Dell Technologies (DELL) shares rose to $580 on Friday, October 9, after Goldman Sachs maintained its Buy rating and $570 price target on the stock. The shares gained 0.95% in early trading, extending a 361% year-to-date rally even as new disclosures showed that President Donald Trump's brokerage account sold Dell shares in August. The latest developments follow a period of strong AI server demand, which has supported Dell's earnings growth and rising valuation.

DELL Trades Above Goldman Sachs' $570 Price Target

Goldman Sachs analyst Katherine Murphy reiterated her Buy rating on Dell Technologies, citing continued demand for artificial intelligence infrastructure. The bank kept its $570 price target in place despite concerns about memory shortages and limited supplies of other computer components — inputs that sit at the center of server production and the wider AI hardware buildout. Murphy expects these constraints to persist into 2027, although Dell's purchasing scale could help the company manage supply pressures.

At $580, DELL traded approximately 1.8% above Goldman's target, following a gain of $5.45 from Thursday's closing price. The shares remained below their 52-week high of $595.51, while Dell's market capitalization — the combined value of all outstanding shares — stood near $365.31 billion. Dell, headquartered in Round Rock, Texas, has become one of the leading suppliers of servers built for AI workloads.

The company's latest financial results provide context for the rating, as demand for AI servers continues to support revenue growth. Dell booked $60.9 billion in AI server orders during its fiscal second quarter (May through July in Dell's off-calendar fiscal year), ending the period with an outstanding order backlog of $95 billion — orders already booked but still awaiting delivery and conversion into revenue. Quarterly revenue increased 58% from the previous year to approximately $47 billion, while adjusted earnings per share reached $7.04. The company also raised its annual revenue forecast to $192 billion, reflecting stronger demand across its infrastructure business.

Analysts remain divided on the stock's valuation following the rally. Recent Wall Street price target revisions show Susquehanna targeting $700, while RBC Capital maintains a $640 objective. TD Cowen has a Hold rating and a $550 target, placing its valuation below the current market price. The spread shows how differently analysts are weighing Dell's AI-driven growth against the size of the rally. Earlier analyst expectations for Dell stock also reflected confidence in AI demand, although concerns about valuation persisted.

Trump's Dell Share Sales Draw Attention as AI Demand Grows

The latest DELL gains coincide with financial disclosures showing that President Donald Trump's brokerage account sold Dell shares in August. According to a federal ethics filing released October 8, the account sold between $500,001 and $1 million in Dell stock on August 21. A second transaction on August 28 involved another $15,001 to $50,000 in shares. Federal ethics filings report transaction values in ranges rather than exact amounts, and such periodic disclosures are a routine part of the ethics rules covering senior federal officials' financial holdings.

The August sales followed several public statements in which Trump encouraged Americans to purchase Dell computers. His account had previously bought between $1 million and $5 million in Dell shares during February, before the stock's subsequent rally.

The White House said the president does not personally direct investment decisions within the accounts. Spokesman Davis Ingle said the holdings are independently managed through discretionary arrangements and computer-based trading models. The Trump Organization also stated that neither Trump nor his family approves individual transactions. The disclosures have drawn attention to Trump's earlier public support for Dell, including statements made during the launch of Trump Accounts.

Meanwhile, Dell's operating performance remains closely tied to spending on AI data centers and enterprise computing infrastructure. Recent analyst upgrades have reflected expectations that the company's AI server backlog will support future revenue and earnings growth, and order tallies from server makers are widely read as a gauge of broader data center investment.

Dell's next financial results will provide further evidence of how quickly those orders convert into sales. Memory shortages, component delivery schedules, and profit margins will also remain important measures as the company works through its $95 billion backlog.

This article originally appeared on Blockonomi.