Shares of technology companies rose after Dell's earnings added fuel to the artificial-intelligence boom.
Dell Technologies posted an 88% jump in quarterly revenue growth due to voracious demand for servers and other computer hardware from data-center builders and other AI firms. Updates on a contract with the Pentagon, described as a "blanket purchase agreement" as part of the Defense Department's plans to upgrade software capabilities, also bolstered Dell's shares, which rose by more than 30% on Friday alone.
Elon Musk's rocketry and AI firm SpaceX reduced the planned size of its initial-public offering, according to Bloomberg News, but it remained on track to be the largest ever.
SpaceX was awarded a $4.16 billion contract by the U.S. Space Force to develop a space-based program to track and target airborne threats.
A surge in memory-chip makers continues, as a shortage of even basic high bandwidth memory chips caused by AI demand has triggered a more than 70% gain in the PHLX Semiconductor Index, or SOX, in the weeks since its first-quarter slump.
