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RBC Capital Markets initiated Dell with Outperform and $640 price target on multi-year AI infrastructure cycle
What happened
RBC Capital Markets initiated coverage of Dell Technologies with an Outperform rating and a $640 price target, in a research note by analyst David Paige published Thursday, September 10, 2026. Paige wrote that 'with no signs of slowing,' Dell remains well positioned to benefit from a multi-year AI infrastructure spending cycle, citing the company's $95 billion unfulfilled AI-server order backlog, $16.4 billion of AI servers sold in fiscal Q2, and 26% storage revenue growth. Dell shares surged roughly 10-12% on Friday, September 11, to a new all-time high around $558.56 intraday, and closed up about 12%.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- DELL (Dell Technologies) — the direct beneficiary
- RBC's call pushed the stock to a record and anchored the post-earnings rally, with the stock up more than 4x in 2026. Broader AI infrastructure (NVDA, SMCI, HPE) — a fresh Outperform on the top Nvidia-based server vendor validated the multi-year AI capex cycle. Hyperscalers/neoclouds like CoreWeave — Dell's status as an early shipper of Nvidia Grace Blackwell NVL72 racks reinforced their supply chains.