U.S. stocks climbed to fresh record highs by midday Friday as investors piled further into the artificial-intelligence trade following a blockbuster forecast from Dell Technologies Inc. (NYSE:DELL).
Dell surged 28% after reporting first-quarter revenue of $43.8 billion, an 88% increase from a year earlier, alongside adjusted earnings of $4.86 per share.
The company disclosed $24.4 billion in AI-related orders and dramatically raised its fiscal 2027 outlook, projecting revenue of $165 billion to $169 billion versus Wall Street expectations of roughly $144 billion.
Dell also boosted its AI server revenue target to approximately $60 billion, reinforcing optimism around the broader AI infrastructure buildout.
Meanwhile, easing geopolitical tensions in the Middle East continued to pressure energy markets. U.S. crude oil futures fell to $87 a barrel, leaving WTI on track for a second consecutive weekly decline.
Adding to the risk-on mood, President Donald Trump said Friday that “the Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, in both directions,” adding that the U.S. naval blockade “will now be lifted” as he headed to the Situation Room to make a final decision on a proposed agreement with Iran.
Within U.S. equity markets, gains were concentrated in large-cap technology shares, while small caps and defensive sectors lagged.
The S&P 500 advanced 0.2% to 7,581.84, extending its monthly gain to nearly 5%. The benchmark index is also on pace for a ninth consecutive weekly advance — a streak achieved only 10 times since World War II.
Read Also:
The S&P 500 Is Nearing A Streak Seen Only 10 Times Since 1945: Bullish Signal Or Warning Sign?
