CNA – Shares in Dell Technologies Inc rose 22.2 per cent and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilising demand for computer hardware after a months-long slump.
The stock last traded at USD68.75 after hitting a peak of USD70.28 while trading volume was 5.4 times its 10-day moving average. Dell, on track for its biggest ever daily percentage gain, is up more than 70 per cent for the year-to-date.
“Results and guidance corroborated the improving order trends in the broader enterprise vertical” said JPMorgan analyst Samik Chatterjee, in a research note.
Dell added to evidence of this trend from CDW Group, Cisco Systems and Hewlett Packard Enterprises, according to the analyst.
Dell reported second quarter revenue and EPS above analyst estimates. Servers and networking revenue rose 11 per cent from the first quarter to USD4.27 billion, driven by higher demand for AI-optimised servers, Dell said.
