Jim Cramer Says One Stock Is More Important Than Nvidia Today, and It’s Up 240% This Year

Jim Cramer told his followers on X Wednesday morning: “Dell is the most important stock today and if it doesn’t finish up big…i dont know….” The post landed at 9:39 a.m. ET on September 2, 2026, hours after Cramer used his Mad Money broadcast to call Dell’s quarter “one of the best quarters I’ve ever seen” and one that “should change people’s minds, at least about Dell, maybe about tech.”

Here is the reveal that makes the call notable. Dell Technologies (NYSE:DELL | DELL Price Prediction), the company most investors still think of as a PC maker, is up 240.76% year to date through the September 1 close. NVIDIA (NASDAQ:NVDA), the chip name every AI investor owns, is up 16.73% over the same stretch. The 2026 winner in AI hardware, by a wide margin, is the systems integrator.

Quarter That Set the Stage

Dell reported its Q2 FY27 results after the close on September 1, and the numbers explain Cramer’s tone. Revenue came in at $46.97 billion, up 57.8% year over year, beating the consensus by 5.69%. Adjusted EPS of $7.04 beat estimates by 43.69%. Net income rose 255%.

The AI numbers are where Cramer’s “most important stock” framing comes from. Dell booked a record $60.9 billion in AI server orders, recognized $16.4 billion in AI server revenue, and exited the quarter with a record $95 billion AI backlog. On the call, management noted Dell became the first to ship rack systems engineered on the NVIDIA Vera Rubin platform, and that its AI customer count surpassed 6,500. Traditional servers grew 122% and storage grew 26%, so the growth is not just AI racks. Dell is exactly the kind of non-chipmaker riding the AI buildout that most investors overlook (we profiled seven of them, from power to cooling to systems, in a free report here).

Guidance moved with the results. Dell raised its full-year revenue outlook by $25 billion to $192 billion, up roughly 69% year over year, and lifted full-year non-GAAP EPS guidance to $25.50. The revised numbers are disclosed in Dell’s Q2 FY27 8-K filing.

Why Dell Is Beating NVIDIA in 2026

The valuation gap is doing a lot of the work. Dell trades at a P/E of roughly 23, while NVIDIA sits near 44. When Dell prints 203% operating-income growth and expands non-GAAP operating margin from 7.7% to 12.6%, the multiple has room to rerate. NVIDIA is still growing revenue more than 100% year over year, but its roughly $5.46 trillion market cap means every dollar of AI capex has to travel further to move the stock.

Cramer has been vocal about that mismatch. On Tuesday night he argued “it’s absurd that Nvidia has an amazing order book and huge profitability, yet it trades at just 23 times this year’s earnings estimate” and floated a half-trillion-dollar buyback as the fix.

Irony Nobody Is Talking About

On the same broadcast where he called Dell’s quarter one of the best he had ever seen, Cramer said “we’ve raised our cash position for the charitable trust to more than 15%, which over the 25 years of its existence is extremely high.” The loudest AI bull of the day is holding his most defensive cash posture in a quarter century.

The stock itself has been jumpy. Dell fell 6.09% during the September 1 session before releasing the numbers that Cramer would go on to celebrate. Shares were at $445.40 midmorning on September 2, up 4.8% from the $425 prior close.

What to Watch

Cramer made Wednesday’s close a referendum on the AI trade. Three things matter now: whether Dell’s Q3 revenue guide of $49 billion proves conservative given $131.7 billion in trailing-12-month AI orders; whether free cash flow, which fell 47.22% to $986 million, recovers as AI-server working capital normalizes; and whether the P/E gap of roughly 23 versus 44 between Dell and NVIDIA continues to close. Cramer thinks Dell has to finish up big. The setup, at least, is there.

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