Dell stock jumps on RBC initiation, now up nearly 350% in 2026
Dell Technologies stock surged 12% after RBC Capital Markets initiated coverage with an outperform rating, citing the company's strong position in the AI infrastructure market. Dell has seen significant growth in 2026, driven by high demand for Nvidia-based servers and a massive order backlog.
Why it matters
Dell's performance highlights the ongoing massive capital expenditure by enterprises on AI infrastructure, positioning the company as a key hardware beneficiary of the AI boom.
Dell Technologies stock rose 12% 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.
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