that this AI stock is trading at 24 times forward earnings, it isn't too late for investors to buy this high-flying server specialist, especially considering the potential upside it could deliver within the next three years.

Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.