Dell Shares Hit Record as Michael Dell Reclaims No. 3 Wealth Ranking

Dell Technologies shares reached a new all-time high Friday, briefly sending Chairman and CEO Michael Dell back to No. 3 on Forbes' real-time billionaires list ahead of Amazon co-founder Jeff Bezos.

Michael Dell, chairman and CEO of Dell Technologies, saw his estimated fortune rise as the company's shares reached an all-time high amid strong demand for AI data center hardware. [Photo: Dell Technologies Facebook]

Dell Technologies shares rose as much as 10.3% to about $558 shortly before 2 p.m. EDT after reaching an intraday record of $565 at 10:40 a.m., Forbes reported Sept. 11.

The surge pushed Dell's estimated net worth above $274 billion, according to Forbes' real-time calculations, placing him ahead of Bezos, whose estimated fortune stood at about $273 billion at the time.

Dell and Bezos had traded places repeatedly during the week. Dell first moved into the No. 3 position on Tuesday, fell behind Bezos on Thursday and reclaimed the spot Friday as Dell Technologies shares rebounded.

The increase in Dell Technologies shares came amid renewed investor interest in hardware companies benefiting from the rapid expansion of artificial-intelligence data centers.

Dell Technologies reported $47 billion in quarterly revenue in its latest earnings report, up 58% from a year earlier.

Its AI-optimized server business generated $16.4 billion in revenue, while AI server orders reached a record $60.9 billion.

Michael Dell owns roughly 40% of Dell Technologies, making movements in the company's publicly traded shares a major factor in his estimated fortune.

Forbes' billionaire rankings fluctuate with market prices, so his position relative to Bezos and other billionaires can change from one trading session to another.