Morningstar analysts anticipate Dell's sales to surpass $221 billion in its fiscal year 2030 (calendar year 2029), a significant increase from last year's $113.5 billion. They also forecast an adjusted earnings per share (EPS) of $32.83 for 2029, up from $10.30 last year. Based on these projections and recent valuations, Dell's shares could approach $980 by 2029. The company's growth is largely driven by its artificial intelligence (AI) business, with AI-optimized server sales surging 757% year-over-year in its fiscal first quarter to $16.1 billion, and its current AI backlog standing at $51.3 billion.