Dell Soars 32.9% on AI Server Demand, Gap Plunges 15.3% on Weak Outlook

The S&P 500 posted a modest gain of 0.23% on May 29, 2026, as a surge in technology stocks, particularly those tied to AI infrastructure, overshadowed broader market movements. Dell Technologies led the charge with a spectacular rally, while The Gap faced significant selling pressure after its latest financial update.

U.S. equities saw a relatively subdued session for the broader S&P 500, which edged up 0.23% on Thursday, May 29, 2026. However, beneath the surface, a clear theme of robust demand for enterprise technology, especially within AI-related segments, drove significant outperformance among top winners. All five of today's leading S&P 500 and Nasdaq 100 advancers hailed from the Technology sector.

Dell Technologies Inc. (DELL) was the day's undisputed champion, rocketing an impressive 32.88% to $421.30 following its stellar first-quarter earnings report. The company significantly exceeded analyst expectations, driven by surging demand for its AI servers and robust growth in its infrastructure solutions group. Dell also provided an optimistic full-year revenue and profit forecast, signaling continued strength in its enterprise hardware segments amidst the ongoing AI investment wave.

Other technology firms also posted substantial gains, reinforcing the sector's strength. Okta, Inc. (OKTA) surged nearly 30% after reporting strong quarterly results and an upbeat outlook for its identity management solutions, reflecting solid enterprise spending on cybersecurity. NetApp, Inc. (NTAP) climbed 22.39% on positive analyst sentiment and strong storage solutions demand. Atlassian Corporation (TEAM) rose 15.37%, despite recent insider selling by executives Gene Liu and Brian Duffy earlier in May, which included sales totaling over $340,000. ServiceNow, Inc. (NOW) rounded out the top five with a 14.41% increase, likely benefiting from sustained demand for its enterprise workflow automation platforms.

Conversely, The Gap, Inc. (GAP) was today's most significant laggard, plummeting 15.32% to $21.17. The apparel retailer's shares tumbled after the company reported disappointing first-quarter earnings and issued a cautious outlook for the current quarter, citing weaker-than-expected sales across several of its brands and ongoing promotional pressures. This performance highlights persistent challenges within the consumer discretionary sector.

The broader downside also saw several technology stocks decline, indicating a nuanced picture within the sector. AST SpaceMobile, Inc. (ASTS) fell 14.79%, while Semtech Corporation (SMTC) dropped 8.29%, and SentinelOne, Inc. (S) was down 8.27%. TTM Technologies, Inc. (TTMI) lost 7.49%. The presence of four tech names among the bottom five suggests that while certain segments of technology are thriving on specific catalysts, others are vulnerable to company-specific headwinds or broader market rotations away from less favored sub-sectors.