Dell Technologies shares jumped 10% on Friday to an all-time high after RBC Capital Markets initiated coverage with an outperform rating and a $640 price target. Shares have more than quadrupled in 2026 as cloud providers and enterprises increase purchases of Nvidia-based servers and related hardware for artificial-intelligence deployments. RBC analyst David Paige said Dell has $95 billion in server sales in its order backlog and sold approximately $16.4 billion in AI servers in its most recent quarter. Dell’s supply-chain capabilities, early shipments of Nvidia’s Grace Blackwell NVL72 racks and 26% storage-revenue growth reinforce RBC’s view that the company can supply broad AI infrastructure needs. Dell’s second-quarter Infrastructure Solutions Group revenue rose 89% year over year to $31.8 billion, while the company raised its full-year revenue outlook to $192 billion and its AI-optimized server outlook to $74 billion.