Dell Technologies shares rose 11.98% on Friday to a record high after Oracle management said its $90 billion to $95 billion capital expenditure plan for fiscal 2027 would focus on expanding AI data centers, including purchases from suppliers such as Dell and HPE. Dell's market value exceeded $360 billion, and its year-to-date gain approached 350%. Oracle had previously said the spending increase would be directed mainly toward AI server racks, liquid-cooling systems and networking equipment. Growing AI cloud orders are also improving visibility into Dell's future AI server orders. RBC Capital initiated coverage with an Outperform rating, saying Dell should benefit from a multiyear AI infrastructure investment cycle and that its supply-chain capabilities provide a competitive barrier. Dell has more than 6,500 AI server customers, generated $16.4 billion in AI server revenue in the second quarter, up 100% year over year, and ended the quarter with a $95 billion AI server backlog. Continued infrastructure spending by Oracle and other cloud providers is positioning Dell as a major beneficiary of the current AI capital-expenditure expansion.