Dell Technologies Inc. stock (NYSE: DELL) is back in the spotlight on Wednesday, December 17, 2025, as investors weigh a fresh set of catalysts tied to the AI infrastructure boom—and its real-world side effects across PCs, components, and margins.
After rising in the prior session, DELL shares traded lower today, with the move unfolding alongside two headline drivers: Dell’s commercial PC price increases that take effect today amid tightening memory supply, and a report that Dell is buying Israeli AI data-infrastructure startup Dataloop in an all-cash deal. [1]
At the same time, the longer-term narrative remains dominated by Dell’s positioning as a major AI server supplier, with management recently raising AI shipment expectations and highlighting a sizeable backlog—while analysts debate how much of the AI upside can translate into durable profitability given intense competition and high component costs. [2]
DELL stock price today (December 17, 2025)
As of the latest available trade on Dec. 17, Dell stock traded around $128, down roughly 4% versus the prior close. Intraday trading was volatile, with shares ranging from the mid-$126s to the mid-$134s.
For context, Dell shares had closed at $133.75 on Tuesday, December 16, marking a notable up day for the stock before today’s pullback. [3]
What’s moving Dell Technologies stock on Dec. 17
1) Dell commercial PC prices rise today as memory costs surge
One of the most immediate, date-specific catalysts is that Dell’s price hikes begin today (Dec. 17) across parts of its commercial PC lineup. According to reporting based on internal materials, some configurations—especially those with higher DRAM and SSD storage—are set to rise meaningfully, in some cases by hundreds of dollars, with increases described as potentially 10%–30% depending on contracts. [4]
The driver isn’t unique to Dell: the reports point to a broader industry shortage in DRAM and NAND linked to heavyweight AI infrastructure demand. Dell, like peers, is navigating a market where key components are tightening and prices are rising—an environment that can support higher pricing, but also risks pushing corporate buyers to reassess timing, configurations, and budgets. [5]
Why investors care: Dell’s Client Solutions Group (CSG) is still a major revenue engine, and within it, the commercial side matters disproportionately. Business Insider reported that the commercial business represents about 85% of Dell’s annual revenue in CSG. [6]
2) Report: Dell to acquire Dataloop for $120 million in cash
Another headline in circulation today: Israeli tech outlet Calcalist reported that Dell is acquiring Dataloop AI for $120 million in an all-cash deal. [7]
This is a developing story, and the market should note the nuance:
- Earlier in December, Calcalist reported Dell was in talks about acquiring Dataloop, without public confirmation from the companies. [8]
- Industry outlet CRN separately summarized the report and stated that Dell, when asked, responded broadly about pursuing “small-scale” tuck-in M&A—without confirming deal specifics. [9]
Strategically, Dataloop’s focus—tools for managing, labeling, and processing unstructured data used to train AI models—fits with a “full-stack” push around enterprise AI infrastructure and workflows, complementing Dell’s hardware-heavy posture. [10]
For DELL stock, tuck-in M&A of this size typically matters less for near-term financials than for the narrative: it signals Dell’s intent to strengthen the surrounding software/data layer that can help drive pull-through demand for infrastructure.
3) The broader AI infrastructure trade remains volatile
Dell is frequently grouped with other “AI picks-and-shovels” names—servers, networking, storage, and data center hardware. That can lift the stock when AI capex optimism rises, but it also exposes shares to sharp sentiment swings when investors worry about the cost of the buildout.
For example, Barron’s recently highlighted renewed anxiety in the AI trade after an Oracle-driven selloff that hit a basket of AI data-center hardware names, including Dell. [11]
The fundamental backdrop: Dell’s AI server story is still the core of the bull case
While today’s headlines are about price hikes and a reported acquisition, Dell’s medium-term stock narrative continues to hinge on AI servers and infrastructure.
Dell’s latest quarter: record revenue, higher AI shipment guidance, large backlog
In its fiscal 2026 third-quarter update (released Nov. 25, 2025), Dell reported:
- Record Q3 revenue of $27.0 billion (up 11% year over year)
- Non-GAAP diluted EPS of $2.59 (record for Q3, up 17% year over year)
- Infrastructure Solutions Group (ISG) revenue of $14.1 billion (up 24% year over year), with Servers and Networking revenue of $10.1 billion (up 37%)
- AI momentum: record AI server orders of $12.3 billion and an AI server backlog of $18.4 billion
- Raised AI shipment guidance to roughly $25 billion and raised revenue guidance to $111.7 billion [12]
Reuters’ reporting around that same earnings event emphasized that Dell’s upgraded outlook arrived alongside investor concerns about margin pressure and costly production in the competitive AI server market, but still pointed to backlog expansion and strong shipments during the quarter. [13]
Long-term targets: Dell raised multi-year growth expectations
Dell also lifted its longer-term growth targets in 2025, betting that AI infrastructure demand can keep compounding. Reuters reported in October that Dell raised its expected compounded annual revenue growth to 7%–9% (from 3%–4%) and lifted its adjusted EPS growth target to at least 15% (from ~8%) over the next four years. [14]
For investors, those targets are important because they frame Dell not as a “one-cycle” AI beneficiary, but as a company trying to sustain a multi-year growth regime—while also supporting shareholder returns.
The pricing story cuts both ways: margin relief vs. demand risk
The fact that Dell is raising prices today is not automatically bearish or bullish—its impact depends on the balance between pricing power and demand sensitivity.
