U.S. stocks climbed to fresh record highs by midday Friday as investors piled further into the artificial-intelligence trade following a blockbuster forecast from Dell Technologies Inc. (NYSE:DELL).

Dell surged 28% after reporting first-quarter revenue of $43.8 billion, an 88% increase from a year earlier, alongside adjusted earnings of $4.86 per share.

The company disclosed $24.4 billion in AI-related orders and dramatically raised its fiscal 2027 outlook, projecting revenue of $165 billion to $169 billion versus Wall Street expectations of roughly $144 billion.

Dell also boosted its AI server revenue target to approximately $60 billion, reinforcing optimism around the broader AI…

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