Dell Technologies Inc. ($DELL) has experienced a significant re-rating in the market, transitioning from a traditional computer hardware company to a prominent player in the AI sector. The company's stock has surged by 118% year-to-date, with a notable 12% increase in the past week alone and a 4% rise recently. This growth is partly attributed to a partnership with NVIDIA ($NVDA) announced on May 23rd. Bank of America has raised its price target for Dell to $180 from $130, citing the excitement around AI as a key growth driver. Dell's upcoming earnings report, scheduled for release after-hours on May 30th, is highly anticipated, with options pricing in a 12% move. Dell's performance has also been bolstered by outperforming its peers by 3100bps this quarter and 11490bps the previous quarter, and gaining preferred vendor status over Super Micro Computer Inc. ($SMCI). The market sentiment remains extremely bullish, with analysts expecting further growth driven by AI servers, PC refresh cycles, and strong capital returns.