DELL and SNOW Are Having Their Nvidia Moment — And Most People Missed the Opening Act

$DELL raised its FY2027 AI server revenue forecast to $60 billion — up from $50B — and total revenue guidance to $165–$169 billion, with its infrastructure solutions group revenue tripling year-over-year. Q1 sales jumped 88% YoY to nearly $44 billion. Bloomberg's coverage compared the earnings surprise to early Nvidia prints. The stock surged roughly 20%, adding ~$40 billion in market cap in a single session. Customers include Neo Cloud players like CoreWeave, which rent compute to OpenAI and Microsoft. Dell's PC division also grew 17%, because apparently everything is going right for Michael Dell right now.

Meanwhile, $SNOW had its best day since its 2020 IPO — up ~39% — after reporting Q1 product revenue of $1.334 billion (up 34% YoY) and raising full-year growth guidance from 27% to 31%. The company also dropped a $6 billion infrastructure deal with AWS like it was nothing. Net revenue retention climbed to 126%, and Evercore called Snowflake one of the few clear AI winners in software. CEO Sridhar Ramaswamy's AI agent tools are seeing 5–10x productivity gains for customers. Reddit's r/investing crowd was caught flat-footed — the bearish thesis on Snowflake aged like warm milk.

Two legacy names, one massive narrative shift: the AI infrastructure trade has officially moved beyond chips and into the platforms built on top of them — and the scoreboard doesn't lie.