Snowflake SNOW and Dell Technologies DELL are major players in the AI Infrastructure space. While Snowflake focuses on cloud data platforms and AI-powered analytics, Dell Technologies is expanding aggressively into AI infrastructure, servers, and enterprise AI deployments.
Snowflake or Dell Technologies— Which of these AI Infrastructure stocks has the greater upside potential? Let’s find out.
The Case for SNOW Stock
SNOW is benefiting from strong adoption and increasing usage of its platform, as reflected by the net revenue retention rate of 125% in the fourth quarter of fiscal 2026. In the same quarter, Snowflake added 740 net new customers, up 40% year over year. The company now has 733 customers spending more than $1 million annually, up 27% year over year, and 56 customers spending more than $10 million annually, up 56% year over year.
The company’s AI-driven products, particularly Snowflake Intelligence and Cortex Code, have been a major growth driver. In 2026, Snowflake Intelligence, which provides enterprise-grade agent capabilities, has been adopted by more than 2,500 accounts within just three months of its launch, nearly doubling quarter over quarter. Cortex Code, a transformational coding agent, has been embraced by more than 4,400 customers, enabling faster development and deployment of AI-powered applications.
SNOW’s expanding portfolio has been noteworthy. In April 2026, Snowflake announced major updates to Snowflake Intelligence and Cortex Code, advancing its vision of becoming the control plane for the agentic enterprise. These enhancements enable businesses to connect data, tools, and AI systems seamlessly, allowing intelligent agents to automate workflows and deliver deeper, context-driven insights. The updates also expand AI-powered development capabilities, helping organizations build, manage and scale enterprise AI directly within their existing ecosystems.
Snowflake’s rich partner base and an innovative portfolio are expected to drive the company’s top-line growth. For the first quarter of fiscal 2027, Snowflake expects product revenues in the range of $1.262-$1.267 billion. The projection range indicates year-over-year growth of 27%.
The Case for DELL Stock
Dell Technologies is benefiting from surging demand for AI infrastructure, which has become a major growth driver for the company. For fiscal 2026, the company recorded revenues of $113.5 billion, up 19% year-over-year. The robust growth in AI-related orders and shipments largely drove this performance.
Dell Technologies’ AI business is booming. In fiscal 2026, the company closed $64.1 billion in AI orders, shipped $25.2 billion and exited the year with a record $43 billion in AI backlog. The fiscal fourth quarter alone saw $34.1 billion in AI orders and $9.5 billion in AI server shipments. DELL’s AI customer base surpassed 4,000, with strong growth across neoclouds, sovereigns, and enterprise customers.
DELL also saw strong momentum during the fiscal fourth quarter alone, securing $34.1 billion in AI orders and $9.5 billion in AI server shipments. Dell Technologies expects AI revenue to double to $50 billion in fiscal 2027, supported by its substantial backlog and ongoing customer demand. The company is also investing in next-generation technologies such as the Vera Rubin architecture and expects a smoother transition and continued margin stability as these new platforms ramp up.
Dell Technologies’ strong execution, record AI backlog and growing pipeline suggest that the company is well-positioned for continued upside as AI infrastructure demand grows. For the first quarter of fiscal 2027, revenues are expected to be between $34.7 billion and $35.7 billion, with the mid-point of $35.2 billion suggesting 51% year-over-year growth.
