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

Key Points:

• Jim Cramer highlighted Dell Technologies as the most important stock on September 2, 2026, praising its Q2 FY27 results as one of the best quarters he has ever seen, particularly for its AI business.
• Dell’s stock has surged 240.76% year-to-date, outperforming NVIDIA’s 16.73%, driven by record AI server orders of $60.9 billion, $16.4 billion in AI server revenue, and a $95 billion AI backlog.
• The company reported strong financials with revenue up 57.8% year-over-year to $46.97 billion, adjusted EPS beating estimates by 43.69%, and net income rising 255%, leading to an upward revision of full-year revenue guidance to $192 billion.
• Dell trades at a lower P/E ratio of about 23 compared to NVIDIA’s 44, despite delivering 203% operating-income growth, suggesting potential for multiple expansion as the AI buildout continues.
• Key factors to watch include Dell’s Q3 revenue guidance, recovery of free cash flow after a recent decline, and whether the valuation gap with NVIDIA narrows, with Cramer emphasizing the importance of a strong market close for Dell.