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Business & Funding updated 1 min read

Dell Shares Surge 10% After RBC Outperform Rating

On Friday, Dell Technologies shares climbed 10% after RBC Capital Markets launched coverage, rating the company outperform and setting a $640 price target. The move comes as Dell’s stock has more than quadrupled in 2026, driven by its position as a leading supplier of Nvidia‑based AI servers.

1 source

Key points

  • RBC gives Dell an outperform rating with a $640 target, pushing shares up 10%.
  • Dell sold $16.4B AI servers in Q2, backed by a $95B order backlog.
  • Company raises full‑year revenue forecast to $192B, a 70% increase YoY.

Dell reported Q2 earnings that beat expectations and lifted its fiscal‑year revenue outlook to $192 billion, a 70 % jump from last year. The company sold $16.4 billion of AI servers in the quarter and holds a $95 billion backlog of server orders that are yet to be filled. Its close partnership with Nvidia, highlighted by early shipments of the Grace Blackwell NVL72 racks, and growing demand for storage and neocloud services such as CoreWeave, underpin the forecast.

Analysts say Dell’s robust supply chain gives it a competitive moat, especially amid supply‑chain volatility. The stock rally reflects investor confidence in the company’s ability to capture the multi‑year AI infrastructure spending cycle.

Full story from CNBC Technology · by Kif Leswing Open source ↗

Dell stock jumps on RBC initiation, now up nearly 350% in 2026

CNBC Technology · 11 September 2026

Dell Technologies stock rose 10% during trading on Friday after RBC Capital Markets initiated coverage of the computer maker and gave it an outperform rating and a price target of $640.

Friday's rise comes as Dell shares have more than quadrupled so far in 2026, as the longtime PC maker has emerged as one of the top vendors for Nvidia-based servers and related equipment that cloud companies and enterprises are snapping up for artificial intelligence.

"With no signs of slowing, we believe DELL continues to be well positioned to benefit from a multi-year AI infrastructure spending cycle," RBC analyst David Paige wrote in the note on Thursday.

Dell has $95 billion in sales in its server order backlog that it hasn't yet started to fill, and it sold about $16.4 billion of AI servers in its second quarter, RBC said.

Dell reported second-quarter earnings earlier this month that surpassed estimates and the company upped its fiscal full-year forecast to $192 billion, which would be a nearly 70% increase in sales over last year.

Dell executives told investors on the earnings call that it is increasing prices because of rising costs for computer parts such as memory, which factored into the elevated guidance.

The computer maker was among the first to ship Nvidia's Grace Blackwell NVL72 racks, highlighting the company's close relationship with Nvidia and its ability to secure supply of the company's GPUs. Dell supplies neoclouds including CoreWeave.

Dell's products that aren't based on Nvidia GPUs, such as storage, are also seeing increased demand driven by AI, with storage revenue rising 26% in the most recent quarter. Effectively, Dell can be a one-stop shop for companies looking to stand up AI infrastructure, according to RBC.

"Dell's best-in-class supply chain represents a competitive moat that differentiates the company during periods of supply disruption, as customers increasingly turn to Dell for a 'calming hand' during periods of supply volatility/constraints," Paige wrote.

In July, President Donald Trump, who has bought Dell shares since returning to office last year, again recommended buying Dell computers.

This text was published by CNBC Technology and written by Kif Leswing. It is reproduced here with attribution so you can read it in full; the rights remain with the publisher. Read it at the source ↗

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Dell TechnologiesNvidiaRBC Capital MarketsCoreWeaveDavid PaigeDonald Trump

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