Dell Technologies (NYSE:DELL | DELL Price Prediction) has become one of the market’s biggest AI winners. The stock has rocketed over 250% year to date and more than 100% in the past month alone, fueled by explosive demand for AI infrastructure.

Yet even some bulls are beginning to question how much future growth is already reflected in the share price. Speaking on CNBC’s Closing Bell: Overtime, Truist analyst Matthew Nicknam laid out the big problem with Dell right now:

“Dell is seeing momentum, no question. If we think about demand across each of their end markets, it’s there. Supply is tight. Dell has got it.” The issue, in his view, is what investors are…