Dell (DELL) Surges 33% to Record After AI Server Sales Boom and Pentagon Contract Win

Dell Technologies (DELL) shares skyrocketed 32.76% on May 29, 2026, the largest single-day gain since its 2018 relisting, after reporting its fastest revenue growth in that period, driven by surging demand for artificial intelligence servers and a multibillion-dollar U.S. Department of Defense contract. The company’s AI server revenue accelerated sharply, validating the torrid enterprise appetite for generative AI infrastructure. Dell’s stock has now surged 234% year-to-date. The AI-fueled euphoria lifted the broader tech sector. ServiceNow (NOW) jumped 14.4% the same day to cap its best month on record, as earlier fears over AI disruption to software firms receded. The S&P 500 rose 5.1% in May, almost entirely powered by a 15.9% leap in information technology stocks; eight of the index’s 11 sectors declined. Bucking the risk-on mood, President Trump delayed a final decision on a peace agreement with Iran following a Situation Room meeting, leaving some investors cautious on geopolitical risks.