Which AI Stock Has the Most Room to Run: Dell, Oracle, Nebius, or Palantir?

TLDR

• Dell reported $113.5B in revenue for fiscal 2026, up 19%, with a $43B AI server backlog
• Oracle’s cloud revenue rose 44% and remaining performance obligations hit $553B, up 325%
• Nebius grew revenue 479% to $529.8M and expects annual recurring revenue of $7B–$9B by end of 2026
• Palantir posted $4.475B in revenue for fiscal 2025, up 56%, with 50% adjusted operating margins
• Across all four, AI infrastructure demand is driving strong growth, but valuations differ widely

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Dell reported revenue of $113.5 billion in fiscal 2026, a 19% rise from the year before. Its Infrastructure Solutions Group grew 40% over the same period.

Dell Technologies Inc., DELL

The company closed more than $64 billion in AI-optimized server orders during the year. It ended fiscal 2026 with a $43 billion AI server backlog, one of the largest in the sector.

Dell also generated $8.1 billion in operating income, up 31%. That growth came even as the company continued filling large customer orders at scale.

Despite those numbers, Dell is still often priced like a hardware company rather than an AI infrastructure supplier. Some analysts say that gap between perception and reality could benefit investors.

Oracle: Cloud and Contract Growth

Oracle reported revenue of $17.2 billion in its fiscal third quarter of 2026, up 22%. Cloud revenue grew 44%, and its Oracle Cloud Infrastructure revenue rose 84%.

Oracle Corporation, ORCL

The company’s remaining performance obligations — a measure of contracted future revenue — reached $553 billion, up 325% year over year. That figure points to a large and locked-in customer pipeline.

Oracle maintained a 43% non-GAAP operating margin in the quarter. That level of profitability held even as the company spent heavily to build out more AI cloud capacity.

Much of Oracle’s demand is coming from commercial customers, not just government contracts. That mix has helped it shed its image as a legacy database provider.

Nebius and Palantir: High Growth, Different Risk Profiles

Nebius reported full-year 2025 revenue of $529.8 million, up 479% from the prior year. Annual recurring revenue reached $1.25 billion by year-end.

The company posted its first quarter of positive adjusted EBITDA in the fourth quarter of 2025. It ended the year with $3.7 billion in cash.

Management guided for annual recurring revenue of $7 billion to $9 billion by the end of 2026. That forecast is one reason some investors see Nebius as a high-upside name in AI infrastructure.

Palantir reported fiscal 2025 revenue of $4.475 billion, up 56% year over year. It guided for roughly $7.19 billion in fiscal 2026 revenue.

The company delivered adjusted operating margins of 50% for the full year. It also reported record deal activity, supported by both government and commercial customers.

Palantir’s valuation already reflects strong growth expectations. It trades at a premium compared to Dell and Oracle, which some investors say leaves less room if results come in short.

Final Thoughts

All four companies are growing fast, and AI demand is clearly real. The difference comes down to what you’re paying for that growth. Dell and Oracle look like the more grounded options right now, Nebius carries more risk but also more potential upside, and Palantir is a strong business that may already be priced for perfection.

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