Varonis (VRNS), Nutanix (NTNX), Bandwidth (BAND) Surge on AI Demand Wave

Shares of Varonis Systems, Nutanix, and Bandwidth surged on May 29, 2026, as a two-day wave of AI conviction uplifted the software sector. The rally erased lingering fears that AI would cannibalize enterprise software, following Snowflake’s record 36% single-day gain on May 28 and Dell’s blowout AI server report after the close. Snowflake’s fiscal Q1 results showed AI accounts on its platform jumped to 13,600 from 9,100, product revenue grew 34%, and full-year guidance was raised by $180 million. Dell then reported AI server revenue of $16.1 billion, up 757%, and a $51.3 billion AI backlog, signaling that hardware infrastructure is expanding at a far larger scale than modeled. The 10-year Treasury yield fell to 4.45% on a U.S.-Iran truce extension, further boosting long-duration growth stocks. Varonis Systems (VRNS), up 6.6% year-to-date, remains 46% below its October 2025 high of $63.31, at $34.16. The stock is volatile, with 21 moves greater than 5% in the past year, and the market viewed the AI demand signals as meaningful but not fundamentally altering its outlook.