The Globe and Mail reports in its Monday edition that Dell Technologies' AI server revenue is expected to explode 46 per cent from the last quarter when it releases results Thursday after the bell. Guest columnist Amber Kanwar writes that at this point no one is doubting that the PC-maker has found a new lease on life as a beneficiary of the trillion-dollar AI data-centre build-out. The stock is up 134 per cent in 2026 alone. The rub is the valuation, warns Morgan Stanley analyst Erik Woodring, who is the only sell on the stock. While that's another way of saying he has been wrong on it, it's worth taking a peek at what contrarians have to say about parabolic moves. "DELL now trades at an all-time 30 per cent premium to AI infra peers, and [second-half of the year] uncertainty remains with memory inflation/supply," Mr. Woodring wrote in a preview note. Memory chip prices are up 600 per cent, which can lead to stockpiling if companies are afraid prices will go even higher. Mr. Woodring thinks this has pulled forward demand and the second half of the year could be vulnerable. He acknowledges this quarter will be a "blowout" with strong results, but long-term investors should be cautious.