Dell Technologies shares have been on a roll—the 40-year-old PC and enterprise hardware company has rallied 40% for the year to date, and 187% over the last 12 months. All of that is thanks in no small measure to the company’s growing position as an AI play.

Like PC rivals HP Inc. and Lenovo, Dell is getting ready to roll out AI-powered personal computers later this year. But what has the stock jumping lately is the rapidly expanding demand for the company’s AI servers to handle and run AI large language models. In reporting January quarter financial results, Dell said it has a $2.9 backlog of AI servers, up from just $800 million two quarters earlier, most of them powered by Nvidia H100 chips. And the company said it has a pipeline of interest in AI servers that is “multiples” higher than the current backlog.

All of that helps explain a flurry of joint announcements from Dell and Nvidia at the chip maker’s GTC developers event on Monday in San Jose. Dell unveiled a platform it calls “Dell AI Factory with Nvidia.” The new offering combines Dell servers, storage, PCs, software and networking with Nvidia AI infrastructure and software. Dell said the platform is intended to “help enterprises quickly capitalize on AI investments.”

Dell also said it is working with Nvidia to offer liquid-cooled systems based on Nvidia’s new GB200 “superchips,” which were also unveiled today.

Dell also announced that its PowerEdge XE9680 rack servers will support several new Nvidia chips, including the B200, B100 and H200 Tensor Core graphics processing units, or GPUs, starting later this year.

Dell has gone all in on AI, ratcheting up competition with hardware rivals like Hewlett Packard Enterprise and Super Micro Computer.