Dell Technologies (DELL) enjoyed a symbolic day last Friday when shares gained 11.98%. DELL stock closed at a record high after markets continued to react to its Q2 earnings report posted on September 1.
Dell has a substantial backlog from AI-related orders. It hiked its full-year outlook. The rally irrationally lifted HP Inc. (HPQ). Although HP benefits from the AI boom, its printer division is a drag on its performance. Corsair (CRSR), which makes custom PCs for consumers, marched higher as well. CRSR stock closed at $13.54, compared to a 52-week low of $4.48.
Hewlett-Packard Enterprise (HPE) gained $6.87 to close at $62.09 (+12.44%). Just as DELL stock rose in a post-earnings rally, HPE stock did the same.
NetApp (NTAP) added 8.54% to close just below $200. The firm posted strong first-quarter results. IT also raised its full-year outlook by nearly two-fold. The company benefited from customers adopting AI. They are also modernizing their infrastructure. As a result, it has strong orders and a growing backlog.
The commercial and enterprise customers provide revenue diversification for NetApp. Also, government customers are stable, setting a baseline for the expected revenue growth.
The firm secured its supplier volumes, which limits any risk of delayed product production. That increases the market’s confidence in NetApp’s outlook.
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