Dell Technologies shares DELL rose more than 5% in trading on Wednesday as Goldman Sachs raised its forecast for the global server market, highlighting continued expectations for strong growth in artificial intelligence infrastructure.
Goldman Sachs now expects the overall server market to reach $1.5 trillion by 2030, representing a compound annual growth rate (CAGR) of 39% from 2025 to 2030.
The investment bank projects the AI server market to reach $1.3 trillion by 2030, with a 46% CAGR.
Traditional servers are expected to reach approximately $192 billion, growing at a 17% CAGR over the same period.
Dell expands share in server market
Goldman Sachs said Dell’s market share in traditional servers increased to 29% in the second quarter, while its share of the AI server market reached 17%.
NVIDIA remains the largest player in the AI server market, with a 42% market share, according to Goldman Sachs. White-box manufacturers account for another 24%.
The investment bank said the AI server market remains dominated by chipmakers and white-box manufacturers, leaving limited room for branded server vendors.
Despite that market structure, Goldman Sachs maintained a Buy rating on Dell, with a price target of $570.
The firm also maintained a Buy rating on Hewlett Packard Enterprise (HPE), with a $75 price target, while retaining a Sell rating on Super Micro Computer (SMCI), with a $34 price target.
Dell’s Wednesday gain comes as investors continue to focus on the company’s role in supplying infrastructure for the expansion of AI data centres.
Silver Lake filings show further share sales
Alongside the market move, four Silver Lake-affiliated entities filed notices to sell a combined 80,010 Class C Dell shares worth approximately $42.75 million, according to Form 144 filings submitted the previous day.
The sellers were Silver Lake Partners IV, Silver Lake Partners V DE, Silver Lake Technology Investors IV and Silver Lake Technology Investors V.
The shares were converted from Class B stock into Class C shares on the same day before the proposed sales. Merrill Lynch was listed as the broker, while the New York Stock Exchange was named as the exchange.
Form 144 filings are notices of proposed sales and do not confirm that all of the shares were ultimately sold.
The latest filings add to a broader sell-down by Silver Lake and related entities.
SEC filings show that Silver Lake-affiliated entities and related holders sold approximately 1.86 million Dell shares between June 9 and September 8, with the pace accelerating in September.
AI infrastructure remains key to Dell rally
Silver Lake has longstanding ties to Dell. The private-equity firm partnered with Michael Dell in 2013 to take the company private, providing equity financing alongside Dell and other investors.
Dell later returned to public markets through the VMware-related transaction, while Silver Lake remained a major shareholder.
The recent selling comes as Dell shares have rallied amid investor interest in the company’s AI infrastructure business.
Strong demand for AI-optimised servers has raised expectations for Dell’s revenue and earnings. Recent results highlighted record AI server orders and a sharply higher earnings trajectory.
The company’s shares have also benefited from the broader AI infrastructure trade as investors focus on businesses supplying equipment and technology for the ongoing data-centre buildout.
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