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Dell Technologies crushed Q1 estimates across the board — revenue up 88% year-over-year, EPS up 214%, and AI server revenue surging 757% YoY, with a record $51.3 billion AI server backlog. The stock closed up 32.76% at $420.91, triggering a sector-wide rally across AI infrastructure names including HPE, SMCI, and others. This is the largest single-earnings beat in AI hardware this cycle.
Snowflake reported fiscal Q1 revenue of $1.39 billion (+33.5% YoY), beating the $1.32 billion consensus, with non-GAAP EPS of $0.39 vs. $0.32 expected. Simultaneously announced a $6 billion, five-year AWS expansion deal deploying Amazon Graviton AI chips and cloud GPU infrastructure; CEO called it an AI "inflection point." Stock surged 36% on May 28 and added another ~4.5% on Friday.
Goldman Sachs upgraded Advanced Micro Devices to Buy with a $450 price target, while Baird's Tristan Gerra set a street-high $625 target (up from $300 pre-earnings), both citing record Q1 data center revenue of $5.8 billion (+57% YoY). AMD is up 114% year-to-date in 2026, quietly outperforming Nvidia on a relative basis. The Goldman upgrade adds institutional conviction to what has been the sleeper AI hardware trade of the year.
Tigress Financial raised its Nvidia price target to $425 on May 27, implying ~96% upside, citing 71.1% expected EPS growth this year at a forward P/E around 27. On the regulatory front, the Trump administration shifted advanced AI chip export review from a "presumption of denial" to "case-by-case review" for H200-class chips, easing a significant demand overhang for Nvidia's China addressable market. The AI OVERWATCH Act in Congress provides a near-term counter-pressure to watch.
Alphabet hit a new all-time high market capitalization of $4.7 trillion, with earnings expected to grow 32.2% this year following 34.5% growth last year. The company signed a classified AI contract with the US Department of Defense in late April. Berkshire Hathaway nearly tripled its Alphabet position in Q1 2026, making it the fifth-largest Berkshire holding at 6.8% of the portfolio — a notable signal from a historically tech-averse firm.
Hewlett Packard Enterprise closed Friday up 12.76% at $43.09, after jumping as high as 23.5% in premarket trading on the back of Dell's AI server blowout. Analysts framed Dell's $51 billion backlog as a "tide lifting all boats" in the server segment. HPE's own earnings report is on deck, and expectations are now elevated.
IonQ reported Q1 2026 revenue of $64.7 million, beating its own guidance by 30% and marking four consecutive record-breaking quarters, with 755% year-over-year growth. The company raised its full-year 2026 revenue guidance to $260–$270 million, citing surging enterprise demand for quantum computing platforms. IonQ is shifting the quantum narrative from theoretical future potential to a present-tense revenue story.
Arm Holdings rose 9% after Jefferies highlighted Nvidia's $20 billion Vera CPU program as a major royalty tailwind for Arm, whose data center royalty revenue more than doubled in fiscal 2026 and is expected to double again in fiscal 2027. The stock is up 180% year-to-date. Inference workloads — Arm's sweet spot — now account for roughly two-thirds of AI compute in data centers.
Super Micro Computer faces compounding headwinds: a co-founder indictment on export-control violations tied to China shipments, a reported $1.4 billion contract loss from Oracle, and JPMorgan cutting its price target to $28 from $40 (Neutral). SMCI did rally ~9% on May 29 riding Dell's sector coattails, but the fundamental backdrop remains troubled.
Amazon, Alphabet, Microsoft, and Meta plan to spend a combined ~$700 billion on AI infrastructure in 2026, with Jensen Huang citing a $40 trillion physical AI market opportunity. Against that backdrop, UBS analyst Timothy Arcuri tripled his Micron price target from $535 to $1,625, representing ~80% upside from current levels, citing AI-driven memory demand as the structural driver underpinning the entire sector.
