Dell Stock Hits New High as Michael Dell Passes Bezos, Raises $4B and Gets $650 Target

• Dell stock hit a fresh record as AI server demand kept pushing revenue and backlog higher
• Michael Dell briefly moved ahead of Jeff Bezos in Forbes’ billionaire ranking as the share price climbed
• Dell tapped the bond market for billions while Evercore raised its price target to $650, signaling Wall Street still sees room for upside

Dell stock hit a fresh record this week, adding another leg to a rally that has already reshaped Michael Dell’s net worth. The Dell founder briefly moved ahead of Jeff Bezos in Forbes’ billionaire ranking, while Dell Technologies also tapped the bond market and picked up a higher Wall Street target. Behind most of that momentum is the demand for AI servers, which has become the company’s biggest growth driver this year.

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Dell Stock Rally Gets Fresh Backing From AI Demand

Dell shares closed at a record $535.25 on Tuesday, after touching $538.47 intraday. The move pushed Michael Dell’s estimated fortune to $267.7 billion, enough at the time to overtake Bezos and become the world’s third-richest person.

There is plenty underneath that rally. Dell reported fiscal second-quarter revenue of $47 billion, up 58% year over year, while adjusted earnings reached $7.04 per share. The company has received more than $130 billion in AI server orders over the past year and now expects $74 billion in AI-optimized server revenue for fiscal 2027, up from its earlier $60 billion forecast.

Dell also tapped the bond market as the stock was hitting fresh highs. The company initially sought about $4 billion through an investment-grade bond sale, spread across four tranches with maturities ranging from three to 10 years. Early pricing on the longest parts was discussed at as much as 1.4 percentage points above comparable US Treasuries. Dell said the proceeds would be used to repay debt due in 2026 and for general corporate purposes.

Demand turned out to be much stronger than expected. The order book reportedly reached about $23 billion, allowing Dell to increase the final offering to $5 billion from the original $4 billion target. The company has roughly $2.3 billion of bonds maturing in October. A large part of the deal is really about refinancing rather than simply taking on fresh debt for expansion.

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Dell Price Target Climbs to $650

Wall Street is still seeing room for more. Evercore ISI raised its Dell price target to $650 from $575 while keeping an Outperform rating. The firm pointed to enterprise AI adoption, better margins, and operating leverage as potential drivers of further gains.

Even after the stock’s huge run, that target keeps the upside story alive. Dell Technologies is now balancing a record valuation, heavier borrowing, and an AI backlog that continues to grow, making the next question less about whether demand exists and more about how long the pace can hold.

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