Dell Technologies Inc. (NYSE: DELL) heads into the final month of 2025 as one of Wall Street’s most closely watched AI infrastructure plays, trading just above $133 per share after a sharp earnings-driven rebound and a bruising November sell-off. As of the last U.S. session on Friday, November 28, the stock closed at $133.35, leaving the company valued at roughly $90 billion. [1]
Despite recent turbulence, Dell Technologies stock remains significantly higher than it was at the end of 2024; one analysis estimated the shares were still about 30% above their late‑2024 level earlier this month. [2] The big story now is whether Dell’s surging AI server business and higher 2026 outlook can offset investor concerns about margins and the slower‑growing PC segment.
Where Dell Technologies Stock Stands on 30 November 2025
- Last close: $133.35 (Nov. 28, 2025) [3]
- Recent range: From a late‑October peak near $168 to a mid‑November trough just above $120, followed by a strong rebound. [4]
- Late‑November rally: From its November 20 low around $117, DELL has climbed roughly 14% to current levels. [5]
Several outlets note that Dell’s shares lost roughly 22% of their market value over the past month as worries over profitability and memory costs hit sentiment. [6] Yet the stock has bounced sharply since the company reported record earnings and raised its full‑year guidance on November 25.
On the income side, Dell currently pays an annual dividend of about $2.10 per share, implying a yield near 1.5–1.6%, with the most recent ex‑dividend date on October 21, 2025. [7]
Record Q3 FY26: AI Servers Drive Double‑Digit Growth
Dell’s fiscal 2026 third‑quarter results, released on November 25, are the central driver of this week’s move in the stock. According to the company’s official earnings release: [8]
- Revenue: A record $27.0 billion, up 11% year over year.
- GAAP diluted EPS: $2.28, up 39%.
- Non‑GAAP diluted EPS: A record $2.59, up 17% year over year and ahead of analyst expectations. [9]
- Operating income: GAAP operating income rose 23% to $2.1 billion; non‑GAAP operating income increased 11% to $2.5 billion. [10]
Segment performance underscores how quickly Dell is pivoting from being “just a PC maker” to a core AI infrastructure vendor:
- Infrastructure Solutions Group (ISG) posted $14.1 billion in revenue, up 24%, with servers and networking jumping 37% to just over $10.1 billion. Storage revenue was roughly flat, slipping 1%. [11]
- Client Solutions Group (CSG) — Dell’s PC and client business — delivered $12.5 billion in revenue, a more modest 3% increase. Commercial PC revenue grew 5%, while consumer revenue declined 7%, highlighting persistent softness in the consumer PC market. [12]
A Zacks breakdown of the quarter emphasizes that AI‑optimized servers were the main growth engine, with total product revenue up 16% even as services revenue slipped. [13]
The AI Engine: Backlog, Shipments and Dell’s “AI Factory”
The biggest numbers in this story aren’t just revenue or EPS—they’re in Dell’s AI order book.
Across Dell’s AI‑optimized server portfolio, recent disclosures show: [14]
- AI server orders in Q3: About $12.3 billion.
- Year‑to‑date AI server orders: Roughly $30 billion.
- AI server shipments in Q3: Around $5.6 billion.
- AI server backlog: About $18.4 billion, with management noting that its five‑quarter AI pipeline is several times larger than that backlog.
An Investopedia recap notes that Dell shares were among the best performers in the S&P 500 on November 26, jumping nearly 6% after the company raised its outlook and highlighted accelerating AI momentum. [15] Simply Wall St similarly points to the quarter as “record” revenue of $27.01 billion with net income of $1.55 billion, and attributes the stock’s recent 8.8% move higher to surging AI server demand and an upgraded outlook. [16]
Beyond pure numbers, Dell has been rolling out AI infrastructure and software initiatives throughout November:
- At the SC25 supercomputing conference, Dell announced enhancements to its “AI Factory”: an automation platform for enterprise AI, upgraded PowerEdge servers, higher‑performance storage (PowerScale, ObjectScale), and new networking hardware designed for large‑scale AI fabrics. [17]
- Dell is partnering with the Texas Advanced Computing Center to build Horizon, which is set to become the largest academic supercomputer in the U.S., delivering about 300 petaflops and relying on Dell’s AI infrastructure and NVIDIA accelerators. [18]
These initiatives are meant to position Dell not just as a box seller, but as a full‑stack AI infrastructure provider spanning servers, storage, networking, software and services.
