Dell Stock Surges After RBC Initiates Coverage With Bull Case
RBC's new coverage of Dell sent shares climbing, extending a stunning rally that now totals nearly 350% in 2026.
Dell Technologies shares jumped sharply after RBC Capital Markets initiated coverage of the tech giant, pushing the stock's year-to-date gain in 2026 to nearly 350% — one of the most dramatic single-year runs among large-cap technology names. The move by RBC signals growing Wall Street confidence in Dell's strategic positioning as demand for artificial intelligence infrastructure accelerates across enterprise markets.
A central pillar of RBC's bullish thesis is Dell's explosive growth in AI server sales. The firm highlighted that Dell moved approximately $16.4 billion worth of AI servers in its most recent second quarter alone — a figure that underscores how aggressively corporate and cloud customers are spending to build out AI computing capacity. Few hardware vendors have managed to capture that volume of AI-related revenue in a single quarter.
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The initiation adds institutional weight to what has already been a remarkable recovery and reinvention story for Dell. The company, which went private in 2013 and returned to public markets in 2018, has steadily repositioned itself as a core supplier to the AI buildout rather than a legacy PC and server maker. Its direct relationships with large enterprise customers give it a significant distribution advantage as AI hardware demand continues to outpace supply.
Analysts and investors will now watch closely to see whether Dell can sustain its AI server momentum heading into the back half of the year and whether margins on those high-volume deals hold up. A nearly 350% gain in a single calendar year invites scrutiny over valuation, but RBC's entry suggests at least some major institutions see further runway ahead.
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