While the dot-com tech heroes of the ’90s, those who fell with a crash during the famous 2000 bubble, seemed to have fallen definitively into oblivion, a group of historic names is experiencing a surprising and vigorous revival.
Companies like Dell, Lenovo, Nokia, Cisco, Intel, Texas Instruments, and Micron – true icons of that golden era that for years had been sidelined or considered outdated – are posting extraordinary performances throughout 2026.
As Bloomberg points out, dedicating one of its in-depth reports to this topic, the engine behind this comeback is the frantic global race to build AI infrastructure, which has exploded demand for servers, storage systems, networking equipment, traditional components, and chips.
These seven stocks have achieved an average growth of 158% since the beginning of the year, generating a total of $1.7 trillion in new market capitalization.
The historical context
In the ’90s, companies like Dell, Cisco, and others embodied the dream of the new digital paradigm. They were often referred to as the “Four Horsemen,” the equivalent of what we today represent with the so-called “Magnificent Seven.”
After the dot-com bubble burst, many of them lost between 80% and 98% of their value and were forced to radically reinvent themselves or disappear from the scene.
Today, more than twenty-five years later, massive investments in AI infrastructure are creating widespread shortages in everything defined as traditional hardware: servers, storage memories, communication networks, classic processors, passive components, and memory chips.
As Yan Taw Boon, portfolio manager at Neuberger Berman, observed, production capacity in these sectors has remained limited for years, while demand has suddenly skyrocketed. This imbalance between supply and demand is bringing back into the spotlight names that seemed irreparably out of fashion.
Dell Technologies
Dell perhaps represents the clearest example of this revival. In 2026, its shares jumped 33% in a single session after releasing quarterly results that highlighted overwhelming demand for its AI-dedicated servers.
The company, historically known mainly for personal computers, has successfully repositioned itself as a strategic provider of advanced AI infrastructure.
It is now worth more than $125 billion compared to its all-time high in March 2000. After being privatized in 2013 and returning to the stock market at the end of 2018, Dell is experiencing a new glorious chapter.
Lenovo
Lenovo established itself globally by acquiring IBM’s personal computer division in 2005, obtaining the rights to the legendary ThinkPad notebook line and laying the foundation to become the world’s largest PC manufacturer.
Although the personal computer market has been in structural decline for several years, the Chinese company has decisively invested in AI-related products and services, generating nearly 40% of total revenues from these new activities.
In 2026, its shares gained 159% on the Hong Kong Stock Exchange, recording the best May in the last twenty-five years and ranking as the top-performing stock in the Hang Seng index.
This is a genuine case of strategic turnaround demonstrating how even a “classic” leader can successfully reinvent itself.
Nokia
Nokia’s story is one of the most dramatic in recent history: from a giant valued at €300 billion to an almost total collapse, first due to the transition from the telecom boom to crisis and then due to the advent of smartphones.
After selling its mobile phone division to Microsoft in 2014, the Finnish company focused on the less flashy business of telecommunications network infrastructure.
The most recent turning point came with the 2025 acquisition of Infinera, a U.S. specialist in optical networks, precisely when AI data centers require increasingly faster and higher-performing connections between various computing clusters.
Shares rose over 124% in 2026, ranking among the best in the European market, although still far from historical highs.
Cisco Systems
Cisco was briefly the most valuable company in the world in 2000 and perfectly represented the enthusiasm of the dot-com bubble.
After years of transition and adaptation, the company is experiencing a new phase of expansion thanks to the shift toward AI infrastructure.
Recent results have shown solid revenue forecasts for the fourth fiscal quarter and a selective restructuring plan to focus resources on the most promising technologies.
Shares gained 56% in 2026, finally surpassing the March 2000 peak and recording the best margin against the Nasdaq 100 index since 2006.
Intel
Until less than two years ago, Intel appeared destined for irreversible decline due to prolonged production issues and loss of leadership in the semiconductor sector.
The comeback path has been turbulent, with four different CEOs in the last decade. Current CEO Lip-Bu Tan initially received market praise, then became embroiled in political controversies with President Trump, before securing significant U.S. government support.
Decisive were Nvidia’s $5 billion investment and the announcement that new Xeon processors are being used in some of Jensen Huang’s company’s systems. Recently, news also emerged of a preliminary agreement with Apple for the production of some chips.
Shares rose 211% in 2026, heading toward their best year ever.
Texas Instruments
Texas Instruments, the dominant supplier in the ’90s of analog chips essential for telecommunications and cell phones, saw demand drastically decline after the slowdown in network infrastructure investments.
Today, its data center unit generates over $1 billion in annual sales, with growth exceeding 60% in 2025, driven by the need for higher power density in AI servers. Shares increased 76% in 2026.
Micron
Micron has become the purest emblem of this new cycle. A leader in the production of high-bandwidth memory (HBM), it has explosively benefited from the strong imbalance between supply and demand in the AI sector.
Shares have gained over 903% in the last twelve months, entering the trillion-dollar company club with the fastest transition ever: from $500 billion to $1 trillion in market capitalization in just 48 trading days.
