DELL
NVDA
Wall Street’s mood: suddenly very into Dell
Dell Technologies is having one of those stock days that makes you wonder whether Wall Street just discovered AI again. Shares jumped to a new 52-week high after analysts bumped up price forecasts ahead of the company’s May 28 fiscal first-quarter 2027 earnings report.
The headline catalyst here is simple: the street is leaning harder into Dell’s AI infrastructure story. Wells Fargo's Aaron Rakers raised his price target to $270 from $180 and kept a Buy-equivalent stance, while Morgan Stanley also boosted its target — even though it stayed at Underweight. Translation: even the skeptics are nudging the math higher.
The AI backlog flex
Why all the excitement? Dell has been handing out pretty juicy AI breadcrumbs. The company previously said fiscal 2026 AI orders hit $64.1 billion, with $25.2 billion in AI shipments, and it ended the year sitting on a $43 billion AI backlog. Management has also guided to about $50 billion in AI revenue for fiscal 2027, which would imply roughly 100% growth. Not exactly the kind of number you whisper — this is the kind of growth that gets analysts reaching for bigger models.
At Dell Technologies World 2026, Michael Dell and NVIDIA's Jensen Huang basically turned the event into an AI demand victory lap. Huang called enterprise AI demand "utterly parabolic," while Michael Dell said global AI infrastructure spending could hit $3 trillion to $4 trillion by 2030. In other words: if you’re building AI data centers, Dell wants to be the plumbing, the power, and probably the fancy faucet too.
Big picture
Dell's stock is riding a familiar combo platter: upbeat analyst sentiment, a juicy AI backlog, and a narrative that enterprise AI is moving from science project to real deployment. The next test is the earnings report on May 28 — because Wall Street loves a good story, but it loves receipts even more.