Dell Stock Hits Record High, Up Over 300% in 2026 After RBC's $640 Price Target

Dell rockets to a record after Wall Street's newest bull call

Dell Technologies shares surged roughly 10% to 12% on Friday, September 11, 2026, hitting an all-time high after RBC Capital Markets initiated coverage of the stock with an Outperform rating and a $640 price target, according to CNBC, Quartz and BigGo Finance. The stock traded around $562, with an intraday high near $568, per pomegra.io.

RBC analyst David Paige wrote in a Thursday note that Dell has $95 billion in AI-server sales sitting in its backlog that it hasn't yet filled, and that the company sold about $16.4 billion in AI servers in its second quarter alone. "With no signs of slowing, we believe DELL continues to be well positioned to benefit from a multi-year AI infrastructure spending cycle," Paige wrote, as reported by CNBC and Quartz.

Paige also framed Dell's supply chain as a competitive edge, writing that customers "increasingly turn to Dell for a 'calming hand' during periods of supply volatility/constraints," according to CNBC. Storage revenue, which doesn't depend on Nvidia GPUs, climbed 26% in the most recent quarter, a sign AI demand is lifting more than just Dell's server business.

From Thursday's dip to Friday's pop

The Friday rally reversed a 5.4% drop the day before, when investors digested a $5 billion Dell bond sale and a disclosure that longtime backer Silver Lake Partners had sold nearly $25 million in Dell shares, according to BigGo Finance and TradingView. Large debt raises can spook investors over leverage concerns, but the bond sale drew roughly $23 billion in peak orders, TradingView reported, suggesting strong demand for Dell's investment-grade debt despite the stock's initial wobble.

MarketBeat pointed to a second catalyst behind Friday's move: Oracle's announcement of $90 billion to $95 billion in annual capital expenditure plans, which lifted AI-server suppliers broadly. Rivals Hewlett Packard Enterprise and Super Micro Computer both gained between 7% and 11% on Friday too, according to pomegra.io, indicating the rally wasn't Dell-specific.

Dell is also set to join the S&P 100 index effective September 21, S&P Dow Jones Indices confirmed, per pomegra.io. That inclusion forces index funds tracking the S&P 100 to buy shares regardless of near-term earnings, adding a structural source of demand on top of the AI-spending story.

The numbers behind the run

Dell's stock has more than quadrupled in 2026, with CNBC putting the year-to-date gain near 350% and pomegra.io citing 316% year-to-date as of Friday. The company's second-quarter results, reported earlier this month, showed Infrastructure Solutions Group revenue up 89% year-over-year to $31.8 billion, according to Quartz, with total quarterly revenue reaching $47 billion, up 58% from a year earlier, per pomegra.io.

Dell raised its full-year revenue guidance to $192 billion, roughly 70% growth over last year, and lifted its AI-server revenue outlook to $74 billion, about 200% growth, Quartz reported. Full-year adjusted earnings-per-share guidance now stands at $25.50, up 148% annually. Executives told investors the higher guidance partly reflects price increases to offset rising memory costs, according to CNBC.

Management has also pointed to replacement-cycle tailwinds: roughly 400 million PCs are more than four years old and 1.3 million older servers are due for an upgrade, CEO Michael Dell said at Goldman Sachs' Communacopia + Technology Conference, according to TradingView. He also warned hardware shortages could worsen in 2027 despite already-elevated memory costs.

The rally has been personally lucrative for Dell's founder. Forbes estimated Michael Dell's net worth at $273.2 billion as of Wednesday, making him the world's second-richest person behind Elon Musk, according to TradingView.

A note of caution amid the euphoria

Not every voice on Wall Street is cheering the record highs without reservation. Writing for The Epoch Times, Edward Chin, a former hedge fund country head, argued that September has historically been the weakest month for the S&P 500, with an average return near negative 1%, statistically worse than October despite October's reputation for crashes. Chin's point isn't specific to Dell, but it's a fair caution for any investor watching a stock that has quadrupled in eight months. After a run this powerful, investors should check whether their portfolios have become too concentrated or too dependent on a single sector, rather than assume the momentum simply continues.

Given how much of Dell's 2026 story depends on one customer relationship, concentration risk is worth considering. Nvidia's GPU allocation and Dell's ability to keep securing it have been the backbone of nearly every bullish note on the stock, including RBC's. If AI infrastructure spending from hyperscalers and neoclouds like CoreWeave slows even modestly, a lot of that $95 billion backlog assumption gets tested.

President Donald Trump, who has bought Dell shares since returning to office and again recommended Dell computers publicly in July, has been a visible cheerleader for the company, CNBC noted. Whether that public association reflects genuine conviction in Dell's AI positioning or adds political noise to a stock already trading on raw earnings momentum is a separate question from whether the fundamentals RBC cited actually hold up over the "multi-year" cycle Paige described.

With 20 of 29 analysts already rating Dell a buy and none rating it a sell, per Koyfin data cited by TradingView, the next real test comes when Dell reports earnings again and investors find out whether that $95 billion backlog is converting into shipped, billed revenue, or still sitting on paper.