Michael Dell is now the fifth richest person in the world—his worth has nearly doubled to $262 billion in the last year alone thanks to AI

Michael Dell has just become one of the biggest winners in the AI stock frenzy. The Dell Technologies founder’s net worth has climbed by about $122 billion since this time last year, reaching $262 billion on the Bloomberg Billionaires Index. That puts him fifth among the world’s richest people, even as other tech billionaires have posted far smaller gains or, in Mark Zuckerberg’s case, a loss.

The surge comes from a company many people once filed under “old tech.” Dell founded Dell Technologies in 1984, when he was 19 and a student at the University of Texas at Austin. He started with $1,000, dropped out of college, and built a business selling computers directly to customers. That original PC-and-laptop company is still the core of the story, but the business has moved a long way from desktop boxes.

Today Dell Technologies is riding a wave of demand for AI infrastructure. Its server racks and data storage gear have become increasingly important for corporate and cloud data centers, and the company has pushed hard into enterprise infrastructure and services. Dell himself said in 2024 that the company had evolved into the largest IT infrastructure company in the world. Whether or not the title matters, the market clearly believes the AI pivot is real.

The numbers explain the mood. Dell shares are up 327% since the start of the year. In the latest quarter, Dell reported record revenue of $47 billion, and in Q1 fiscal 2027 it posted better-than-expected adjusted earnings. AI-optimized server revenue jumped 757% to $16.1 billion, which helped push Dell ahead of Zuckerberg on the Bloomberg list. Dell’s 40% stake did the rest, with his holdings rising sharply alongside the stock.

The story isn’t just about public markets, either. Dell’s private investment firm, DFO Management, also adds to the pile, with bets across public stocks, private companies, real estate and liquid corporate credit. Fortune reached out to Dell for comment.