CNBC — 2026-05-29#

Lead Story#

Dell Technologies delivered a blockbuster quarter that sent its stock skyrocketing 32% for its best day on record, proving that the artificial intelligence hardware boom is far from over. AI server revenue exploded 757% year-over-year to $16.1 billion, reigniting market enthusiasm and lifting the broader tech sector to new all-time highs.

Markets & Economics#

Core inflation hit an annual rate of 3.3% in April, aligning with expectations for the Federal Reserve’s preferred gauge, though PIMCO’s Richard Clarida warned on-air that disinflation is not imminent. In the energy pits, global oil prices tumbled 20% from their 2026 peaks on optimism surrounding a potential 60-day ceasefire deal between the U.S. and Iran, though President Trump is still deliberating his final determination. Despite the geopolitical uncertainty and inflation data, JPMorgan CEO Jamie Dimon noted that current market exuberance is actually healthy and “not bad” for the economy. Additionally, the White House continues to push its technology initiatives, with U.S. CTO Ethan Klein discussing the administration’s broader AI ambitions and strategic roadmap.

Business & Earnings#

Beyond Dell’s historic beat, Gap CEO Richard Dickson appeared on “Mad Money” to defend the struggling Athleta brand, acknowledging 2026 as a “rebuild year” after first-quarter comparable sales fell 11%. In the healthcare sector, J&J CEO Joaquin Duato outlined his strategic mission to transform Johnson & Johnson into the world’s number one oncology company by 2030. Meanwhile, Applied Materials CEO Gary Dickerson claimed the semiconductor equipment industry is experiencing its greatest period in history, brushing off fears of a boom-and-bust cycle due to the unprecedented durability of AI demand.

Investing & Commentary#

CNBC’s Jim Cramer pounded the table on the AI trade, stating that Dell’s monster quarter makes Nvidia a clear winner to buy ahead of CEO Jensen Huang’s upcoming Computex keynote. On the venture side, Wedbush analyst Dan Ives argued that Anthropic’s new $965 billion valuation is “just the tip of the sphere,” pointing to data layer firms like Snowflake and Datadog as the next major beneficiaries of AI spending. Weighing in on the anticipated flood of tech public offerings, Altimeter’s Brad Gerstner discussed how historic mega-IPOs will impact the broader market. Finally, amid warnings of rising defaults, Blue Owl’s Marc Lipschultz stepped in to calm nerves regarding private credit risks.

Also Worth Watching#

• NYC approves pied-à-terre tax: The Corcoran Group’s Noble Black breaks down the impact of New York City’s new tax on wealthy homeowners and the luxury real estate market.
• Keeping up with real estate demand: Perot Group Chairman Ross Perot Jr. details the push to build 1-million-square-foot facilities to keep pace with intense market needs.
• Summer travel season and the 2026 World Cup: The Points Guy founder Brian Kelly discusses how higher jet fuel prices and the upcoming 2026 World Cup are shaping travel strategies and credit card rewards.
• Data center environmental concerns: Consumer advocate Erin Brockovich shares her escalating concerns regarding the environmental footprint of massive AI data centers.
• Nokia’s pivot to billions without phones: A deep dive into how Nokia sustains billions in revenue after exiting the handset market.