# Dell and AMD lift AI hardware names on server backlog surge and Q1 blowout, SOXX +2.4% _Dell Technologies surged 16.8% as a Las Vegas product conference and a wave of analyst upgrades confirmed a $43 billion AI server backlog; Advanced Micro Devices and Arm Holdings extended their post-earnings rallies while Nvidia slipped on rising bond yields._ **Published:** 2026-05-22 **Source:** https://www.startuphub.ai/ai-news/ai-stocks-daily/2026/ai-stocks-2026-05-22 --- **Dell Technologies surged 16.8% on Friday after a blowout product conference in Las Vegas and a raft of analyst upgrades validated its $43 billion AI server backlog, lifting the Philadelphia Semiconductor ETF 2.4% and helping the S&P 500 close modestly higher despite bond yields that pressed megacap tech names lower.** The S&P 500 rose 0.37% to 7,473, the Nasdaq added 0.19% to 26,344, and SOXX settled at $537.33, its highest close since late January. What we track This recap analyzes the top 25 publicly-listed AI stocks selected by these criteria: **chips and chip equipment** ($NVDA, $AVGO, $AMD, $ARM, $INTC, $TSM, $ASML, $AMAT, $LRCX, $SMCI, $DELL); **hyperscalers and AI labs** ($MSFT, $GOOGL, $AMZN, $META, $ORCL, $CRM, $NOW); **pure-play AI and data infrastructure** ($PLTR, $SNOW, $MDB, $DDOG); **AI-adjacent security and platform** ($CRWD, $NET, $PANW); plus **$TSLA** for autonomy and **$BIDU** for the China-AI overhang. Macro reference: $SOXX (semis ETF), S&P 500, Nasdaq Composite. End-of-day prices via Yahoo Finance. ## Today's biggest movers | Ticker | Close | Day | 1mo | YTD | | --- | --- | --- | --- | --- | | $DELL | $295.19 | +16.77% | +36.61% | +130.98% | | $SMCI | $35.58 | +6.34% | +22.35% | +14.92% | | $SNOW | $172.20 | +4.02% | +22.72% | -20.54% | | $AMD | $467.51 | +3.99% | +34.42% | +109.20% | | $PANW | $260.58 | +3.03% | +45.95% | +45.28% | | $BIDU | $127.79 | -2.58% | -0.71% | -14.98% | | $NVDA | $215.33 | -1.90% | +3.39% | +14.02% | | $GOOGL | $382.97 | -1.21% | +11.20% | +21.52% | | $AMZN | $266.32 | -0.80% | +0.88% | +17.58% | | $TSM | $404.52 | -0.65% | +0.51% | +26.57% | ## Dell surges 16.8% as AI server backlog and conference lift the stock Dell Technologies Inc. (NYSE: DELL) posted its largest single-day gain in years, closing at $295.19 after opening near $268. The catalyst was a combination of factors converging on Thursday evening and Friday morning: a blowout product showcase at Dell World in Las Vegas, a string of analyst upgrades, and confirmation from [Wednesday's session](https://www.startuphub.ai/ai-news/ai-stocks-daily/2026/ai-stocks-2026-05-21) that Hewlett Packard Enterprise's strong quarterly results had already validated surging enterprise AI server demand. Dell management disclosed a $43 billion AI server backlog and guided full-year AI revenue toward $50 billion for FY2027, numbers that moved several sell-side desks to raise price targets into the $320-$340 range. Evercore ISI and Barclays were among those upgrading the stock, citing undersupply of liquid-cooled rack infrastructure as a multi-year earnings driver. Dell is next due to report quarterly results on May 28. [DELL chart by TradingView](https://www.tradingview.com/symbols/NYSE-DELL/?aff_id=158908) ## AMD extends post-earnings rally as price targets reach $579 Advanced Micro Devices Inc. (NASDAQ: AMD) rose 4.0% to $467.51, building on a 109% year-to-date advance that has made it one of the best-performing large-cap names in the S&P 500. The session's move reflected continued repositioning by institutional investors following AMD's first-quarter earnings in early May, when revenue growth accelerated sharply and free cash flow more than tripled year over year. Management guided June-quarter revenue to $11.2 billion at the midpoint, up 45% year over year and well above the FactSet consensus of $10.5 billion at the time. Evercore ISI raised its price target to $579 from $358 after the report, while Melius Research lifted its target to $540 from $500. The consensus rating among 51 analysts polled by S&P Global is Strong Buy. AMD's data-center GPU segment, which competes directly with Nvidia in enterprise AI training and inference, has emerged as the primary growth driver as hyperscalers diversify their chip supply chains. [AMD chart by TradingView](https://www.tradingview.com/symbols/NASDAQ-AMD/?aff_id=158908) ## Arm