Dell Surges 12% to All-Time High on RBC Initiation and Oracle-Driven AI Server Demand

Dell Technologies shares closed up roughly 12% on Friday, September 11, touching a new all-time high of $563.19 intraday, after RBC Capital Markets initiated coverage with an Outperform rating and a $640 price target. RBC cited robust enterprise demand across AI investments, compute modernization, storage expansion, and an ongoing PC refresh cycle, arguing those tailwinds should sustain Dell's results above its own long-term financial targets. The firm noted Dell sold approximately $16.4 billion in AI servers in its most recent second quarter, and that the company beat both top and bottom line estimates while raising its fiscal 2027 forecast.

Oracle's earnings report added further fuel, with the cloud giant announcing plans to significantly increase capital spending over the coming year. That guidance signals expanding data-center buildout and flows directly to server vendors like Dell, Hewlett Packard Enterprise, and Super Micro. HPE gained roughly 11% and HP rose around 7%, while Super Micro climbed approximately 7% on the same read-through.

Friday's move extended Dell's extraordinary 2026 run to approximately 345% year-to-date, making it one of the S&P 500's top performers for the session and cementing its status as a primary beneficiary of Nvidia-based AI infrastructure spending. The broader market also rebounded, with the S&P 500 climbing roughly 1% and the Dow adding around 530 to 596 points, snapping a four-session losing streak. Dell's rally also pushed founder Michael Dell closer to Jeff Bezos in the rankings of the world's wealthiest individuals.