AI Capex Shift to Infrastructure Lifts Dell, Nokia, Cisco; Seven Legacy Tech Stocks Add $1.7T

Shares of Dell Technologies (DELL), Nokia (NOK), Cisco Systems (CSCO) and four other legacy tech firms surged an average 158% this year, adding $1.7 trillion in market value, as AI spending shifts to servers, networking gear and memory chips. Dell's fiscal 2027 first-quarter revenue grew 88% to $43.8 billion, with AI server sales up 757% to $16.1 billion. It raised its full-year AI server revenue target to $60 billion, driving a record single-day share gain. Cisco's fiscal 2026 third-quarter revenue rose 12% to $15.8 billion, with networking product orders up over 50%. AI infrastructure orders from cloud giants hit $5.3 billion year-to-date; the company lifted its full-year AI order forecast to $9 billion. Nokia, which exited phones, acquired optical network firm Infinera in February to tap high-speed data-center links. Lenovo's fiscal 2025/26 revenue reached a record $83.1 billion, with AI-related sales doubling to 33% of total, while Micron Technology (MU) saw revenue climb to $23.86 billion on strong HBM demand. The rally, supported by actual orders and earnings, remains exposed to potential spending slowdowns by cloud giants.