Post-Market Wrap

Thursday, May 28, 2026 -- Market Close + After-Hours

Watchlist Scoreboard

MSFT

$426.47

+3.34%

NVDA

$214.54

+0.91%

AVGO

$428.44

+1.56%

ASML

$1,613

+0.95%

AMZN

$273.60

+0.64%

TSLA

$441.35

+0.22%

GOOGL

$390.89

+0.53%

TSM

$424.16

+0.34%

Actionable Alerts

DELL Earnings Blowout -- AI Demand Signal for Your Semi Thesis

Revenue

$43.84B vs $35.74B est (+88% YoY)

Adj. EPS

$4.86 vs $2.96 est

ISG Revenue

~$29B (nearly 3x YoY)

Dell raised full-year revenue guidance to $165-169B from $138-142B (midpoint up $27B) and EPS guidance to $17.90 from $12.90. Q2 guide: $44-45B vs $35.10B consensus. The Infrastructure Solutions Group, driven almost entirely by AI-optimized servers, nearly tripled. Dell also won a $9.7B Pentagon AI contract.

The stock closed at $320.18 (+4.87%), hitting a new 52-week high intraday at $327.73. The 2x leveraged DELL ETF (DLLL) ripped +9.8%.

Why it matters to you: Dell is the largest channel partner for NVDA's AI server GPUs. ISG tripling to $29B -- with AI servers as the primary driver -- is the strongest third-party validation of the AI infrastructure demand cycle since NVDA's own earnings. This should create a positive read-through for NVDA, TSM, and AVGO tomorrow. If you haven't started executing the META-to-semi rotation, this print strengthens the thesis considerably. Watch for sympathy gaps at open.

MSFT Surges +3.34% -- Largest Single-Day Move in Weeks

$426.47

Range

$412.67 - $429.49

52wk High

$555.45

MSFT rallied hard, reclaiming the $425 level. The move appears driven by continued momentum from Microsoft Build developer conference announcements and the AI run rate now exceeding $37B (Q3 2026: $82.9B revenue, $4.27 EPS, Azure acceleration). Still trading at a 23% discount to its 52-week high.

Consider: MSFT is not in your active rotation plan, but at $426 vs a $555 high and a $565 analyst target, this is still well below where the street sees it heading. If the semi rotation leaves cash on the table, MSFT at this level is worth noting.

META Holding at $631 -- Rotation Window Context

$631.90 (-0.53%)

Intraday High

$643

52wk High

$796.25

META pulled back slightly from yesterday's $643 surge but held above $630. For the $300K rotation plan: the higher META trades, the more capital you unlock for the semi entry. With DELL's earnings validating AI infra demand tonight, the semi targets (NVDA $214, TSM $424, ASML $1,613, AVGO $428) may gap up tomorrow -- narrowing the entry discount.

Timing tension: If you sell META at $631 vs buying semis that gap up on the DELL print, you're chasing. If you haven't started executing, consider whether to sell META at open into strength and place limit orders on the semi names at today's close levels rather than chasing the gap.

MACRO April PCE Hits 3.8% -- Highest Since May 2023

Headline PCE

3.8% YoY (+0.4% MoM)

Core PCE

3.3% YoY (+0.2% MoM)

Q1 GDP Revised

1.6% (from 2.0%)

The Fed's preferred inflation gauge came in slightly below forecast on a monthly basis (0.4% vs 0.5% expected) but the annual rate at 3.8% is the hottest since 2023, driven by energy costs tied to the Iran conflict. Core PCE at 3.3% is nearly double the Fed's 2% target. Q1 GDP was revised down to 1.6% from 2.0% -- stagflation signals building. Real wages are contracting (income +2.5% vs inflation +3.8%).

Implication: Rate hike chatter is growing. Kevin Warsh's first major inflation print as Fed Chair is ugly. This creates a headwind for growth multiples, but AI/semi names have been trading on their own demand cycle. The DELL print tonight likely overshadows the macro for tech tomorrow, but if the Fed turns hawkish, the broader tape could get choppy. Semi names with strong earnings visibility (NVDA, TSM) tend to hold up better in rate-hike regimes than speculative names (CRWV).

COST Beats on Q3 Comps -- Consumer Holding Up

US Comps (ex-gas)

+6.8% vs +6.13% est

Expected EPS

$4.98 (vs $4.28 year-ago)

Expected Revenue

$69.68B (+10% YoY)

Costco reported after hours with US same-store sales beating expectations. April sales had already accelerated +13% YoY with digital growth surging. Not directly in your watchlist, but the consumer resilience read-through supports the "economy is slowing but not crashing" narrative -- which keeps the bull case alive for enterprise tech spend and AI capex.

CRWV Stay-Away Thesis Intact -- $105.93

CoreWeave traded up +1.59% on the day but remains at $106, well below the $187 52-week high. With the DA Davidson downgrade to Neutral (PT $100), heavy insider selling from CEO Intrator ($19.7M), and a beta of 2.35 in a rising-rate environment, the risk/reward stays poor. The DELL print validates GPU demand -- but CoreWeave's structural problems (insider exits, profitability questions) are company-specific, not demand-related. Continue to avoid.

Tomorrow's Catalysts

Friday, May 29

Pre-market reactions: DELL, COST, ADSK, OKTA, MDB, NTAP, and PATH all reported after hours tonight. DELL's blowout is the headline -- watch for gap-ups across AI infrastructure names (NVDA, AVGO, TSM, ASML) at the open.

Macro overhang: Markets will continue digesting the 3.8% PCE print and Q1 GDP revision to 1.6%. Fed Funds futures may reprice. Bond yields were already rising heading into the data.

End of month: Tomorrow is the last trading day of May. Window dressing flows from institutional rebalancing could add volatility. Month-end tends to see buying in winners (which includes the AI/semi complex this month).