Dell Technologies Inc. shares rose the most since returning to the public markets in December 2018, propelled by a projection for yearly revenue that exceeded expectations for AI server demand.

A statement from the Texas-based business on Thursday predicted $167 billion in revenue for the fiscal year ending January 2027, including $60 billion from AI server sales.

CoreWeave Inc., Nscale Global Holdings Ltd., corporate clients, and key AI providers are buying Dell servers for AI workloads. The quarter ended May 1 saw $24.4 billion in AI orders and $16.1 billion in AI server sales, according to COO Jeff Clarke. “The AI opportunity is growing.”

The hardware giant returned to the public markets after a five-year absence, and its shares rose 33% to $420.91 at the closing Friday in New York, its greatest single-day advance in more than seven years.

Dell shares rose more than 150% through Thursday’s closing after its server division was recognized as an AI winner this year.

Sales rose 88% to $43.8 billion in the fiscal first quarter, compared to $35.5 billion expected. Demand for traditional servers with central processing units and AI-focused devices increased results. Revenue from that segment nearly doubled to $8.5 billion in the quarter compared to last year.