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Dell Technologies (DELL) stock is on the move in Friday's pre-market trading as its share price soars by as much as nearly 40% — bringing the share price into the $400 range — after reporting a booming $60 billion in AI server sales for the company's first quarter. Morning Brief Host Julie Hyman and Yahoo Finance Head of News Myles Udland dive into Dell's earnings results and how its AI demand-driven growth compares to that seen in the software sector.

It’s been a great year for the market, particularly so for SanDisk SNDK, Micron MU, and Dell Technologies DELL, with the trio reflecting the top-performing S&P 500 stocks of 2026 so far. Dell Technologies, in particular, has jumped to the top of the leaderboard following its record-breaking results, with the numbers again confirming just how fiercely strong the broader AI buildout has become. Dell Technologies crushed earnings in its recent print, exceeding the Zacks Consensus EPS estimate by nearly 60% and posting a sizable 23% sales surprise. Sales grew by a double-digit 88% YoY, whereas earnings climbed an even more impressive 214%. Overall, it was a record-breaking release for Dell, posting company highs across several key areas related to the AI frenzy, including AI-optimized servers, which saw an incredible 760% YoY growth rate. The favorable momentum led the company to raise its FY27 sales guidance, with the new midpoint implying 50% YoY growth over FY26. The new annual guidance reflects a clear acceleration relative to last year, when DELL’s sales grew by 20% YoY. The stock has seen notably bullish reactions to its earnings releases throughout 2026, with the continued AI frenzy keeping the stock’s outlook bright. Image Source: Zacks Investment Research SanDisk shares keep climbing in 2026 as its critical role in AI infrastructure has become increasingly recognized. AI is driving a huge surge in storage demand, which is where SanDisk comes in. NAND prices are rising rapidly, with AI data centers, cloud providers, and edge devices all needing more high-speed storage. The stock sports the highly coveted Zacks Rank #1 (Strong Buy), with EPS revisions soaring across the board. The current Zacks Consensus Sales estimate of $18.6 billion for its current FY26 reflects a 150% climb, with sales forecasted to be up 120%. Earnings growth is also forecasted to be outsized, expected to grow nearly 2100% in its current fiscal year and an additional 170% in FY27. Image Source: Zacks Investment Research Micron is a world leader in memory and storage solutions, specifically concerning the DRAM market. Like SNDK, the company also continues to sport a bullish Zacks Rank #1 (Strong Buy), with EPS revisions rising across many near-term timeframes. Image Source: Zacks Investment Research The stock also continues to sport a strong growth outlook, with Zacks Consensus estima...

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Lam Research (LRCX) is back in focus after Micron signaled heavy AI related capital spending, reinforcing expectations of tight chip supply and multi year capacity builds that feed directly into semiconductor equipment demand. See our latest analysis for Lam Research. Short term, Lam Research’s share price has cooled slightly with a 1 day share price return that declined 1.16%. However, the 30 day share price return of 22.92% and year to date share price return of 72.34%, alongside a very large 1 year total shareholder return of 282.46% and strong multi year total shareholder returns, suggest momentum has been building as investors react to AI driven capex signals, recent earnings beats and growing institutional interest. If AI infrastructure spending is catching your eye, it could be worth broadening your watchlist with other equipment and chip beneficiaries via the 47 AI infrastructure stocks With Lam Research trading slightly above the average analyst target and recent returns already very strong, the key question now is simple: is the stock still undervalued, or is the market already pricing in future growth? At a last close of $318.93 versus a narrative fair value of $309.52, Lam Research is priced slightly above that framework, which relies on rich earnings and margin assumptions. Read the complete narrative. Curious what earnings trajectory and margin profile justify that kind of premium? The narrative relies on faster revenue compounding and higher margins than many investors might expect. Result: Fair Value of $309.52 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this upbeat story still meets some friction, particularly around Lam Research's heavy exposure to China and the cyclic, sometimes lumpy wafer fab equipment spending cycle. Find out about the key risks to this Lam Research narrative. That narrative fair value suggests Lam Research is slightly expensive, but the current P/E of 59.5x paints a more mixed picture. It sits below the US Semiconductor industry average of 68.6x, above the peer average of 54.2x, and above a fair ratio of 48.6x. This combination points to some valuation risk if sentiment cools. If you focus more on earnings multiples than ca...

