Dell shares jumped 33% on Friday after stellar quarterly results showed strong AI server demand.
AI server revenue hit $16.1 billion, surpassing the PC unit's $14.6 billion.
The infrastructure solutions segment has outperformed PC business for four straight quarters.
"We've followed Dell a long time and never seen anything like this. Dell may be the best way to play AI," said Melius Research.
Dell's outlook for AI and traditional servers remains conservative, said the brokerage.
The results lifted shares of Super Micro Computer, Hewlett Packard Enterprise, and HP.
HP, focused on PCs and printers, reported 13.2% growth in its personal systems division.
At least 13 brokerages raised price targets on Dell stock, with a median target of $255.
