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Dell soared 16.8% to nearly $291 on Thursday as AI server momentum reached a fever pitch. The company enters with a $43 billion AI server backlog, roughly 5,000 AI server customers, and expects $50 billion in AI revenue for FY2027. Analyst upgrades piled on: Mizuho lifted its target to $300, JPMorgan to $280, Citi to $290, and BofA to $280 — all citing explosive AI infrastructure demand ahead of Dell's May 28 earnings.
Arm Holdings surged 16.2% to $298.23, its second consecutive session of massive gains, as investors repriced the chip licensing model sharply higher following Nvidia's earnings. The catalyst: Nvidia forecast $20 billion in CPU revenue this year from its Vera CPU, which is licensed from Arm, pointing to a step-change in royalty revenue for the British chip designer.
Nvidia fell to $219.51 despite reporting record Q1 FY2027 revenue of $81.6 billion (up 85% YoY) and net income of $58.3 billion. CEO Jensen Huang called demand "parabolic." The company also unveiled an $80 billion share buyback authorization and raised its quarterly dividend 2,400% to $0.25 per share. Markets shrugged — Nvidia has now beaten estimates for 14 straight quarters, yet the stock sold off anyway.
AMD climbed 4% to $467.51, extending a staggering 109% year-to-date advance. The gains are a continuation of its Q1 blowout where data center revenue hit $5.8 billion (+57% YoY), now accounting for more than half of total revenue. Analyst price target hikes continue to pour in — Evercore ISI raised to $579, Melius to $540, and Citi to $460.
The S&P 500 rose 0.4% to cap its longest weekly winning streak since 2023, powered by AI enthusiasm and retreating Treasury yields. The Nasdaq 100 added 0.2%. The VIX hovered near its lowest level since early February, reflecting broad market calm even amid geopolitical uncertainty in the Middle East.
SoftBank surged 20% on Wednesday and another 12% on Thursday, adding over $61 billion in market capitalization across two sessions. The Japanese conglomerate benefits from its Arm Holdings stake and its $30 billion+ investment in OpenAI, which has generated $45 billion in gains in the year ended March.
OpenAI filed its confidential S-1 with the SEC on Friday, targeting a Q4 2026 public listing at a valuation between $852 billion and $1 trillion. Goldman Sachs and Morgan Stanley are leading the deal. The company is generating roughly $2 billion per month in revenue but is still unprofitable, losing $1.22 for every $1 of revenue in Q1 2026.
Lenovo shares surged nearly 20% to an all-time high in Hong Kong after reporting record Q4 revenue of $21.6 billion (+27% YoY) and full-year net profit of $2.04 billion (+42%). AI-related revenue grew 84% in Q4 and doubled for the full year, now accounting for 33% of group revenue. The company has a $21 billion AI server pipeline and will start delivering Nvidia's Rubin-based platforms in H2.
HPE jumped 10% to a new all-time high as analysts raised price targets citing surging AI server demand. Bernstein lifted its target to $35 and Evercore ISI to $40. The company's most recent quarter showed networking revenue up 152% YoY to $2.71 billion, driven by AI infrastructure buildout and the Juniper integration.
ServiceNow dropped 3.5% to $99.69 after Citic Securities slashed its price target from $168 to $140, maintaining a buy rating. The stock has shed more than 32% year-to-date in a painful 2026, even as the broader AI rally lifts most boats. The consensus target sits at $141.85, implying ~40% upside from current levels — if the turnaround materializes.