Technological Change, Abundant Resources and Financial Strength: Dell, Deutsche Bank and Lahontan Gold

Dell Technologies Share Price Soars: AI Servers Drive Forecast Up To USD 192 billion

The share price of Dell Technologies (WKN: A2N6WP | ISIN: US24703L2025 | Ticker: DELL) has risen sharply following surprisingly strong quarterly results, trading at USD 486. At yesterday’s close, the share price had risen by just under 16% over the past two trading days. Since the start of the year, the share has thus gained around 285%. Over the past 12 months, the gain has even reached 307%. The market capitalization of the computer and server manufacturer has now grown to around USD 318 billion.

The catalyst for the recent surge in the share price was the financial results for the second quarter of fiscal year 2027, which concluded at the end of July. Dell increased its turnover by 58% year-on-year to a record USD 47.0 billion. Analysts had expected just under USD 45 billion. Adjusted earnings per share jumped by 203% to USD 7.04, significantly exceeding expectations of USD 4.91. Operating cash flow amounted to USD 2.2 billion. The AI server business remains the key growth driver. In the quarter alone, Dell generated USD 16.4 billion in revenue from this segment. The order book stood at USD 95 billion, while orders totalling more than USD 130 billion were received over the past 12 months. The servers are equipped with high-performance Nvidia chips, amongst other components, and are used by cloud providers such as CoreWeave and Nscale to build large AI data centres. The rest of the business also performed strongly. Revenue from the servers, storage systems and software division grew by 89%. Traditional server and network technology saw growth of more than 100%. The PC business increased its revenue by 20%, marking its fastest growth in 5 years.

Dell has therefore significantly raised its forecast for the full financial year. Instead of USD 167 billion, the company now expects revenue of USD 192 billion. The forecast for adjusted earnings per share was raised from USD 17.90 to USD 25.50. AI-optimized servers are expected to generate revenue of USD 74 billion, up from Dell’s previous forecast of USD 60 billion.

The first quarter had already been exceptionally strong. Revenue rose by 88% to USD 43.8 billion, while operating cash flow reached USD 4.1 billion. For the full fiscal year 2026, Dell achieved operating cash flow of USD 11.2 billion and adjusted free cash flow of USD 11.5 billion, with revenue of USD 113.5 billion.

From a technical analysis perspective, too, the upward trend remains intact. At USD 492.20, the share price is above the 20-day moving average of USD 458, the 100-day moving average of USD 363 and the 200-day moving average of USD 249. The share price is therefore trading above all key moving averages. Risks remain: high memory chip prices, potential supply bottlenecks and growing dependence on the investment budgets of major cloud providers. However, as long as AI investment remains high, Dell continues to have strong operational growth drivers.

Lahontan Gold: Resource Expansion Underpins Nevada’s Potential

Following a strong start to 2026, the global gold market is consolidating at a high level, while the fundamentals support long-term investor interest amongst gold bulls. Against this backdrop, Lahontan Gold (WKN: A3DKKY | ISIN: CA50732M1014 | Ticker: Y2F) is purposefully driving forward its strategic transition from a pure-play explorer to a future producer at the historic flagship Santa Fe project in Nevada. The latest mineral resource estimate confirms a significant 22% increase in the deposit size compared with the 2024 estimate. Indicated resources now total 1.195 million gold-equivalent ounces (AuEq), supplemented by inferred resources amounting to 1.190 million ounces AuEq. This substantial increase significantly strengthens the project’s economic viability and highlights a significant valuation discrepancy on global stock markets.

In particular, the near-surface oxide resources at the Slab and York deposits recorded growth of over 37%, which favours low-cost heap leaching in the first phase. At the same time, recent drilling results from the Calvada Central Zone, including a 30.8 m interval grading 0.93 g/t AuEq, demonstrate the deposit’s quality. A further opportunity lies in the ongoing analysis of historical tailings at four sites, which are estimated to contain up to 200,000 ounces of gold. Management is relying on a two-stage leaching process, with initial tests already underway. These operational advances pave the way for an updated preliminary economic assessment (PEA), which is expected to define the final mine plan in the near future.

