Dell reported earnings last night. The stock jumped 38% after hours. But the stock price isn’t the number that should stop you mid-bite at dinner tonight.

This is: Dell’s AI server revenue hit $16.1 billion in a single quarter. Twelve months earlier… $1.9 billion. That’s a 757% increase. In one year. And they couldn’t build them fast enough — $24.4 billion in new AI orders came in during the quarter, with $43 billion in backlog still waiting to ship.

Now, a lot of smart people are asking whether this is a bubble. Fair question. So let’s compare. At its peak in March 2000, Cisco — the company that built the plumbing for the internet — traded at a P/E ratio above 470. Nearly five hundred times earnings. Investors were paying for a dream. Nvidia today? P/E around 33. A PEG ratio of 0.3 — meaning you’re paying a fraction of the actual growth rate. That’s not a dream. That’s a receipt.

And it’s not just Dell. Big Tech firms are planning $650 to $700 billion in AI capital spending this year. That money flows into power plants, cooling systems, fiber, copper, construction crews. It’s the biggest corporate infrastructure buildout since the late ’90s — except this time, the companies writing the checks are profitable and the revenue is real.

If you own an S&P 500 index fund — and most retirees do — you already own this trend. The S&P closed at all-time highs yesterday. A big chunk of that is being driven by exactly this kind of spending. The question isn’t whether AI is real. The question is whether you know how much of your portfolio is riding on it.

If you hold index funds, you’re riding this wave whether you planned to or not. That’s worth a conversation with your advisor — not about whether to buy Dell, but about whether you understand what’s driving your portfolio right now. This week, not next month.