New research from Goldman Sachs was headlined by an 8,000 year-end target on the S&P 500 Index ($SPX), nearly 10% higher than this year’s already strong up move. This major upgrade is driven by what analysts describe as “robust, corporate earnings power.” The mainstream narrative is simple: Corporate America is thriving, the bull market is charging ahead, and the fundamental backdrop has never looked healthier. But if you look past the sensational headline and pop the hood on the underlying data, the reality is starkly different. Dear Intel Stock Fans, Mark Your Calendars for June 2 Why Micron Stock Might Have a Math Problem Palantir Might Soon Take Over the Intelligence Agencies. Here’s What It Means for PLTR Stock Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! The broader index isn’t experiencing a healthy, diversified economic advance. Instead, the entire S&P 500 has effectively mutated into an extreme, highly concentrated two-stock dependency model. And while I have been chronicling the stock market’s increasingly narrow participation here for a while now, it is getting worse, not better. That’s what Goldman’s data tells me. According to the firm’s own numbers, a staggering one-third of all S&P 500 earnings growth in 2026 will be driven by just two companies: Nvidia (NVDA) and Micron Technology (MU). This is so absurd! The S&P 500 is supposed to represent a broad, diversified cross-section of the 500 largest publicly traded corporations in the United States. Yet, a single GPU designer and a single high-bandwidth memory manufacturer are projected to shoulder roughly 33% of the entire index’s bottom-line expansion this year. Goldman notes that when you widen the lens to the 10 largest corporate giants — a list heavily rounded out by tech hyperscalers like Alphabet (GOOG), Broadcom (AVGO), and Meta (META), they represent an astonishing 64% of all projected S&P 500 EPS growth for 2026. This is not a story of widespread corporate prosperity. It is a story of a historic, unprecedented capital expenditure haul. A massive chunk of global liquidity is being extracted from traditional economic sectors and poured directly into a singular destination: AI data center infrastructure. NVDA and MU are sitting at the toll booth of th...

This article first appeared on GuruFocus. Goldman Sachs sees artificial intelligence spending becoming a major engine for S&P 500 earnings growth over the next two years, with companies tied to the buildout expected to drive about half of index EPS growth in both 2026 and 2027, the firm said. Goldman Sachs said the biggest direct winners remain chipmakers. Nvidia and Micron Technology together are expected to account for about one-third of S&P 500 EPS growth this year, reflecting how deeply AI infrastructure is feeding into semiconductor demand. Warning! GuruFocus has detected 2 Warning Sign with MSFT. Is SPY fairly valued? Test your thesis with our free DCF calculator. Goldman Sachs said the benefits are not limited to semiconductors. Tech hardware makers, industrial companies and utilities are also getting a lift as data center construction accelerates and electricity demand rises across the AI supply chain. Goldman Sachs also warned that the earnings boost will not be fully clean. It said rising depreciation costs at hyperscalers, the large cloud providers spending heavily on AI, will partly offset the upside, with that drag likely becoming more visible in 2027 than in 2026.

