Trump Tells America to "Buy a Dell" Again — Stock Adds $15.8B and Still Can't Beat His Own Receipts 💻

Shares of Dell Technologies (DELL) climbed as much as 10% to an intraday high near $429.35 on Monday after President Donald Trump repeated his call for Americans to purchase Dell computers, briefly lifting the stock's market capitalization by more than $15.8 billion. The remarks came during the New York Stock Exchange opening bell as Trump promoted Trump Accounts, a new federal savings program, and credited founder Michael Dell for pledging $6.25 billion to the initiative. "Go out and buy a Dell. We'll get them that money back one way or another. I also want to thank Micron," Trump said at the event.

The rally extended a pattern of equity moves that have followed Trump's public endorsements throughout the year. Trump first urged a Georgia crowd to buy Dell in February and repeated the line at a May White House event that drove the stock to a record. According to disclosure records, Trump's associated account purchased between $1 million and $5 million of Dell stock on February 10, nine days before that initial endorsement, a transaction ethics experts have flagged as a conflict of interest outside traditional blind-trust norms. Dell has more than tripled since February, joining a roster of U.S. equities that have surged in response to Trump's public support.

The recent move also drew support from Dell's underlying business momentum. The company reported AI server revenue of $16.1 billion in its most recent quarter, a 757% year-over-year increase, and has since raised its full-year AI server target to approximately $60 billion, with an order backlog exceeding $50 billion. Earlier this year, the Pentagon awarded Dell a five-year, $9.7 billion IT contract. Together, those catalysts have lifted shares to fresh records even as valuation metrics have stretched.

Analysts remain divided on whether the gains can continue. Truist's Matthew Niknam maintained a hold rating after raising his price target to $360, noting Dell trades well above its long-run average of roughly nine times earnings. Gross margin has compressed from about 21% to under 18% over the past year as Dell leaned into sales of Nvidia-based servers and memory-constrained components, a dynamic that has also weighed on chipmakers including Micron. The stock fell nearly 8% on July 2 and has continued to fluctuate following recent public warnings from investor Michael Burry about broader AI-related valuation risks. Dell's next quarterly report is now positioned as the next reference point for whether AI demand can sustain the current price.