The AI boom has a new king of the hardware trade — and he’s climbing the billionaire rankings fast.

Dell Technologies shares hit a fresh all-time high on Friday, surging past $565 in morning trading before settling around the $558 mark by early afternoon. The rally sent CEO Michael Dell’s net worth soaring over 6% to an estimated $274 billion, pushing him back ahead of Amazon founder Jeff Bezos ($273 billion) for the No. 3 spot on Forbes’ real-time billionaires list.

It’s been a volatile week at the top of the wealth rankings, with Dell and Bezos trading the third-place slot back and forth. Dell first claimed it on Tuesday, lost it Thursday as his company’s shares cooled, and recaptured it Friday as the stock rebounded.

The AI Server Boom Is Doing the Heavy Lifting

The surge in Dell Technologies shares isn’t happening in a vacuum. Hardware names tied to AI datacenter buildouts have been drawing fresh buying interest across the board.

Dell reported last week that its AI-optimized server revenue doubled to $16.4 billion in the latest quarter. The company also logged a record $60.9 billion in AI server orders, with total quarterly revenue hitting $47 billion — a 58% jump year-over-year.

The momentum isn’t limited to Dell. Hewlett Packard Enterprise reported $2.4 billion in AI Systems orders and a record $7.6 billion total AI backlog, signaling that enterprise demand for AI infrastructure remains red-hot.

Analysts are taking notice. RBC Capital Markets issued Dell Technologies an “outperform” rating with a $640 price target, giving investors another reason to pile in.

The Billionaire Scoreboard

Here’s where things stand at the top of the wealth ladder:

• Elon Musk remains in a league of his own with an estimated net worth of $916 billion — more than triple anyone else on the list.
• Larry Page, Alphabet co-founder, sits at $279 billion — not far ahead of Dell, and within striking distance.
• Michael Dell is at $274 billion, having briefly passed Page on Wednesday before settling back into the No. 3 or No. 4 range depending on the hour.
• Jeff Bezos is at $273 billion, now trailing Dell by a hair.

Dell holds roughly a 40% stake in his company, with additional wealth vested through his private investment firm, DFO Management.

Why It Matters

The AI infrastructure trade has been one of the defining market stories of the year, and Dell Technologies has positioned itself squarely at the center of it. While Nvidia gets most of the headlines for AI chips, the server and hardware layer is where the real revenue is flowing for companies like Dell.

With a record backlog, doubling AI server revenue, and a fresh vote of confidence from RBC, Dell looks well-positioned to keep riding the wave — and its founder’s fortune along with it.

The question now: can Dell hold onto the No. 3 spot, or will Bezos and Page keep trading places with him as the AI trade ebbs and flows?

What do you think? Is Dell Technologies the best-positioned hardware play in the AI boom, or is the stock running ahead of itself? Let us know in the comments.