Snowflake, Dell, Atlassian Hit 52-Week Highs on AI Demand Surge

Snowflake (SNOW), Dell Technologies (DELL) and Atlassian Corp. (TEAM) stocks each hit 52-week highs on Thursday as stronger AI demand, expanding backlogs and new pricing models fuel a broader re-rating of enterprise technology stocks, with Snowflake jumping 16%, Dell climbing over 4% and Atlassian gaining over 4%. Snowflake stock reached a four-year high of $384.56 after Q2 FY27 results showed stronger-than-expected product revenue and profit, with the company lifting its fiscal 2027 product-revenue outlook to $6.07 billion, while Goldman Sachs and Raymond James both raised their price targets citing stronger enterprise AI adoption.

Why it matters: Dell stock reached a record high of $530.78 after a powerful Q2 earnings report showing 58% revenue growth to $46.97 billion and 255% net income surge to $4.13 billion, with AI server orders totaling $60.9 billion during the quarter pushing the company's AI backlog to approximately $95 billion.