Upgraded FY26 Guidance: Revenue, Earnings and AI Shipments
Alongside its Q3 numbers, Dell raised both its full‑year revenue and AI shipment outlook:
From the official guidance: [19]
- FY26 revenue: Now expected between $111.2 billion and $112.2 billion, with a midpoint of $111.7 billion, implying roughly 17% year‑over‑year growth.
- FY26 AI server shipments: Forecast at about $25 billion, more than 150% higher than the prior year.
- FY26 non‑GAAP EPS: Guided to $9.92 at the midpoint, about 22% growth year over year.
- Q4 FY26 revenue: Expected between $31 billion and $32 billion, roughly 32% growth at the midpoint.
- Q4 FY26 non‑GAAP EPS: Targeted around $3.50, up about 31%.
Forbes and other outlets frame the new guidance as a direct response to “visible momentum” in AI infrastructure spending, tying the higher revenue forecast to a robust deployment cycle in AI‑driven data centers. [20]
In other words, Dell is telling the market that 2026 could be another record year, with AI doing more of the heavy lifting in both top‑line growth and earnings.
Capital Returns: Buybacks, Dividends and a New CFO
Dell is pairing its growth story with active capital returns:
- In Q3 FY26, the company returned $1.6 billion to shareholders through share repurchases and dividends.
- Year‑to‑date, Dell has returned $5.3 billion and repurchased more than 39 million shares, shrinking the share count while earnings rise. [21]
The same Business Wire release also confirmed David Kennedy as Dell’s permanent chief financial officer, after he had been serving in an interim capacity. [22] The move gives investors more clarity on financial leadership as the company manages heavy AI capex cycles, rising component costs, and an aggressive buyback program.
Why the Stock Was So Volatile in November
Even with strong results, Dell’s stock has looked like a roller coaster this month.
A recent Trefis analysis notes that Dell shares have dropped around 22% over the past month, calling it a “sharp reversal” from their earlier AI‑driven rally. The piece attributes much of the sell‑off to: [23]
- Higher DRAM and NAND prices, which pressure gross margins for AI servers.
- A mix shift toward hardware‑heavy AI servers, which can be less margin‑rich than software or services.
- Soft demand in the traditional PC and client‑device business, leaving overall growth more dependent on lower‑margin server products.
Separately, a MarketsMojo report flagged a 7% gap‑down open for Dell on November 18 and a roughly 18% decline over the prior month, even as the broader S&P 500 edged higher. [24] Earlier in November, the stock also endured a multi‑day losing streak and a notable 8.4% five‑day sell‑off, according to another Trefis note. [25]
Put simply, investors have been wrestling with a classic trade‑off:
- Long‑term upside from Dell’s AI leadership and growing backlog.
- Near‑term risk from component inflation, margin compression, and still‑uneven PC demand.
Market Reaction: From Sell‑Off to Earnings Rebound
The tone shifted after Dell’s Q3 report and updated guidance.
