May. 29 at 2:53 PM
Shares of Dell Technologies
skyrocketed 32% on Friday after the company reported its fastest pace for revenue growth for any period since returning to the public market in 2018.
The stock is pacing for its best day ever.
Dell, which reported first-quarter earnings after the bell on Thursday, saw a flood of artificial intelligence-related demand for its servers, which contain graphics processing units from companies like Nvidia
.
Quarterly revenue soared nearly 88% year over year, with AI server revenue alone increasing 757% from a year earlier to
$16.1 billion. Adjusted earnings per share came in at
$4.86, beating expectations of
$2.94.
$DELL