US stocks have opened mixed, with the Dow Jones opening up 0.25%, while the Nasdaq and S&P 500 were essentially flat in opening trades. The Nasdaq 100's biggest drops came from cybersecurity groups Zscaler, CrowdStrike and Palo Alto Networks, coming under pressure alongside AI-linked names including Palantir and Strategy. Nvidia slipped 1.7% as investors took profits across the semiconductor sector, while Qualcomm and Intel also traded lower. All but six of the Dow names were in green, led by Nike, Procter & Gamble, and Home Depot, all up over 2%. Crude oil prices have dropped again after Iranian state media reported details of an unofficial draft peace framework with the US. Markets feel like they have heard this before, so WTI futures crept back up above $89 after falling to a 5-week low. The deal would see commercial shipping through the Strait of Hormuz restored to pre-war levels within 30 days. Under the reported 'Islamabad framework' proposals, the US would lift its naval blockade on Iranian ports and withdraw military forces from the vicinity of Iran, while Tehran and Oman would jointly oversee shipping through the strategic waterway. The Mizan news agency said any final agreement reached within two months could eventually be endorsed through a UN Security Council resolution. Neither Washington nor Tehran has officially commented on the reports, though the developments come ahead of a cabinet meeting between Donald Trump. Separately, Iran’s Revolutionary Guards navy says 23 vessels had passed through the Strait under its supervision over the past 24 hours, signalling some easing in shipping restrictions after weeks of disruption that sent oil prices sharply higher. Wall Street’s technology stocks looked set to lead markets higher again on Wednesday as investors piled further into the artificial intelligence trade and global equity benchmarks hit fresh record highs. Futures for the Nasdaq 100 were up 0.6% ahead of the opening bell, while contracts for the S&P 500 and Dow Jones Industrial Average gained around 0.35%. The previous session saw the Nasdaq climb 312 points, or 1.2%, to a record close of 26,656, while the S&P 500 rose 46 points, or 0.6%, to finish at an all-time high of 7,519. The Dow Jones underperformed, slipping 118 points to 50,462. Chipmaker Micron remained at the centre of the rally after its market value momentarily topped $1 trillion...

(Bloomberg) -- While software stocks rebound from the artificial intelligence-driven wipeout earlier this year, Salesforce Inc. hasn’t really benefited. But its earnings after the close Wednesday could pull the company’s shares out of their malaise. Most Read from Bloomberg Singapore Hands Byju's Founder His First Ever Jail Term Iran’s Khamenei Says No Going Back for Middle East Rocked by War Ex-President Biden Sues to Stop DOJ Sharing Interview Tapes Two More Oil Supertankers Exit Hormuz to Help Push Up Flows ‘KPop Demon Hunters’ Studio Draws Tencent Music Investment Salesforce is up 8% since hitting a three-year low on April 10, but the stock still has lost 32% this year. It’s badly underperforming the iShares Expanded Tech-Software Sector exchange-traded fund, which has jumped 25% since hitting its own recent low on April 10 and is down 12% this year. And both are being trounced by the technology-heavy Nasdaq 100 Index’s 19% rise in 2026, largely powered by high-flying chipmakers. Salesforce shares dipped 0.1% on Wednesday afternoon. “It has gone through a very painful period, but there’s a stickiness and staple-like nature to the business that people have underestimated, even though revenue is still growing at a decent pace,” said Brian Kersmanc, portfolio manager at GQG Partners, which owns Salesforce shares. “Now that we’ve had this big washout, I think we’re going to start seeing the merits shine through.” Software stocks are getting some life as encouraging corporate earnings reports indicate that AI may not end up devastating growth like investors had assumed, and in some cases it could be a potential tailwind. That, coupled with valuations that fell to rock-bottom levels, has Wall Street thinking that the industrywide weakness from earlier this year may have gone too far. Salesforce, however, has missed much of the bounce back as it continues to face questions about its prospects. Wall Street’s primary concern is competition from Anthropic and OpenAI weakening demand and pricing power for its customer relationship management software, which for years drove robust growth at high margins. For example, Bank of America last week reinstated coverage of the company with an underperform rating due to “structurally lower growth” and greater competitive risks from AI. “Salesforce remains a deeply entrenched platform, yet we expect a structural reset driven...

