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.
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 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.
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.
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 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.
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.