Posted 3/1/2024, 11:03:08 PM
Dell Soars on Booming AI Server Demand, Lifting Tech Stocks
- Dell Technologies reported strong quarterly results and demand for AI servers, driving its stock up 32% and boosting other hardware stocks
- Dell saw 40% quarter-over-quarter growth in AI server orders with a $2.9B backlog, predicting ongoing AI demand growth
- Stocks with "AI" associations like BigBear.ai Holdings also rose, as did semiconductor manufacturers like Broadcom and Micron
- Lower interest rates expected from the Fed increase investor appetite for risky, high-growth tech stocks
- Continued integration of AI across industries points to ongoing hot demand and room for tech stocks to run