U.S. Stocks Hit Record Highs as Tech Rally Powers May Gains; Dell Surges on AI Server Revenue Surge
U.S. stock markets closed at all-time highs Friday with the Nasdaq up 8% for May, driven by technology strength and stellar corporate earnings. Dell Technologies stock skyrocketed 33% after beating earnings and raising guidance, powered by surging AI server demand.
Markets Close at Record Highs
U.S. equities closed at record highs on Friday, with the Nasdaq Composite settling up 0.2% at 26,972.62, while the S&P 500 climbed 0.22% to 7,580.06 and the Dow Jones Industrial Average finished up 363.49 points, or 0.72%, at 51,032.46. All three indexes hit fresh all-time intraday highs earlier as well. Stocks added to May gains Friday with tech leading the way, with the Nasdaq up 8% for the month.
Dell Technologies Leads Rally on AI Demand
Dell Technologies was a winner, with shares surging nearly 33%, seeing its best day on record, after the laptop maker reported a first-quarter beat on both the top and bottom lines and raised its full-year guidance. Shares of Micron Technology and Qualcomm rose 5% and 3%, respectively, adding to their recent gains. The strength in semiconductor and hardware stocks reflects continued investor enthusiasm for artificial intelligence infrastructure buildout.
Apple Posts Exceptional Monthly Gains
Apple set a new all-time intraday high in 16 of the last 19 trading days, with new record closes on Thursday. As of midday trading Friday, Apple was ahead almost 15% in the month of May — more than double the 6.9% gain seen in April. Apple is ahead 56% in the past year.
Broader Market Context and Iran Developments
Asia-Pacific markets traded higher Friday as investors weighed fresh military activity involving Iran against signs that Washington and Tehran were moving closer to a temporary agreement to halt their three-month conflict. The geopolitical backdrop continues to influence risk sentiment, with energy prices remaining volatile. Tech stocks continue to dominate the rally, reflecting strong earnings and optimism around AI adoption and returns.