Dell Hits 52-Week High on Strong AI Orders

Dell Technologies shares climbed 4.3% to $556.85 and reached a 52-week high of $562.99 as investors reacted to record fiscal second-quarter results and stronger AI demand ahead of CEO Michael Dell’s appearance at the Goldman Sachs Communacopia + Technology Conference.

The company reported fiscal 2027 second-quarter revenue of $46.97 billion, a 58% increase from a year earlier. Dell recorded $60.9 billion in AI-related orders during the quarter, generated $16.4 billion in AI revenue and reported an AI backlog of $95 billion. Cumulative AI server revenue rose to about $74 billion, roughly three times the prior year. Commercial revenue increased 22%, marking the eighth straight quarter of commercial growth.

After the quarter, Dell raised its full-year outlook. The company now projects sales growth of 69% and adjusted earnings per share growth of 148%, with adjusted EPS forecast at $25.50. The updated guidance prompted several analyst upgrades and higher price targets, including increases from Morgan Stanley, Goldman Sachs and Citigroup. Evercore raised its price target to $650 from $575 and retained Dell as a top pick.

Evercore analyst Amit Daryanani wrote that rising enterprise AI adoption, growing neocloud deployments, ongoing supply-chain constraints that may favor differentiated suppliers, potential margin expansion and active capital allocation could support further gains. In a scenario analysis, Evercore estimated fiscal 2027 earnings could exceed $30 per share and suggested fiscal 2028 EPS might top $40 under an upside case. The firm also outlined a longer-range valuation path in which shares could reach $1,000 using a 25-times earnings multiple and $40 of EPS.

Investors are watching Dell’s presentation at the Goldman Sachs conference for additional detail on its AI product pipeline and go-to-market plans. Dell is scheduled to join the S&P 100 index on September 21, a change that can raise demand from funds and other vehicles that track the benchmark. The inclusion, the quarterly results and the raised guidance have coincided with multiple 52-week highs for the stock in recent sessions.

The quarterly figures reflect a shift in Dell’s business toward data-center and AI computing infrastructure from its traditional personal-computer business. Market participants and analysts have flagged the company’s stronger order flow and larger AI backlog as key data points for assessing demand and valuation.