Sep. 12 at 12:31 AM
Dell Technologies and Hewlett Packard Enterprise were among the S&P 500’s top-performing stocks on Friday, as Oracle’s latest earnings report reassured investors that spending on AI infrastructure and data centers remains strong. Oracle reported 30% revenue growth and an expanding backlog for its AI cloud services, signaling that heavy AI investment is translating into actual revenue and supporting demand for hardware suppliers.
Brian Mulberry, chief market strategist at Zacks Investment Management, said Oracle’s results showed that AI spending “remains robust and can translate into revenue.” That provided a positive read-through for Dell and HPE, which supply servers and other data-center hardware used to support AI workloads. Dell shares rose nearly 12%, while HPE gained more than 12%, making both stocks standout performers in the broader market.
However, the sustainability of the rally could depend on macroeconomic conditions.
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