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Wall Street Buzz: AI Applications Propel Dell to New Heights

Daniel Kim Views  

Amid the rally of AI-related stocks, Dell Technologies has reached a record high.

Shares of Dell Technologies reached an all-time high on the 24th amid a rally of companies researching generative AI applications.

NVIDIA emphasized on Wednesday that investment in generative AI will continue to show strength as it announced strong quarterly results and projected current earnings exceeding Wall Street expectations.

This positive momentum has extended to Dell, which recently collaborated with NVIDIA to launch AI-driven personal computers and powerful servers.

Bob O’Donnell of TECH Analysis Research said, “This is an important and timely new opportunity for Dell.”

After trimming some of its gains, Dell’s stock price recorded $160.18, up 4%, and it is expected to add $6.6 billion to its market capitalization.

On Friday, major chip companies’ stocks rose between a nearly 1% increase of NVIDIA and a 4% increase of Qualcomm. US-listed shares of Arm Holdings increased by 2.3%.

Further, the market shares of software companies C3 Global and Palantir Technologies rose by 0.6% and 1.6%, respectively.

According to Akshara Bassi, a senior research analyst at Counterpoint Technology Market Research, chip companies are anticipated to see substantial benefits from orders related to AI chips. This uptick is primarily due to cloud providers, who have notably increased their investments in facilities in 2024.

Daniel Kim
content@viewusglobal.com

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