Holdings rides analyst upgrade wave above $300B market cap Arm Holdings plc (NASDAQ: ARM) added 2.8% to $306.51, extending a streak that has taken the stock up 167% year to date and cemented its position above the $300 billion market capitalization threshold it first crossed on May 21. The rally has been driven by a coordinated wave of analyst price target increases tied to accelerating data-center royalty growth: Rosenblatt lifted its target to $270 from $175; TD Cowen moved to $265 from $165; Jefferies raised to $290 from $210, citing expected demand for AGI-optimized CPUs; and Sanford C. Bernstein initiated with an Outperform rating and a $300 target. RBC Capital noted a doubling of data-center royalties in its most recent upgrade. [ARM first surged 15% earlier this week](https://www.startuphub.ai/ai-news/ai-stocks-daily/2026/ai-stocks-2026-05-20) on the strength of its AGI CPU roadmap, and today's session confirmed that institutional buyers are still adding exposure rather than locking in profits. [ARM chart by TradingView](https://www.tradingview.com/symbols/NASDAQ-ARM/?aff_id=158908) ## Palo Alto Networks gains 3% on AI security ARR milestone Palo Alto Networks Inc. (NASDAQ: PANW) rose 3.0% to $260.58, its highest close since February, as investors processed the company's fiscal second-quarter results released earlier in the week. Revenue reached $2.6 billion, up 15% year over year and modestly above consensus, while next-generation security ARR hit $6.3 billion, a metric that Wall Street treats as the leading indicator for PANW's platform consolidation strategy. Earnings per share of $1.03 beat the $0.94 consensus estimate by roughly 10%. PANW's next earnings date is June 2. The stock is up 45% year to date as enterprises accelerate spending on AI-integrated security platforms. [PANW chart by TradingView](https://www.tradingview.com/symbols/NASDAQ-PANW/?aff_id=158908) ## Notable but quieter **$SMCI** - Super Micro Computer Inc. (NASDAQ: SMCI) climbed 6.3% to $35.58, riding the same AI server infrastructure wave that propelled DELL. The company remains under legal scrutiny over alleged unauthorized exports of AI servers; next earnings are expected August 11. **$SNOW** - Snowflake Inc. (NYSE: SNOW) rose 4.0% to $172.20 ahead of its fiscal first-quarter results scheduled for May 27. Bank of America raised its price target to $205 from $195 ahead of the print, while TD Cowen reiterated its Buy rating; the Q1 revenue consensus stands near $1.32 billion. **$NVDA** - Nvidia Corp. (NASDAQ: NVDA) slipped 1.9% to $215.33 as rising Treasury yields weighed on high-multiple tech. The move was modest in context; the stock remains up 14% year to date and has held its post-earnings range since reporting on May 20. **$BIDU** - Baidu Inc. (NASDAQ: BIDU) fell 2.6% to $127.79. The company's Q1 results released May 18 showed AI cloud infrastructure revenue surging 79% year over year to RMB 8.8 billion; however, overall group revenue fell 2% quarter over quarter as online marketing services contracted 22% annually. The divergence between AI growth and legacy search erosion continues to weigh on sentiment. ## What to watch next week Snowflake reports fiscal Q1 earnings on May 27; the consensus revenue estimate of $1.32 billion and any commentary on AI workload migration will set the tone for cloud-data names early in the week. Dell's quarterly results follow on May 28, where the market will test whether the $50 billion AI revenue forecast and $43 billion backlog hold up under analyst questioning. Palo Alto Networks reports June 2. On the macro side, the Federal Reserve's May meeting minutes are due Wednesday; any shift in the committee's language on rate timing could re-rate the growth multiple across the entire AI sector. Technology earnings growth for S&P 500 constituents is tracking above 50% for Q1, more than five times the pace of the broader index, according to LPL Financial - a gap that justifies current valuations only if second-half guidance holds. See also: [this week's yield-vs-semis setup from Monday](https://www.startuphub.ai/ai-news/ai-stocks-daily/2026/ai-stocks-2026-05-19). Not investment advice. --- Original analysis from [startuphub.ai](https://www.startuphub.ai), the #1 AI startup directory.