$DELL is up 30% and AI server demand just broke every bear thesis — here's your weekly recap
AI servers are printing, Iran is negotiating, and Jamie Dimon is out here calling markets 'exuberant' with a straight face
Ticker Ratings
| Ticker | Rating | Entry Price | Current | $ Gain | % Gain |
|---|---|---|---|---|---|
| DELL Dell Technologies Inc. | buy | $420.03 | — | — | — |
| SNOW Snowflake Inc. | buy | $254.82 | — | — | — |
| OKTA Okta, Inc. | hold | $123.35 | — | — | — |
| NTAP NetApp, Inc. | buy | $173.90 | — | — | — |
| CRM Salesforce, Inc. | hold | $191.71 | — | — | — |
| ZS Zscaler, Inc. | buy | $139.34 | — | — | — |
| JPM JPMORGAN CHASE & CO | hold | $299.00 | — | — | — |
| GAP GAP INC | sell | $21.10 | — | — | — |
| AAL American Airlines Group Inc. | hold | $14.66 | — | — | — |
Let's get the obvious out of the way: $DELL had its best single day ever, surging over 30% after reporting $44B in revenue vs. $35B expected and raising its AI server outlook to $60B. The bear thesis — that AI demand was pulled forward — is now officially a chalk outline on the floor. Traditional server sales were up 92% YoY. Enterprise agentic AI buildouts are real, they're here, and they're buying rack after rack of hardware.
Meanwhile, $SNOW went full Lazarus with a 39% single-day rip — its biggest since its 2020 IPO — after a $6B AWS deal and guidance that actually impressed someone. $NTAP beat massive too, while $S (SentinelOne) got smoked 14% on weak guidance and layoffs. Okta ($OKTA) beat earnings but still faded after hours, which is just how the market treats cybersecurity names right now — polite applause, then a slow walk to the exit.
The macro backdrop is genuinely weird: PCE hit 3.8% YoY, Tom Lee still sees S&P 7,700, Jamie Dimon called markets 'exuberant' while dangling a $20B acquisition carrot, and the US-Iran ceasefire talks are playing out like a season finale where nobody agrees on the ending. Oil below $90 on deal hopes, mortgage rates back at 6.6%, and the Fed watching all of it from a corner booth with increasingly bad vibes. Record highs never felt so nervous.