Evercore ISI has identified Tesla as Dell's new major AI customer, leading to a significant increase in Dell's stock target. Analysts at the investment firm raised Dell's price target to $165 from $140, reiterating Dell as an Outperform-rated stock. They cited that Dell has secured a substantial portion of Tesla’s AI server buildout business. This new business is expected to be incremental to Dell's existing $2.9 billion AI backlog. Additionally, Tesla is ramping up its AI initiatives with $3 billion in orders from Dell and potentially $10 billion from Oracle.