Dell shares surged nearly 40% after hours on May 29, following a blowout earnings report driven by AI demand. The company's revenue grew by 88% in Q1, beating expectations by 22%. Additionally, the AI server backlog soared 256% to $51.3 billion. Despite gross margins contracting to 17.7% due to product mix and supply-side pressures, valuation multiples expanded sharply after a 36-37% overnight share price jump.
