RBC Capital Markets initiated coverage on Dell Technologies (DELL) with an Outperform rating and a $640 price target, citing the company's strong position to benefit from a multi-year AI infrastructure spending cycle. Dell's shares rose over 11% on September 11 following the news. The company reported $16.4 billion in AI server revenue in Q2 and has a record $95 billion in server orders backlog. Dell also raised its fiscal full-year revenue outlook by $25 billion to $192 billion, representing nearly 70% growth year-over-year.