With cash and cash equivalents of around USD 12 million, the company is well positioned for the next steps, while permitting processes at the state and federal levels are progressing as planned. The financing structure for the mine’s restart, the reactivation costs of which are estimated at around USD 135 million, is due to be finalized by the end of 2026. Lahontan is aiming for a mix of 80% debt and 20% equity in order to minimize dilution for existing shareholders.

Thanks to the existing infrastructure, such as secured water rights and a nearby substation, construction is scheduled to commence in 2027. The planned listing on the NYSE, as well as the recent increase in the stake held by investor Lawrence Lepard, underline the financial potential of this future gold producer.

From a technical analysis perspective, the upward trend also remains intact. At CAD 0.39, the share price is just below the 10-day moving average of CAD 0.40, while the 100-day moving average is CAD 0.37 and the 200-day moving average is CAD 0.32. The share price is thus trading above almost all key moving averages, signaling relative strength in the short term. Risks remain, including fluctuations in precious metal prices, potential delays in the regulatory approval process, and the finalization of the debt tranche. As long as the macroeconomic environment remains favourable for gold, Lahontan has strong operational catalysts for a significant re-rating.

Deutsche Bank: Goldman Sees 25% Upside Potential Despite a 12-Year High

Deutsche Bank (WKN: 514000 | ISIN: DE0005140008 | Ticker: DBK) shares rose on Wednesday to their highest level since 2014. The share price gained 3% at one point and was trading at EUR 35.30 in the afternoon. During the course of the day, the share also reached a new 52-week high of EUR 35.38. Over a twelve-month period, the gain stands at 17.4%.

Goldman has upgraded Deutsche Bank from “Neutral” to “Buy” and raised its target price from EUR 37.00 to EUR 43.75. Based on the current share price, this implies further upside potential of around 25%. Analyst Chris Hallam believes Germany’s largest bank is at the start of a phase of higher profitability. He cites stronger earnings momentum, operational economies of scale and, from 2027, significantly greater flexibility in the use of capital as reasons for this. As a result, dividends and share buybacks could also come into greater focus in the future.

The financial results support this assessment. In the second quarter of 2026, revenues rose by 9% year-on-year to EUR 8.5 billion. Pre-tax profit increased by 11% to EUR 2.7 billion, while profit after tax reached a new record for a second quarter at EUR 1.9 billion. The investment banking division performed particularly well with its revenue rising by 19%. Growth in the fixed-income and currencies business stood at 16%, while in the underwriting and advisory business it reached as high as 36%. Net interest income also increased by 19% to EUR 4.5 billion.

Profitability is also improving. The return on tangible equity reached 11.0% in the quarter, up from 10.1% in the previous year. At the same time, the cost-to-income ratio fell from 64% to 63%. For the first half of the year, the bank posted a profit after tax of EUR 4.1 billion, an increase of 9%.

Deutsche Bank had already posted record figures in 2025. Revenues rose by 7% to EUR 32.1 billion, while profit after tax doubled to EUR 7.1 billion. In addition, a dividend of EUR 1.00 per share and a EUR 1 billion share buyback program were announced. With a market capitalization of around EUR 67 billion, a P/E ratio of 10.62 and a dividend yield of 2.87%, the valuation appears moderate. Risks remain, including rising costs, potential loan defaults and legal investigations.

The technical picture is also positive. This figure indicates the number of trading days over which the average is calculated. At EUR 34.88, the share price is above the 20-day moving average of EUR 33.47, the 50-day moving average of EUR 32.08 and the 200-day moving average of EUR 30.13. The share price is therefore trading above all key moving averages. A sustained breakout above EUR 35.38 could pave the way toward Goldman’s price target.

Thanks to booming demand for AI servers, Dell significantly raised its annual forecast to USD 192 billion following a strong quarter with revenue of USD 47 billion. Lahontan Gold recorded a 22% increase in resources at the Santa Fe project and is currently planning the financing structure to enable potential mine construction to begin in 2027. Deutsche Bank has reached a 12-year high following strong profits, prompting Goldman Sachs to upgrade the share to “Buy” and see further potential.

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