9AM Hour: Dell Soars on Blowout Quarter, Bulls Rule in May, Bearish Month for Oil 5/29/26

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David Faber (0:57)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:09)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post Night of the New York Stock Exchange. Final trading day of May, bulls take aim at some fresh records. They'll approach 7,600, thanks in part to Dell's blowout quarter and hopes for some details around this reported MOU to extend the ceasefire with Iran. Oil is backing off West Texas below 87, now on pace for its worst month in more than a year. Roadmap begins with the S&P on track for its ninth straight week of gains to end May.

Despite seven of the 11 S&P sectors in negative territory for the month.

David Faber (1:43)

Plus Dell is by far the top pre-market gainer on the S&P. The stock looking up over 100 points right now, that would be more than 30% on what was just insane.

Carl Quintanilla (1:55)

Yeah.

Jim Cramer (1:55)

Earnings was. Maybe the best ever since the NVIDIAs.

David Faber (1:59)

And we're going to spend a lot of time on it, obviously guidance far ahead of what had been expected.

And then there's Anthropic overtaking OpenAI. It is now the most valuable AI start up right around, as I reported, there are many others who have that trillion dollar valuation. Of course, that follows this latest funding round. Carl.

Carl Quintanilla (2:19)

Let's begin with Dell, though, surging on its blowout quarter, the upbeat guidance fueled by the AI boom, revenue up 88 and Q1. That's the fastest growth since the company did return to public markets in 2018

A lot of numbers being tossed around Jim on AI servers. B of A, was it 280? They go to 500 in a hurry.

Jim Cramer (2:36)

Yeah. I mean, the people didn't see this coming, which is hard to believe because Michael's been saying things are good. He's told me several times things are good. But what happened is that there were people who were so off the market. Some 165, they take the $500. Some people thought that they were going to have problems. Still, with memory, don't realize they have great supply chain.

I got to tell you, David, this is really interesting. You know that it's not Michael on the conference call, it's Jeff Clark.

David Faber (3:03)

Jeff Clark, COO of UGDAL, Jeff Clark.

Jim Cramer (3:04)

Yeah, and Jeff always does it. And Jeff plays it straight. So you're listening and you're taking down the numbers and you're realizing, no, it's not possible. As opposed to, we had the greatest quarter, he doesn't do any of that.

Carl Quintanilla (3:16)

No, I mean, this one line stands out. We are repricing every day. And I'm sure our customers feel that pain.

Jim Cramer (3:23)

Yeah.

Carl Quintanilla (3:24)

That's some candor out of the CEO.

Jim Cramer (3:25)

I just think you, I want people, I told people to, if you want to read a conference call that explains how you should talk about business, then you should be on Dell. Because I think Dell, they spread the love. It's obvious that you can buy Arm, AMD, Intel, Micron.

Mostly, there's a lot of data center, of course, in videos, the reason why a lot of things are working for them, took it that they have the VeroRubin, the next generation, and they didn't talk. They could have actually said something that was, we're taking a lot of share from SuperMicro. They didn't say that. Of course, SuperMicro is now up, which you could argue, it shouldn't be up, but things are so strong for everybody.