AI The demand for infrastructure continues to rise, repositioning Dell from a traditional PC manufacturer as a major technology company. As of the close on September 4th, Dell's stock price was at $524.14, representing a cumulative increase of about 316% since 2026, with a market value that has grown by approximately $255 billion from the end of 2025 to reach $338.7 billion.
Order growth boosts market expectations
Over the past 12 months, Dell has converted approximately $131.7 billion worth of AI demand into orders. Management stated that the current project pipeline is still much higher than the number of existing orders, and the number of AI customers has also exceeded 6,500.
In this context, the company has raised its full-year performance expectations. Dell has increased its full-year revenue guidance from $167 billion to $192 billion and raised its adjusted earnings per share forecast from $17.90 to $25.50.
Not only is the AI server growing...
This round of growth is not driven solely by the AI server business. Dell's traditional server and networking business revenue increased by 122%, and storage business revenue increased by 26%, indicating that the expansion of data center infrastructure is benefiting more product lines simultaneously.
As a result, the focus of the market has also changed. For Dell, which has long been regarded as a manufacturer of PC, investors now place more emphasis on its role in the areas of AI computing, networking, and storage.
Inclusion in the S&P 100 on September 21
Dell will be added to the S&P 100 index on September 21st, along with Palo Alto Networks, Arista Networks, and Sandisk. Companies that will be replaced from the index include Honeywell Aerospace, Nike, Simon Property Group, and Colgate-Palmolive.
This adjustment reflects the changing structure of large U.S. stocks. Companies related to the internet, storage, network security, and AI computing are entering the core index constituents more rapidly.
However, after a significant increase, Dell's valuation has clearly risen. Based on expected earnings, the company's current forward price-earnings ratio is about 18.6 times. Reports mention that analysts' average target price is around $564, which indicates that the potential for further increase has significantly narrowed compared to the gains seen within the year.