Why price increases could help Dell stock
- Pass-through potential: In a tight component market, vendors that can pass higher costs to customers may protect gross margin better than expected. Reuters quoted Dell’s COO describing the pace of cost increases as “unprecedented” and noting the company would try to mitigate the impact—language that underscores how quickly input costs have been moving. [15]
- Commercial mix strength: Dell’s Q3 results showed Commercial Client revenue of $10.6 billion versus Consumer revenue of $1.9 billion, reinforcing the idea that enterprise/commercial is the core of the PC business even before any pricing actions. [16]
Why price increases could pressure Dell stock
- Budget pushback: Even in commercial, buyers can delay refresh cycles, down-spec devices, or negotiate harder—especially if price changes are large and sudden.
- Discounting constraints: Reports suggest Dell has also been limiting discounts as the environment tightens, which may support pricing but can create friction in sales execution. [17]
- Component inflation could persist: Separate reporting across the PC ecosystem points to “RAM scarcity” dynamics extending into 2026, which would keep cost and pricing uncertainty elevated. [18]
The key risk investors keep returning to: AI server margins and competition
Dell is clearly capturing AI demand, but “AI revenue” is not the same as “AI profit.” Competition and high component costs remain central debates around DELL stock.
Reuters illustrated this tension earlier in 2025 when Dell shares slid sharply after an upbeat AI demand forecast was overshadowed by concerns about high manufacturing costs for AI-optimized servers and intensifying competition. [19]
This is why many investors monitor:
- Server and networking gross margin trends
- AI server mix and customer concentration (hyperscalers vs. enterprise vs. neocloud)
- Attach rates for higher-margin storage, networking, and services around AI deployments
Dell stock forecast and analyst outlook (as of Dec. 17, 2025)
Wall Street’s broad stance on Dell remains generally constructive, though not unanimous.
Consensus price targets cluster in the mid-$160s
MarketBeat’s analyst compilation shows:
- Average 12-month price target: $162.84
- High target: $200
- Low target: $113
- Based on the cited “current price” on that page, this implies roughly mid-20% upside from recent levels. [20]
Other consensus trackers show similar ballpark averages and “Buy”-leaning ratings, reflecting the market’s view that Dell’s AI infrastructure exposure remains a material growth lever. [21]
Not everyone is bullish: Morgan Stanley’s caution flag
A notable counterpoint came from Morgan Stanley, which (per Investing.com reporting) downgraded Dell on concerns around AI server mix and cost, and said it reduced longer-term margin estimates by roughly 150–220 basis points while cutting its EPS forecast by about 12%. [22]
That split—optimism on AI demand vs. skepticism on margin durability—is a major reason Dell stock can move sharply on any data point that hints at pricing, component costs, or competitive intensity.
Dividend and buybacks: Dell’s shareholder return story remains active
Dell isn’t being valued purely as a high-growth AI name; it also has an increasingly visible capital return profile.
- Dell’s board declared a quarterly cash dividend of $0.525 per share, payable Jan. 30, 2026 to shareholders of record Jan. 20, 2026. [23]
- The company also noted it increased its annual cash dividend by 18% to $2.10 per share following board approval earlier in 2025. [24]
- In the most recent quarter reported (fiscal Q3 2026), Dell said it returned $1.6 billion to shareholders and $5.3 billion year-to-date, including sizable repurchases. [25]
For some investors, that capital return component helps offset the “boom/bust” perception that can follow AI hardware cycles.
What to watch next for Dell Technologies stock
Next earnings date: Feb. 26, 2026
Dell’s Investor Relations site lists Fiscal Year 2026 Fourth Quarter Results scheduled for Feb. 26, 2026 at 3:30 PM CST. [26]
Between now and then, the market will likely focus on:
- Whether Dell’s Dec. 17 price hikes stick (and whether peers follow with similar actions). [27]
- AI backlog conversion and the pace of orders/shipment recognition (Dell highlighted an $18.4B AI server backlog recently). [28]
- Margin commentary, especially around AI server build costs, competitive pricing, and component inflation. [29]
- Any official confirmation or further reporting on the Dataloop situation—particularly if Dell discloses deal timing, integration plans, or strategic intent beyond generic tuck-in M&A language. [30]
Bottom line: Dell stock is being pulled by two forces at once
On Dec. 17, 2025, DELL stock is trading at the intersection of two powerful themes:
- AI infrastructure demand, which is driving record server orders, rising shipment targets, and multi-year growth ambitions. [31]
- AI-driven component inflation, which is now spilling into the commercial PC market via price hikes and putting a premium on execution, supply chain management, and margin protection. [32]
Whether the next leg for Dell Technologies stock is higher or lower may depend less on “AI demand exists” (the market largely accepts that) and more on a harder question: how efficiently Dell can convert that demand into profitable growth—without sacrificing share or ceding pricing power in a crowded hardware arena. [33]
References
1. www.businessinsider.com, 2. www.dell.com, 3. www.marketwatch.com, 4. www.businessinsider.com, 5. www.reuters.com, 6. www.businessinsider.com, 7. www.calcalistech.com, 8. www.calcalistech.com, 9. www.crn.com, 10. www.calcalistech.com, 11. www.barrons.com, 12. www.dell.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.dell.com, 17. www.tomshardware.com, 18. www.tomsguide.com, 19. www.reuters.com, 20. www.marketbeat.com, 21. www.investing.com, 22. www.investing.com, 23. www.businesswire.com, 24. www.businesswire.com, 25. www.dell.com, 26. investors.delltechnologies.com, 27. www.businessinsider.com, 28. www.dell.com, 29. www.reuters.com, 30. www.calcalistech.com, 31. www.dell.com, 32. www.businessinsider.com, 33. www.reuters.com
