Dell Inc. (NASDAQ:DELL) shares hit a record high price of $131.40 on Thursday morning as part of a broader rally in the stock driven by interest in the technology maker’s AI servers powered by NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) H100 chips.
Shares of Dell are up more than 70% in the year to date and more than 210% in the last 12 months.
The stock rallied significantly following the release of its fourth quarter earnings report in late February which signalled strong demand for its AI servers, with Dell booking about $800 million in AI server sales.
“Our strong AI-optimized server momentum continues, with orders increasing nearly 40% sequentially and backlog nearly doubling, exiting our fiscal year at $2.9 billion," Dell chief operating officer Jeff Clarke said in a statement accompanying the company’s Q4 results.
The stock added almost 40% to $130 on March 1, marking the company’s strongest single-day gain since the company went public in 2018 when it was valued at about $16 billion.
Dell shares traded at about $128 on Thursday afternoon valuing the company at about $92 billion.