Dell Technologies shares have climbed 350% over the past year as record AI-related demand drives revenue, earnings and analyst optimism. Fiscal second-quarter revenue reached $47 billion, up 58% year over year and above the $44.9 billion consensus estimate, while adjusted earnings per share tripled to $7.04 from the prior year and exceeded the $4.91 forecast. AI server revenue doubled to $16.4 billion, orders reached $60.9 billion and the company ended the quarter with a $95 billion backlog. The Infrastructure Solutions Group generated $31.8 billion in revenue, up 89%, while operating income rose 225% to $4.8 billion. Dell now serves more than 6,500 AI Factory customers and expects fiscal third-quarter revenue of $49 billion and full-year AI server revenue of $74 billion. Evercore analyst Amit Daryanani raised his price target to $650 from $575 and kept Dell as a top pick. Wall Street’s Moderate Buy consensus includes 14 Buy ratings and seven Holds, with no Sell ratings and an average target of $595.17, implying about 11% upside. The rally has also lifted Michael Dell’s estimated fortune to $267.7 billion, moving him ahead of Jeff Bezos in Forbes’ ranking.