Dell’s transition from PC maker to AI hardware provider is paying off for the company’s stock—and CEO Michael Dell.

Shares of Dell Technologies reached an all-time high Friday, up 12% as its chief executive’s net worth soared to over $276 billion, making him the third-richest person in the world, ahead of Amazon co-founder Jeff Bezos.

The rally comes as hardware firms tied to AI data center buildouts draw interest from investors, plus the company reported last week that its AI-optimized server revenue doubled. RBC Capital Markets also issued Dell an “outperform” rating, giving the tech giant a boost.

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Anthropic CEO and billionaire Dario Amodei urged AI firms to deliberately slow the pace of frontier model development, warning that unchecked growth could enable autonomous AI swarms to hijack global internet infrastructure within the next year.

Billionaire AI CEOs Sam Altman and Elon Musk echoed Amodei’s calls, and global AI stocks plummeted, with the tech-heavy Nasdaq futures index down 1.9% early on Monday.

OpenAI’s Altman confirmed the AI giant will not go public in 2026, ending a year of feverish Wall Street speculation, as he claimed it would be “ill-advised” to move forward with an IPO amid heightened fears about the technology’s safety.

Oracle reported a massive surge in cloud infrastructure revenue and more than $30 billion in new AI cloud contracts in its latest quarterly results. Still, shares faltered 2% Friday and are down 23% for the year as investors remain concerned about its........

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