- Zacks reports that DELL shares rose more than 4% in pre‑market trading immediately after earnings, as the company beat EPS estimates and posted double‑digit revenue growth. [26]
- Investopedia describes Dell as one of the top gainers in the S&P 500 on November 26, with shares up nearly 6% after management lifted full‑year revenue and profit projections and highlighted accelerating AI momentum. [27]
- Simply Wall St’s recap notes that the stock’s 8.8% post‑earnings move reflects growing investor confidence in Dell’s AI‑driven growth narrative, even as margin questions remain unresolved. [28]
By November 28, the stock had climbed back to the low‑$130s, with daily price data from StockAnalysis confirming a close at $133.35 on robust trading volume. [29]
What Analysts Are Saying About DELL Stock
Analyst and model‑driven views on Dell Technologies are mixed but generally positive:
- A recent Yahoo Finance summary notes that the consensus 12‑month analyst price target has edged down from about $164 to $162.87, suggesting slightly more cautious expectations even after the strong quarter. [30]
- UBS has reportedly cut its price target from $186 to $167 but kept a Buy rating, acknowledging strong AI demand while factoring in the stock’s recent volatility. [31]
- Quant and factor‑based systems tracked by Seeking Alpha still flag Dell as a “Strong Buy”, primarily due to robust cash generation and upgraded guidance tied to AI infrastructure demand. [32]
- Simply Wall St’s valuation model estimates a “fair value” around $164 per share, implying roughly 20–25% upside from current prices, but also highlights wide dispersion in community estimates and warns that the narrative depends heavily on sustaining AI growth and improving margins. [33]
Overall, the analyst message is: fundamentals look stronger, but expectations were already high, and margin dynamics plus PC demand still matter.
Strategic and Event Catalysts to Watch
Beyond earnings numbers, several corporate developments may shape how DELL trades into December and 2026:
- UBS Global Technology and AI Conference (Dec. 2, 2025): Dell’s vice chairman and COO, Jeff Clarke, is scheduled for a fireside chat at the conference in Scottsdale, with a live webcast available via Dell’s investor relations site. [34] Investors will be listening closely for commentary on AI demand, backlog conversion and margin trends.
- AI Factory & supercomputing initiatives: Dell’s collaboration with TACC on the Horizon supercomputer and its expanded AI Factory offerings with NVIDIA and other partners show the company doubling down on high‑performance computing and on‑premises AI infrastructure. [35]
- Ongoing AI and data‑center build‑out: Press releases throughout November highlight new PowerEdge servers, networking gear, storage innovations, and automation tools targeted at enterprises moving AI workloads on‑premises—an area where Dell sees most customers heading in the next two years. [36]
These initiatives give investors a more concrete sense of how Dell’s AI pipeline might translate into long‑term revenue and earnings, beyond the next couple of quarters.
Key Risks Investors Are Watching
Even as Dell Technologies stock rebounds, several risk factors remain front‑of‑mind in current coverage:
- Component cost inflation: Rising prices for memory components like DRAM and NAND directly pressure margins on AI servers, a trend repeatedly highlighted in recent commentary. [37]
- Margin compression from mix shift: The shift toward hardware‑intensive AI servers and infrastructure can dilute margins versus software and services, especially if pricing remains competitive. [38]
- PC market softness: Dell’s commercial PC business is recovering, but consumer PCs remain weak. A sluggish PC cycle makes the overall growth story more dependent on AI infrastructure, which carries its own cyclical and supply‑chain risks. [39]
- Valuation and expectations: After a large move up earlier in 2025 and the recent AI‑fueled bounce, some analysts see less margin for error if growth or margins disappoint in 2026. [40]
Bottom Line: Dell Stock at an Inflection Point
As of 30 November 2025, Dell Technologies stock sits at an inflection point:
- The company has record revenue, double‑digit earnings growth, and a rapidly expanding AI server backlog. [41]
- Management has raised full‑year guidance for both revenue and AI shipments, signaling confidence that the AI infrastructure boom is still in an early phase. [42]
- At the same time, the stock has just emerged from a steep pullback as investors grapple with margin pressure, component cost inflation, and PC market fragility. [43]
For now, Dell Technologies (DELL) is being treated by the market less like a mature PC vendor and more like an AI infrastructure cyclical: sensitive to component costs and sentiment, but with substantial upside if AI deployments continue to scale.
References
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