March 16, 2026 — Three S&P 500 stocks have delivered standout performance over the past month, each posting double-digit returns as demand for artificial intelligence infrastructure continues to fuel specific sectors of the market. According to analysis from Zacks Investment Research, Dell Technologies Inc. (DELL), Keysight Technologies Inc. (KEYS), and Ciena Corp. (CIEN) have significantly outperformed the broader index.
Market Context and Stock Selection
The S&P 500 has faced headwinds in early 2026, including concerns over the sustainability of the AI investment cycle and geopolitical tensions affecting energy prices. Despite this, select companies tied to the physical build-out of AI and next-generation networks have seen strong investor interest. The three highlighted stocks carry either a Zacks Rank #1 (Strong Buy) or #2 (Buy), based on earnings estimate revisions.
This performance contrasts with a more cautious outlook for the index overall, which has struggled with volatility. The gains suggest money is flowing toward firms with tangible exposure to AI hardware and enabling technologies.
Dell Technologies: AI Server Backlog Builds
Dell Technologies, carrying a Zacks Rank #2, has benefited from intense demand for its AI-optimized servers. The company reported securing $34.1 billion in AI server orders, creating a substantial backlog as shipments try to keep pace. In its fourth-quarter results for fiscal 2025, AI server contributions reached $9 billion in revenue.
The company’s enterprise AI customer base now exceeds 4,000. Recent product launches, including the PowerEdge XE9780 and platforms supporting NVIDIA’s latest GPUs, are designed to capture continued demand. Zacks consensus estimates project revenue and earnings growth of 24.2% and 23.4%, respectively, for the current fiscal year ending January 2027.
Keysight Technologies: Testing Demand Rises
Keysight Technologies, also ranked #2 by Zacks, provides electronic design and test solutions critical for advanced semiconductors and networks. Industry-wide growth in AI-driven chip design, high-bandwidth memory, and silicon photonics has driven demand for its products.
Strength in the 5G domain and emerging markets like the Internet of Things (IoT) and high-speed data centers supports its top line. The company’s Aerospace, Defense and Government end-market has shown particular growth. Analysts expect revenue and earnings growth of 22.8% and 16.9% for the fiscal year ending October 2026.
Ciena Corp.: Optical Networking Gains Share
Ciena Corp., which holds a Zacks Rank #1, is a direct beneficiary of accelerating AI-led demand from cloud and service provider customers. The company reported gaining two points of market share in the optical networking sector year-to-date, attributing this to strong cloud momentum.
Increased network traffic and higher bandwidth needs are key drivers. Ciena raised its fiscal 2026 revenue outlook to a range of $5.7 billion to $6.1 billion, representing nearly 24% growth at the midpoint. The Zacks consensus estimate for the company’s current-year earnings has been revised upward in recent days.
Investment Outlook and Considerations
The performance of these three companies underscores a market trend where capital is being allocated to the foundational layers of AI expansion. While the broader S&P 500 navigates macroeconomic uncertainties, firms building the physical infrastructure for data centers and advanced networks are seeing concentrated investor confidence.
Their recent gains are supported by raised earnings estimates and specific, quantifiable demand drivers like server backlogs and market share gains. As of March 16, 2026, these factors continue to distinguish them from the wider index performance.
For further details on company filings and official financial results, investors can refer to the SEC’s EDGAR database. Broader market data and index composition are available from S&P Dow Jones Indices.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
