After a Nearly 200% Run Since February, GF Securities Downgraded Dell Shares. Don’t Count DELL Stock Out Just Yet.

The tech sector is seeing strong momentum from artificial intelligence, especially in data centers and AI hardware. Recent developments point to fast growth across the space, including Nvidia's (NVDA) push into AI PCs and progress from Intel Corporation (INTC) with its SuperClaw AI tool. Dell Technologies (DELL) has been one of the biggest winners here, with its AI server business posting huge gains, including 757% year-over-year (YOY) growth last quarter and a surge in orders.

That strength sent Dell Technologies stock sharply higher after its fiscal fourth-quarter earnings in late February 2026. Shares jumped more than 200%, with year-to-date (YTD) gains nearing 240% and 52-week gains above 260%, well ahead of the broader tech sector. But the rally hit some pressure on June 25 after GF Securities downgraded the stock, pushing shares down over 9% and placing it among the S&P 500 Index's ($SPX) biggest losers that day.