Dell shares surged over 8% on Wednesday after the server maker raised its long-term financial outlook, expecting revenue to grow 7-9% annually through 2030 with adjusted earnings per share increasing by 15% yearly. Executives attributed the growth to companies investing in AI infrastructure, including Dell servers with Nvidia GPUs.

Founder and CEO Michael Dell noted a resurgence in interest in hardware, positioning Dell for growth in data center infrastructure and AI PCs. Wall Street analysts from firms like JPMorgan and Bank of America raised their price targets on Dell stock, citing momentum in AI.

However, recent AI spending is under scrutiny, with concerns about firms like OpenAI meeting their massive commitments. Fears of circularity in AI investments and doubts about the long-term financial gains of renting AI servers have also raised questions about the sustainability of the AI boom.

Read more at Yahoo Finance: S&P 500, Nasdaq resume record rally as gold jumps, Fed minutes point to more rate cuts