Microsoft, Dell and Qualcomm carried Friday's rally. Meta gave back part of its big week

Friday's rally was concentrated. Most of the lift in the major indexes came from a handful of large technology companies with a direct line to artificial-intelligence spending, while much of the broader market moved sideways or lower. Here are the stocks that did the heavy lifting, and the ones that went the other way.

Microsoft: a product launch that moved the index

Microsoft shares rose about 3.3%, according to Reuters and the Associated Press, making the software giant the single biggest boost to the S&P 500 on the day. The catalyst was a round of new capabilities for its Copilot app, including a coding tool and an always-on AI agent that can keep working on tasks in the background.

The move matters because of Microsoft's size. With a market value in the trillions of dollars, a 3% gain in its shares shifts the cap-weighted S&P 500 more than a double-digit jump in most other members. Reuters noted the rally lifted the stock's gain for 2026 to about 7%, a more modest year-to-date showing than several other AI heavyweights.

Dell and Qualcomm: the hardware side of the trade

Hardware makers followed. Dell Technologies rose roughly 6% to 6.6%, and Qualcomm gained about 5%, according to Reuters and intraday data from ChartMill and Benzinga. Neither company issued major news of its own; the buying looked like a continuation of the week's theme, in which investors rewarded businesses that sell the servers, chips and components AI workloads run on.

Other semiconductor names joined in. Microchip Technology gained about 5% and was among the Nasdaq's strongest performers, according to FXEmpire and ChartMill. A gauge of chipmakers posted its longest weekly winning streak since May, Bloomberg reported.

Akamai: a big gap, then a fade

Akamai Technologies remained one of the session's most-watched stocks after announcing a seven-year, $11.6 billion cloud-infrastructure agreement with Anthropic late Thursday. The shares were indicated sharply higher before the opening bell but gave back much of that early move once regular trading began. By late afternoon, the gain had narrowed to roughly 6%, according to Reuters.

Part of the debate is the structure of the deal. Akamai granted Anthropic a warrant to buy up to about 5% of its shares, vesting as contract milestones are met, and the company expects heavy capital spending to support the contract before the revenue arrives. One portfolio manager quoted by Reuters called it "another circular deal" while noting that the stock was still higher.

Meta: taking a breath

Not every AI name participated. Meta Platforms fell roughly 3% to 3.6%, according to Reuters and FXEmpire. The decline came after a run of about 13% earlier in the week on a strong reception to its Muse AI agent. Some of Friday's selling looked like profit-taking after an unusually large move for a company of Meta's size.

People Inc.: back in the MGM story

Shares of People Inc., the digital publisher, jumped about 9% after a report that MGM Resorts International was considering a bid for the company, according to the Associated Press and Benzinga. The report followed a busy week for MGM headlines, including the withdrawal of a separate buyout approach for the casino operator itself.

Other notable moves

• Humana rose about 6% during the session, according to ChartMill and Benzinga, extending a strong six-month run for the health insurer.
• Atlas Energy Solutions jumped close to 20% after announcing that two subsidiaries had signed cost-reimbursement agreements, according to Benzinga.
• Bloom Energy rose roughly 7% after Oracle reaffirmed a large fuel-cell power agreement with the company, according to TradingNews and Benzinga.

The common thread was selectivity. Investors kept paying up for companies with a clear link to AI demand, while stocks without that link had to contend with 10-year Treasury yields above 5%. Single-day moves on product launches, deal reports and analyst coverage can reverse quickly, and next week's inflation data will decide whether the rest of the market gets a chance to catch up.