Dell Technologies has emerged as one of the strongest S&P 500 performers in 2026, with its stock closing Sept. 4 at $524.14, up roughly 316% for the year. Only Sandisk and Moderna posted larger year-to-date gains among S&P 500 members. The rally added about $255 billion to Dell’s market capitalization, lifting its value from approximately $83.4 billion at the end of 2025 to $338.7 billion. The company reported record quarterly revenue of $47 billion, up 58% year over year, and adjusted earnings of $7.04 per share, up 203%. Dell booked $60.9 billion in AI server orders during the quarter and ended July with a $95 billion backlog. Its AI demand converted into orders over the past 12 months totaled about $131.7 billion, while management said its pipeline was several times larger than the backlog. Dell’s AI customer base surpassed 6,500, prompting the company to raise its full-year revenue forecast from $167 billion to $192 billion and adjusted EPS guidance from $17.90 to $25.50. Growth also extended to traditional server and networking revenue, which rose 122%, and storage revenue, which increased 26%. Dell will join the S&P 100 on Sept. 21 alongside Palo Alto Networks, Arista Networks and Sandisk, replacing Honeywell Aerospace, Nike, Simon Property Group and Colgate-Palmolive. The stock now trades at about 18.6 times forward earnings, while analysts’ average target near $564 points to more limited upside than its gains so far this year. Higher interest rates remain a risk for technology valuations, but Dell’s financial expansion has been substantial: its shares began the year near $126 and its market value was below $85 billion.