Today’s Top Stories: Dell Surges on AI Server Demand as GitLab Jumps and Palo Alto Falls

TLDR

• Dell raised its full-year revenue forecast by $25 billion after reporting record quarterly revenue of $47 billion
• Dell’s AI server backlog hit nearly $95 billion, with $60 billion in new orders this quarter
• GitLab shares rose up to 15% after revenue grew 21% and bookings hit a record
• Credo Technology fell around 20% despite 115% revenue growth as margin concerns spooked investors
• Palo Alto Networks dropped roughly 9-11% despite beating earnings, dragging cybersecurity stocks lower

Wall Street snapped a three-day losing streak on Wednesday, driven by strong results from Dell Technologies and GitLab.

The Dow rose about 0.6%, while the S&P 500 and Nasdaq each gained around 0.5%. Nvidia climbed 4-5%, helped by Dell’s blowout AI server numbers.

But not every tech stock shared in the gains. Credo Technology and Palo Alto Networks both fell sharply, showing investors are quick to punish any sign of slowing momentum.

Dell’s AI Server Business Drives Record Numbers

Dell Technologies was the big story of the day. The company reported second-quarter revenue of $47 billion, up 58% from a year ago, beating Wall Street expectations by a wide margin.

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