I want to be upfront about something before we get into the numbers. The Dell Technologies story in 2026 has two completely separate threads running through it simultaneously.
We have a genuinely extraordinary business transformation, and one of the more politically charged stock stories of the year. Both matter to investors, and I’m going to cover both.
According to a filing with the U.S. Office of Government Ethics, on February 10, 2026, Trump’s portfolio purchased between $1 million and $5 million in Dell shares.
Nine days later, he told a crowd in Rome, Georgia, “Go out and buy a Dell computer,” The American Presidency Project reported. Trump has said it in several public appearances, with the first mention at a Dec.10, 2025 rally in Mount Pocono, Pennsylvania.
He said it again in Corpus Christi on Feb. 27. He has praised Dell’s founder, Michael Dell, multiple times. Then on May 28, the War Department signed a $9.7B technology deal with Dell for Microsoft services.
Dell Technologies (DELL) closed at $119 on Feb. 19 when Trump made the first public endorsement after his Dell purchase. Since then, it has surged to an all-time high of $536 on Sep. 8, 2026. From $119 to $536 is a 350% move.
Also Read: Dell Technologies Inc. Latest News
Trump’s trust arrangement and what experts say about it
The White House has said there is no conflict of interest. Spokesperson Anna Kelly told People that Trump “only acts in the best interests of the American public” and that his assets “are in a trust managed by his children.”
Eric Trump took it on X (formerly Twitter) in May that any claim that individual stocks are being bought or sold “at the discretion of any member of the Trump family would be a lie.”
In another X post, Eric Trump noted that trades run through automated investment processes at outside brokerage firms.
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Ethics experts are not satisfied with that characterization. According to reports from the Brennan Center for Justice, every U.S. president since the 1970s voluntarily structured their personal finances to insulate themselves from conflicts of interest completely.
Trump’s arrangement does not meet that definition. Why? His assets are managed by his children rather than placed in the independent, blinded structure traditionally required of a blind trust.
We can link the praise and endorsements to the Dells’ historic donation of $6.25 billion to Trump’s Trump Accounts initiative in Dec. 2025. The relationship between Trump and the Dell’s founder has been unusually close and unusually public.
Dell’s business story is genuinely remarkable regardless of the politics
There is a part that cannot be argued with on any political grounds. $Dell’s 2026 run is wild. Dell’s underlying business has delivered results that would have justified extraordinary performance even without any presidential endorsement.
Dell Q2 fiscal 2027 results, reported September 1, showed;
Record revenue of $47.0 billion, up 58% year over year (YOY)
Record diluted EPS of $6.34 grew 273% YOY, and Non-GAAP diluted EPS of $7.04 grew 203%
AI server orders reached a record $60.9 billion
AI server revenue hit a record $16.4 billion. The AI server backlog exited the quarter at a record $95 billion
Full-year fiscal 2027 revenue guidance was set at $192 billion, up 69% YOY
Full-year EPS guidance of $24.37 represents 181% YOY growthSource: Dell Q2 Fiscal 2027 Results
Alongside operational momentum, Dell’s inclusion in the S&P 100 provided another catalyst for the record high.
DELL stock now ranks third on the S&P 500 year-to-date performance table at 320%, behind only SanDisk and Moderna according to Slickcharts. Harhar38 Via Shutterstock
What Wall Street is saying about Dell
Following Dell’s blowout fiscal Q2 earnings report and $95 billion AI-server backlog, Wall Street adjusted its price target.
Melius Research maintained a Buy rating and raised price target (PT) to $735 from $650.
Bernstein maintained a Buy rating and raised PT to $650 on storage and server strength.
JPMorgan maintained an Overweight rating and PT to $635 from $565.
Barclays maintained an Overweight rating and PT to $603 from $550.
Citi maintained a Buy rating and raised PT to $600 from $515.
Bank of America maintained a Buy rating and PT raised to $600 from $505.
Goldman Sachs maintained a Buy rating and raised target to $570 from $510.
Here’s what investors should actually make of this story
My read on the Dell situation is that you need to hold two things in your head at once.
The ethics questions are legitimate, yes. A president endorsing a stock he owns, followed by a $9.7 billion government contract for that company, raises the kind of conflict blind trusts are meant to prevent. Whether legal or not, it warrants scrutiny and disclosure.
At the same time, Dell’s AI infrastructure business would perform exceptionally well regardless of any mention by the president. A $95 billion AI server backlog, 58% revenue growth, and 273% EPS growth do not come from a tweet or a speech.
For investors, the question is whether the $192 billion full-year revenue guidance and the $95 billion backlog support continued performance at current valuations. Those numbers speak for themselves, and on the current trajectory, they make a compelling case that the AI infrastructure cycle has several more chapters to run for Dell.
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