Dell Technologies (DELL) is surging Friday amid strong broader market AI momentum. Investors are refocusing on the company's exposure to the booming AI data-center buildout.

The Nasdaq is up 0.94% while the S&P 500 has gained 0.67%.

Dan Ives Recommends

When it comes to looking at ways to play the AI trade, Dan Ives has offered up cybersecurity names in the past. In a new interview, it's the software and infrastructure plays, including companies that have been around for a long time.

“Look at Dell, Dell’s a perfect example,” Ives told CNBC on a recent “Power Lunch” episode.

Dell Technologies is one of three stocks named by Ives in the interview.

“If someone told you a year, year and a half ago, Dell is an AI name, they’d say you’re crazy.”

Dell Joins Japan’s Data Center Pack

Dell, Japan’s JERA and UK developer RHAELM said Thursday they signed a memorandum of understanding, an agreement outlining a planned partnership.

It covers a facility of up to 400 megawatts beside JERA’s Chiba Thermal Power Station near Tokyo. Dell would supply the rack-scale computing infrastructure.

Project Cost and Financing

The project exceeds $15 billion, covering land, power infrastructure, construction and computing equipment. It is not a Dell contract of that size. Apollo Global Management Inc. (APO) plans to support RHAELM as an investment and financing partner.

The site sits beside JERA’s existing 4,380 MW power station, so the data center could draw electricity directly instead of waiting for a conventional grid connection.

“The keyword is speed to power,” JERA Global CEO Yukio Kani told the Financial Times. JERA says the model could bring computing capacity online years earlier than a traditional development.

Dell’s AI Server Business

Dell reported record AI-server orders of $60.9 billion in its latest quarter, with AI-server revenue of $16.4 billion. The company ended the period with a $95 billion AI-server backlog and expects $74 billion in fiscal 2027 AI-server revenue.

The partners target a 2028 start and full capacity in 2029. They also want a standardized model for other JERA power stations, supporting multiple gigawatts of AI infrastructure across Japan. The Financial Times reported the broader plan could involve roughly $140 billion of investment and 3 to 4 gigawatts over five years.

Technical Analysis

Dell remains in a clear uptrend across timeframes, trading above its 20-day, 50-day, 100-day, and 200-day moving averages, with the stock sitting 3.4% above the 20-day SMA and 93.5% above the 200-day SMA. That kind of separation typically signals strong trend control, but it also means pullbacks can be sharper when momentum cools.

DELL Stock Price Activity: Dell Technologies shares were up 4.56% at $566.42 at the time of publication on Friday, according to market data.