Micron (MU) reported fiscal Q2 2026 revenue of $23.9B, up 196% year-over-year, with Q3 guidance for $33.5B revenue and 81% gross margin, while trading at just 7x forward FY 2027 earnings compared to NVIDIA and Broadcom at 24x despite supplying the HBM memory critical to AI infrastructure. The company achieved $6.9B in free cash flow last quarter, approved a 30% dividend increase, and has begun HBM4 volume shipments with multi-year customer contracts replacing the old one-year model. Micron’s AI memory dominance is protected by structural constraints: HBM chip manufacturing requires years of cleanroom build-out and construction, customers can only receive 50-66% of their demand in the medium term, and supply-demand stays tight through 2026, creating a supply-constrained environment unlike the 2018 memory downcycle. It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor) Consider Micron Technology (NASDAQ:MU) here because a forward FY 2027 earnings multiple of 7x on a company sitting at the literal center of the AI memory bottleneck is a valuation that almost never exists at the heart of a megatrend, and the only reason it does now is that your advisor still thinks "memory" means 2018. The numbers do the arguing. Micron just reported fiscal Q2 2026 revenue of $23.9 billion, up 196% year-over-year, with non-GAAP EPS of $12.20 and gross margins of 75%. Guidance for Q3 calls for $33.5 billion in revenue, EPS of $19.15, and gross margin near 81%. Against a share price of $884 as of this writing, the market is still pricing this like a commodity DRAM shop heading into a downcycle. It is doing the opposite. By the time you read this, Micron may have even crossed $1,000. The rally is accelerating due to investors identifying how discounted the stock is compared to its earnings. And each time the rally accelerates, the FOMO will send it even higher. SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $1,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now. NVIDIA trades north of 24x forward earnings for FY 2027 (ends in January 2027). Broadcom (NASDAQ:AVGO) , almost the same. Micron, the company supplying the HBM that makes those GPUs...

Shares of rival data storage firms NetApp and Everpure are rallying ahead of earnings reports due Thursday. NetApp stock broke out during Friday's session but pulled back Tuesday. Meanwhile, shares of Everpure, formerly Pure Storage, are approaching an entry with gains Tuesday.

Earnings season is winding down, but we still have a couple of big name companies reporting. This week we have Dell Technologies (DELL), Marvell Technology (MRVL), Snowflake (SNOW), Salesforce (CRM) and Costco (COST) all reporting. Before a company reports earnings, implied volatility is usually high because the market is unsure about the outcome of the report. Speculators and hedgers create huge demand for the company’s options which increases the implied volatility, and therefore, the price of options. Micron Stock is Up over 133% From Its Lows - But Is MU Still Undervalued? Nvidia Hikes Its Dividend and Buybacks Based on Surging FCF - Is NVDA Too Cheap? Real Money Flows + Fed Pause + Seasonal Timing: The AUD Setup Traders Are Watching! Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. After the earnings announcement, implied volatility usually drops back down to normal levels. Let’s take a look at the expected range for these stocks. To calculate the expected range, look up the option chain and add together the price of the at-the-money put option and the at-the-money call option. Use the first expiry date after the earnings date. While this approach is not as accurate as a detailed calculation, it does serve as a reasonably accurate estimate. Monday Memorial Day Holiday Tuesday Nothing of note Wednesday MRVL – 13.5% SNOW – 13.5% PDD – 6.5% CRM – 8.7% SNPS – 8.5% Thursday DELL – 11.7% COST – 3.7% Friday Nothing of note Option traders can use these expected moves to structure trades. Bearish traders can look at selling bear call spreads outside the expected range. Bullish traders can sell bull put spreads outside the expected range, or look at naked puts for those with a higher risk tolerance. Neutral traders can look at iron condors. When trading iron condors over earnings, it is best to keep the short strikes outside the expected range. When trading options over earnings, it is best to stick to risk defined strategies and keep position size small. If the stock makes a larger than expected move and the trade suffers a full loss, it should not have more than a 1-3% effect on your portfolio. Stocks With High Implied Volatility We can use Barchart’s Stock Screener to find other stocks with high implied volatility. Let’s run the stock screener with the following filters: Total call v...

