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Dell Technologies stock chart showing 11% surge to all-time high on September 11 2026
Photo: Yahoo Finance / Proactive Investors

Dell Stock Jumps 11% After RBC Outperform Initiation

Yahoo Finance2 min read6 sources

Why is Dell stock up today?

Dell (DELL) stock jumped 11% to $562 on Friday after RBC Capital initiated coverage with an Outperform rating and a $640 target, citing a record $95B AI-server backlog.

Key numbers

1-Day Stock Move+11%to $562, intraday high $568
RBC Capital Price Target$640+14% implied upside from $562
AI Server Backlog (Q2 FY27)$95B+121% from $43B at FY26 year-end
Q2 FY27 AI Server Orders$60.9Brecord single-quarter figure
Q2 FY27 Total Revenue$47.0B+58% YoY
FY26 Adjusted Free Cash Flow$11.5B+272% YoY

What happened

Dell (DELL) stock jumped 11% to $562 on Friday after RBC Capital initiated coverage with an Outperform rating and a $640 target, citing a record $95B AI-server backlog. Analyst David Paige said Dell's end-to-end portfolio across servers, PCs, and storage positions it to keep winning enterprise AI market share. Oracle also announced $90-95 billion in annual capital spending, lifting the broader AI-server sector alongside Dell. Capping the week, S&P Dow Jones confirmed Dell joins the S&P 100 on September 21—forcing index funds to buy shares—after Q2 revenue hit $47 billion, up 58% from a year ago.

Why it matters

Dell stock's rally reflects how far the company has come from its PC-era image — it is now a top supplier of the AI servers powering corporate and consumer AI tools. An independent $640 price target from RBC validates that Dell's $95 billion AI-order backlog should convert to real revenue over the next two years. The S&P 100 addition adds structural demand: large index funds must buy in regardless of near-term earnings, supporting the stock price heading into September 21.

Who this affects

Marketbullish
Medium impact
AI-server investors broadly benefited; broader tech barely moved.
Companybullish
High impact
Dell hit an all-time high; raised guidance lifts shareholder value.
Competitorsbullish
Medium impact
AI-server rivals HPE and SMCI both gained 7-11% Friday.
Industrybullish
Medium impact
Oracle's $90-95B capex confirms sustained AI infrastructure demand.

Dell vs Hewlett Packard Enterprise, Super Micro Computer

Dell TechnologiesDELL~$364B+11%+316%22x
Hewlett Packard EnterpriseHPE~$84B+11%~+157%—
Super Micro ComputerSMCI~$24B+7%~+37%—

As of 2026-09-11

How we got here

  1. Dell reports FY26 revenue of $113.5B; AI server FCF hits $11.5B adjusted.

  2. Dell Q1 FY27 earnings: $43.8B revenue; stock jumps 32% in its best day ever.

  3. Dell Q2 FY27: $47B revenue, $95B AI backlog; full-year guide raised to $192B.

  4. S&P Dow Jones announces Dell joins the S&P 100, effective September 21.

  5. RBC Capital $640 Outperform initiation sends DELL to a $568 all-time high.

What to watch

  • S&P 100 rebalancing on Sept 21 forces index funds to buy DELL shares.2026-09-21
  • Q3 FY27 earnings will test whether the $95B backlog converts to revenue.Q4 2026
  • Oracle and hyperscaler capex updates that could speed or slow AI server orders.Q4 2026

Educational content only. Not investment advice.

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