Dell's net worth rose to $245.9 billion on Friday, overtaking Meta CEO Mark Zuckerberg, whose fortune stood at $215.6 billion, according to Forbes' Real-Time Billionaires list.

The gain also narrowed the gap with Oracle co-founder Larry Ellison, whose wealth increased by $13.5 billion to $266.4 billion on the same day.

The surge came after shares of Dell Technologies jumped 32.1%, surpassing the company's previous record intraday gain of 31.6% set in March 2024. Investor enthusiasm followed stronger-than-expected quarterly results released Thursday. Dell reported first-quarter earnings of $4.86 per share on revenue of $43.8 billion, beating analysts' expectations of $2.96 per share and $35.7 billion, respectively, according to FactSet.

The company said revenue from artificial intelligence servers soared 757% year-on-year to $16.1 billion. It also raised its full-year AI revenue forecast to $60 billion from $50 billion projected in February.

"This was—across the board—one of the most impressive quarters we've seen in our time covering hardware, especially in the context of what is happening across the component universe," Morgan Stanley analysts wrote in a note on Friday.

Dell CEO Michael Dell. Photo courtesy of Dell

Dell has become one of the biggest beneficiaries of the AI spending boom as technology companies race to expand computing capacity. Chief Operating Officer Jeff Clarke said during the earnings call that the company's "AI opportunity shows no signs of slowing."

The company said it secured $24.4 billion in AI-related orders during the latest quarter, driven by demand for servers used to train and run AI systems.

Founded by Michael Dell in 1984, Dell Technologies has nearly tripled in value over the past year and is now worth more than $200 billion.

The company's momentum received another boost on Wednesday when it won a $9.7 billion Pentagon contract to provide software services to the U.S. military CNBC reported.,