By By: StockStory
Publication Date: 2026-05-29 20:41:00
What happened?
Several stocks rose in the afternoon session after a two-day wave of AI conviction, sparked by Snowflake’s best single-session day on record and extended by Dell’s spectacular earnings, continued to weaken the narrative hanging over the software sector.
Snowflake’s first-quarter results sent the stock up 36% on May 28, its biggest single-day gain since its 2020 initial public offering, showing that AI is accelerating demand for enterprise data platforms rather than cannibalizing them. Then, Dell’s first-quarter report, released after the bell on May 28, confirmed that the physical infrastructure layer is expanding on a scale that most analysts had not modeled: $43.8 billion in revenue, up 88% year over year, AI server revenue of $16.1 billion, up 757%, and a record AI backlog of $51.3 billion.
The combined reading was hard to ignore: companies are deploying AI at scale and need both the software layer and the hardware stack to do so. A favorable macroeconomic backdrop provided additional impetus. He…
