For a long while, the rise of AI hardware stocks left out PC makers like Lenovo (LNVGY) and Dell Technologies (DELL). That ended last week. Lenovo shares gained over 160% in 2026, while DELL stock added 234%. On May 29, Dell gained 33% in response to its first-quarter results.
Dell posted an adjusted EPS of $4.86, after revenue grew by 88% Y/Y to $43.8 billion. The Client Solutions Group, which includes the PC market, reported $14.6 billion in revenue. It is guiding FY 2027 revenue of up to $169 billion, over $22 billion higher than analyst consensus estimates.
NetApp (NTAP) gained 22.4% last Friday, a new high. Shorts hold a 10.9% short interest. In its fourth quarter, revenue grew by 12.7% to $1.95 billion. For Q1, the firm is forecasting revenue of up to $1.9 billion, above consensus estimates of $1.67 billion.
NTAP stock trades at a GAAP P/E of 27.5 times, below the sector median of 37.3 times.
ServiceNow (NOW) added 14%. For much of this year, the stock tested the $100 support level. Fears that AI chatbots would take their subscription revenue subsided. Markets are growing confident that AI costs will be too high. That would lower the odds of customers canceling or cutting their ServiceNow software.
NOW stock trades at a GAAP P/E of 62.5 times, compared to the sector median of around 35 times.