(Bloomberg) -- For much of the year, chip stocks have been powering the market higher. Now, Nvidia Corp.’s earnings have a chance to confirm that the rally has more room to run — or add another brick to investors’ wall of worry. Most Read from Bloomberg Spot the Difference: Putin Gets Trump Treatment From Xi in China Iran Threatens to Retaliate Beyond Middle East If US Attacks Hasbro Cancels Dungeons & Dragons Game From ‘Star Wars’ Veteran US Lawmakers Plan New $130 Fee for Electric Vehicle Owners US Treasuries Rebound on Optimism for US-Iran Deal Progress The leader in artificial intelligence semiconductors reports its results after the market close on Wednesday. Wall Street is expecting the latest in a series of strong prints from chipmakers as Big Tech continues to shower the companies with cash to build out AI infrastructure. So investors will be looking for indications about what the growth outlook is from here. “Nvidia’s results or guidance and the discussion on the call can give investors more confidence that this AI buildout will last not just a quarter, not just 2026, but into 2027 and 2028 and beyond,” said JoAnne Feeney, a portfolio manager at Advisors Capital Management, which owns Nvidia shares. “That will be reassuring.” A disappointment, however, could give credence to investors’ fears that the group has gotten overextended. The Philadelphia Stock Exchange Semiconductor Index has soared more than 60% this year, but it tumbled 6.4% over Friday and Monday as inflation concerns weighed on the stocks. Nvidia shares were up 1.8% on Wednesday afternoon, extending gains to 20% in 2026 and nearly 36% since hitting a recent low in late March, but they lost 6.4% in three sessions through Tuesday’s close. They’re still outperforming the technology-heavy Nasdaq 100 Index, which has gained nearly 16% this year. “Nvidia unfortunately created the expectation that it’s going to beat and raise every quarter, if they don’t, that’s going to be disappointing,” Feeney said. The stock has declined the day after Nvidia’s last three earnings reports even though the company posted solid results. The options market is pricing in a 5.5% move in either direction in the wake of this report. Despite its relatively underwhelming performance in 2026, Nvidia remains the biggest stock in the market, accounting for almost a fifth of the S&P 500 Index’s more than 8% advance this...

June Nasdaq 100 E-Mini futures (NQM26) are trending up +0.69% this morning as sentiment improved after Treasury yields retreated from multiyear highs, with attention now turning to an earnings report from chip giant Nvidia. The price of WTI crude fell over -1% on Wednesday after Reuters reported that two Chinese supertankers transited the Strait of Hormuz early in the day and a third, South Korean-flagged vessel, was also exiting the waterway. U.S. President Donald Trump suggested on Tuesday that the war with Iran could end “very quickly,” while also cautioning that the U.S. could restart military strikes. “I hope we don’t have to do the war, but we may have to give them another big hit,” Trump told reporters. Meanwhile, Iran warned on Wednesday that it would expand the war beyond the Middle East if the U.S. attacks again. NVDA Earnings Bull Put Spread has a High Probability of Success This High-Yield REIT Just Hiked Its Dividend By 7.1%. Its Shares Look Compelling Here. Warren Buffett’s Berkshire Hathaway Dumped 16 Stocks in Q1, But the Chevron Sale Was the Largest Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Treasury yields fell across the curve on Wednesday, with the 10-year rate sliding three basis points to 4.64%. With traders still strongly leaning toward a Fed rate hike in December, markets remain highly sensitive to signs of escalation or de-escalation in the Middle East. In yesterday’s trading session, Wall Street’s major indexes closed lower. Most members of the Magnificent Seven stocks slid, with Alphabet (GOOGL) and Amazon.com (AMZN) falling over -2%. Also, travel stocks slumped on worries about higher fuel costs, with Carnival (CCL) sliding over -4% and United Airlines Holdings (UAL) slipping more than -3%. In addition, Akamai Technologies (AKAM) sank over -6% and was the top percentage loser on the S&P 500 after the company announced a $2.6 billion convertible notes offering. On the bullish side, some chip and AI infrastructure stocks advanced, with Marvell Technology (MRVL) climbing more than +4% to lead gainers in the Nasdaq 100 and Sandisk (SNDK) rising over +3%. Economic data released on Tuesday showed that U.S. pending home sales rose +1.4% m/m in April, stronger than expectations of +1.0% m/m. Economists,...