Dell skyrockets 32% after blowout earnings, heads for best day ever

Shares of Dell Technologies skyrocketed 32% on Friday after the company reported its fastest pace for revenue growth for any period since returning to the public market in 2018.

The stock is pacing for its best day ever.

Dell, which reported first-quarter earnings after the bell on Thursday, saw a flood of artificial intelligence-related demand for its servers, which contain graphics processing units from companies like Nvidia.

Quarterly revenue soared nearly 88% year over year, with AI server revenue alone increasing 757% from a year earlier to $16.1 billion. Adjusted earnings per share came in at $4.86, beating expectations of $2.94.

On Friday, analysts reacted to the pleasant surprise from the print.

Morgan Stanley wrote that while they expected a clean beat and raise this quarter, they’re “eating our humble pie” off the back of Dell’s results.

“We got this one wrong, and our model/PT are under review,” the analysts wrote. “This was – across the board – one of the most impressive quarters we’ve seen in our time covering Hardware, especially in the context of what is happening across the component universe.”

CNBC’s Jordan Novet contributed to this report.