New Delhi, May 28 -- Dell Technologies Inc. shares rallied around 7% on Thursday, energized by the announcement that one of its business units secured a massive $9.7 billion defense contract from the Pentagon, just hours before the hardware manufacturer's first quarter financial results.

The tech giant is slated to release its fiscal first quarter earnings report on Thursday, May 28, immediately following the closing bell.

At 12:19 p.m. EDT, Dell shares surged 6.70%, or $20.46, to trade at $325.78.

This high-stakes earnings release lands during a period of intense market enthusiasm for technology equities, driven primarily by the ongoing artificial intelligence boom. Dell has been a premier beneficiary of this AI-driven market frenzy, ...