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Shares of Dell Technologies hit a record high on Friday, driven by a rally in companies focused on generative artificial intelligence (AI) applications. This surge is buoyed by strong optimism surrounding the new technology.
On Wednesday, AI-heavyweight Nvidia posted strong quarterly results and forecast current-quarter revenue above Wall Street expectations.
This reinforced the belief that customer spending on generative AI will remain robust. The positive momentum extended to Dell, which has recently launched AI-oriented personal computers and more powerful servers in collaboration with Nvidia.
“This is an important and timely new opportunity for Dell,” said Bob O’Donnell of TECHnalysis Research.
Dell shares rose 6% to $162.82 after paring some gains in the afternoon. They were on track to add $6.6 billion to their market value. The stock, which has more than doubled year to date, had ended in the green for the previous three sessions.
On Friday, shares of major chip firms saw increases, with Nvidia rising nearly 1% and Qualcomm gaining 4%. U.S.-listed shares of Arm Holdings were up 2.3%.
Shares of software companies C3.ai and Palantir Technologies also experienced gains, rising 0.6% and 1.6%, respectively.
“Chip companies are expected to benefit heavily from AI chip-related orders, primarily from Cloud providers, who have indicated a significant increase in their capital expenditure for 2024,” said Akshara Bassi, an analyst at Counterpoint Research.
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