Snowflake, Dell Surge on AI Demand and Analyst Upgrades

**Implied Volatility / Movement:** $SNOW+WL shares rose 22% to levels not seen since November 2021, while $DELL+WL stock gained 5% to an all-time high. $SNOW+WL shares have added more than 68% year-to-date in 2026, and $DELL+WL shares have surged over 300% this year.

Snowflake ($SNOW+WL) and Dell Technologies ($DELL+WL) saw their shares climb following strong fiscal second-quarter performances and improved full-year forecasts. The rallies were supported by analysts who raised price targets, citing the significant impact of artificial intelligence demand on both companies' platforms.

Snowflake reported second-quarter revenue of $1.49 billion, a 37% increase year-over-year, surpassing estimates of $1.48 billion. Earnings per share were $0.62, beating the consensus of $0.45. The company also elevated its full-year product revenue forecast to approximately $6.07 billion and projected third-quarter revenue of $1.59 billion, both exceeding Wall Street expectations.

Dell Technologies announced second-quarter revenue of $47 billion, a 58% jump from the prior year and higher than the estimated $44.50 billion. Earnings per share reached $7.04, exceeding the expected $4.90. Dell also increased its fiscal 2027 revenue guidance by $25 billion to about $192 billion.

Analysts highlighted AI's contribution, with Monness Crespi raising Snowflake's price target to $450 from $380, seeing the company well-positioned for AI innovation. Truist noted AI could accelerate customer migrations to Snowflake's platform. For Dell, Deutsche Bank raised its target to $520 from $480, while Raymond James and Mizuho pointed to AI demand boosting Dell's traditional computing and storage businesses alongside AI servers.