Dell, Snowflake, and Ford show how the AI boom is spreading: Alpha Check
The three-stock AI Stack Tracker is up roughly 86% since that date, with Dell now nearly 44% of the basket. On Friday, the tracker was up nearly 14%, powered by Dell’s surge.
A chart showing each of the three stocks individually tells a similar story.
Since March 30, Dell is up nearly 150%, while Snowflake is up over 60% and Ford is up a little less than that. While all three have easily outperformed the S&P 500 (^GSPC), up 20%, they also show how uneven the AI infrastructure trade has become.
Dell is the proof point.
The stock is having its second-best day ever after the company lifted its AI server revenue outlook to $60 billion for the fiscal year. Dell also booked $24.4 billion in AI orders in the quarter and ended with a $51.3 billion AI server backlog.
That is AI demand turning into hard dollars.
Citi’s Asiya Merchant put it simply: “Demand continues to exceed supply, supporting visibility into a sustained backlog through year-end.”
Snowflake is the data layer.
Its stock notched its best day ever on Thursday after the company reported quarterly revenue that rose 33% to $1.39 billion, product revenue that climbed 34%, and net revenue retention that improved to 126%.
The old fear was that AI models would make software platforms less necessary. Snowflake’s quarter argued the opposite: AI may be making usable enterprise data more valuable.
Evercore ISI called Snowflake “one of the few clear ‘AI winners’ in infrastructure software.”
Ford is the early-stage wrinkle — and the one that needs the biggest caveat.
Ford Energy is not even a standalone financial line item yet, so Ford is not yet an “AI stock.” It is a power-storage option inside a much larger auto company.
Still, Ford’s deal with EDF for up to 20 gigawatt-hours of battery energy storage systems over five years gave investors a concrete reason to care. UBS estimated the deal could equal roughly $720 million per year, or $3.6 billion over its life, under its pricing assumption.