| 📊 Alain’s Holdings — May 28, 2026 | ||||
|---|---|---|---|---|
| Symbol | Name | Price | Change | Change % |
| VOO | Vanguard S&P 500 ETF | 693.91 | +3.95 | +0.57% |
| QQQ | Invesco QQQ Trust | 735.60 | +6.15 | +0.84% |
| XIU.TO | iShares S&P/TSX 60 ETF | 50.65 | +0.01 | +0.02% |
Dell crushes expectations · Software stocks ignite · Iran deal takes shape
Dell’s $24 billion AI quarter
rewrites the playbook
Dell reported the most shocking earnings beat of 2026: $43.8B in revenue, +88% YoY, with AI server revenue up 757%. Software stocks exploded on Snowflake’s coattails. The S&P 500 and Nasdaq hit records for a third time this week. And Washington and Tehran agreed to a 60-day ceasefire memo that sent oil below $90.
Major indices — closing prices
S&P 500
7,561
▲ +0.55%
Record close ★Dow Jones
50,715
▲ +0.14%
Nasdaq
26,896
▲ +0.83%
Record close ★Russell 2000
2,940
▲ +0.68%
Broad rallyCommodities & rates
Iran 60-day ceasefire memo agreed: Washington and Tehran reportedly agreed to a 60-day memorandum of understanding to extend the ceasefire and gradually restore energy exports from the Persian Gulf. WTI crude fell below $90 — its lowest in two months. The Strait of Hormuz would reopen within 30 days under the framework. No formal signing yet, but markets are pricing it as the most credible signal yet.
PCE inflation — 3-year high: April’s Personal Consumption Expenditures index rose 0.4% — slightly less than the 0.5% consensus but still the highest core reading in nearly three years. Energy prices from the Iran conflict are feeding through to consumer prices. The Fed is sidelined: Kevin Warsh’s first FOMC meeting in June faces a data set that makes cutting extremely difficult.
After hours · Dell Technologies (DELL) Q1 FY2027 — the biggest earnings beat of 2026
“We booked $24.4 billion in AI orders. The AI opportunity shows no signs of slowing.” — Jeff Clarke, Dell COO
Q1 Revenue
$43.8B
vs $35.8B exp · +88% YoY
GAAP EPS
$5.24
vs $2.96 exp · +282% YoY
AI Server Rev
$16.1B
+757% YoY
FY27 Rev Guide
$167B
AI target raised to $60B
Snowflake’s coattails — software rally
SNOW
Snowflake
+36%
PLTR
Palantir
+8%
NOW
ServiceNow
+6%
ORCL
Oracle
+6%
MSFT
Microsoft
+3%
PANW
Palo Alto
+3%
Today’s biggest movers
SNOW · Snowflake
Snowflake
The session’s defining stock. $1.39B revenue (+33% YoY), record sequential growth, a $6B AWS multi-year deal, a deepened OpenAI partnership, full-year guidance raised to $5.84B (+31% YoY), and the acquisition of Natoma (AI agents). CEO Sridhar Ramaswamy called it “the strongest sequential growth in our history.” ServiceNow +6%, Oracle +6%, Palantir +8% all rose sharply on the AI data-cloud read-through.
MRVL · Marvell Technology
Marvell Technology
Record Q1 revenue of $2.418B (+28% YoY), record operating cash flow of $638.8M. Q2 guided to $2.7B (+35% YoY). CEO Matt Murphy: “We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by exceptional AI-related bookings.” Marvell significantly raised both FY27 and FY28 revenue outlooks vs prior guidance.
MSFT / ORCL / PLTR
AI software broadly
Microsoft +3%, Oracle +6%, Palantir +8%, ServiceNow +6%, Palo Alto +3%, Atlassian +3%. The Snowflake beat triggered a broad re-rating of AI software infrastructure stocks. Analysts read the $6B AWS deal as confirmation that enterprise AI spending is accelerating — not decelerating — despite macro headwinds.
CRM · Salesforce
Salesforce
Bucked the software rally — shares fell slightly after the after-hours disappointment from Wednesday’s soft Q2 guidance carried into Thursday’s open. Despite beating Q1 estimates ($11.1B revenue, $3.88 EPS), the weaker forward outlook and growing competitive pressure from OpenAI and Anthropic kept sentiment cool. One of the few meaningful laggards in an otherwise euphoric software session.
V / BLK · Financials
Visa & BlackRock
Financial stocks extended to slower momentum as the hot PCE print raised concerns about consumer purchasing power. Visa and BlackRock both dropped close to 2%. The personal saving rate falling to 3.6% — a 4-year low — signals the consumer may be reaching their limit, which has direct implications for payments volume and asset management flows.
COST · Costco
Costco Wholesale
Reported Q3 earnings after the bell with a beat on both revenue and membership metrics. Comparable sales grew approximately 7.8% — in line with estimates. CEO noted that fuel-cost pressures represent a “transitory headwind” and that bulk-buying consumers are actually increasing basket sizes as they seek value in an inflationary environment.
Three themes defining today
01
Dell rewrites what “beat” means
Revenue $8B above consensus. EPS $2.28 above estimates. AI server revenue up 757%. These are not rounding errors — they signal that AI infrastructure demand is dramatically outpacing every forecast model on Wall Street. Dell’s $167B full-year guide is effectively a new benchmark for the sector.
02
Software has its moment
Snowflake’s AWS deal proved that AI monetization in the data layer has reached an inflection point. When Snowflake lifts +36%, Palantir +8%, Oracle +6%, and ServiceNow +6% in a single session, the market is repricing the entire AI software category — not just one name.
03
PCE vs Iran: the tug-of-war
April PCE at a 3-year high argues against rate cuts. An Iran ceasefire memo argues for relief. These two forces are pulling in opposite directions — and both will dominate markets through June. The June FOMC meeting is now the most consequential of the year.
Week in three sentences
Micron crossed $1 trillion. Snowflake lit the software world on fire. And Dell reported $43.8 billion in a single quarter — with $24 billion in AI orders — while the S&P 500 and Nasdaq set their third pair of record closes in a single week. Whatever Wall Street was expecting from this earnings season, this wasn’t it.
— Market recap analysis, May 28, 2026 · Next: Dell opens Friday · Marvell read-through · June FOMC watch begins
Other Stock Market blog posts
Leave a Reply