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AI-heavyweight Nvidia posted strong quarterly results and
forecast current-quarter revenue above Wall Street expectations
on Wednesday, reinforcing that customers' spending on genAI will
continue to hold strong. The positive momentum extended to Dell,
which has recently launched AI-oriented personal computers and
more powerful servers in collaboration with Nvidia.
"This as 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 and were on track to add $6.6 billion to its market
value. The stock, which has more than doubled year to date,
ended in the green in the previous three sessions.
On Friday, shares of major chip firms were up between Nvidia's
nearly 1% rise and Qualcomm's 4% gain. U.S.-listed shares of Arm
Holdings were up 2.3%.
Share of software companies C3.ai and Palantir Technologies were
up 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 significant increase in their capex for 2024," said
Akshara Bassi, an analyst at Couterpoint Research.
(Reporting by Yuvraj Malik and Priyanka G in Bengaluru; Editing
by Maju Samuel)
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