Dell Technologies could see its stock price approach $980 per share by 2029, driven by surging demand for its AI-optimized servers. Morningstar projects the company's revenue will reach over $221 billion in fiscal 2030, up from $113.5 billion last year, implying an average annual growth rate of about 18%. Adjusted earnings per share are expected to climb to $32.83, compared with $10.30 in the prior year, as margins benefit from scale. The company's AI server sales jumped 757% year over year to $16.1 billion in its fiscal first quarter, and its AI backlog now stands at $51.3 billion. Dell's on-premise AI Factory, aligned with Nvidia, is gaining traction among large institutional customers seeking cost-effective alternatives to cloud-based AI computing.
