Dell Technologies stock climbed 10.8% in morning trading Friday, nearing its 52-week high of $562.99, after a series of positive developments centered on strong artificial intelligence server demand.

The rally followed remarks by CFO David Kennedy at the Goldman Sachs Communacopia + Technology Conference on Wednesday. Kennedy said second-quarter AI server bookings reached $6.1 billion, matching the combined total of the previous three quarters. The company's 12-month AI booking total now stands at $13.2 billion, with an AI infrastructure backlog of $95 billion.

The conference comments came after Dell reported fiscal second-quarter results for fiscal year 2027 on September 1. The company posted record quarterly revenue of $47.0 billion, up 58% from the prior year, and adjusted earnings per share of $7.04, above the consensus estimate of about $4.91.

Management raised its full-year outlook to reflect 69% sales growth and a 148% increase in adjusted EPS to $25.50. The Infrastructure Solutions Group achieved a record 15% operating margin, while the PC segment delivered its fastest growth in five years.

RBC Capital initiated coverage on Dell with an Outperform rating on Wednesday, setting a $640 price target. Morgan Stanley, Goldman Sachs, and Citigroup raised their price targets following the earnings report.