Michael Dell overtook Jeff Bezos in Forbes’ billionaire rankings on Tuesday, securing the third spot on the wealth list as Dell Technologies stock reached a record high.
By the closing bell, Dell’s net worth increased by $4.6 billion to an estimated $267.7 billion, according to Forbes. Dell Technologies shares rose 1.9% to close at $533.88, with an intraday peak of $538.47. Meanwhile, Bezos’ wealth fell $1.4 billion to $265.2 billion as Amazon stock dipped 0.6%. Dell now ranks behind Alphabet co-founder Larry Page ($277.9 billion) and Tesla CEO Elon Musk ($942 billion).
Dell Technologies’ stock has surged 327% year-to-date, opening the period at approximately $128 per share. Michael Dell owns roughly 40% of the company and holds substantial investments in DFO Management, his private investment firm. This wealth growth, which more than doubled his net worth over the past year, propelled him past Meta co-founder Mark Zuckerberg and Oracle co-founder Larry Ellison in recent months, Forbes reported.
The stock rally is fueled by surging demand for artificial intelligence hardware. In the second quarter, Dell Technologies reported record revenue of $47 billion, a 58% year-over-year increase, with adjusted earnings per share of $7.04—more than triple the prior-year figure. AI-optimized server sales reached $16.4 billion, double the previous year’s total, while new orders hit a record $60.9 billion. The company ended the quarter with a $95 billion backlog for AI servers.
Based on these results, Dell Technologies increased its full-year revenue forecast by $25 billion to $192 billion, with AI-optimized server sales expected to reach $74 billion. Full-year adjusted EPS guidance was raised to $25.50 from a previous estimate of $17.90. “Our advantages reinforce one another, and throughout the quarter we used these strengths to drive growth, share gains, profitability, and cash generation,” said CFO David Kennedy.
Dell Technologies is expanding its AI product portfolio beyond servers. The company launched an on-premises AI agent platform built on Nvidia software, offering enterprises an alternative to cloud-based AI workloads amid rising agentic AI costs for businesses.
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