Dell’s AI server segment generated $16.4 billion last quarter, while its order backlog reached $95 billion and helped drive a 330% stock gain this year. The company raised its full-year revenue guidance to $192 billion. TD Cowen lifted its price target to $550 from $500 while maintaining a Hold rating, and Susquehanna kept a Positive rating and $700 target. Analysts said AI inferencing and agentic AI applications could strengthen demand for Dell’s conventional servers, with traditional server revenue projected to double in fiscal 2027 and grow at double-digit rates through fiscal 2029. Truist Securities raised its target to $505, while RBC Capital initiated coverage with an Outperform rating. Risks include possible memory supply constraints in 2027 and pressure on Dell’s client solutions business as IT budgets shift from PCs toward infrastructure. Dell subsidiaries also completed a $5 billion senior unsecured notes issuance.