Jim Cramer, the host of CNBC’s “Mad Money,” hails Michael Dell, CEO of Dell Technologies, Inc. for his pioneering strides in artificial intelligence, following the company’s stellar fourth-quarter performance.
Significant Development: Cramer publicly applauded Dell’s AI leadership, posting on social media about his admiration for the CEO’s vision. This comes in the wake of a 2021 tweet by Michael Dell, reflecting on the remarkable growth trajectory of the company.
“This is the man who is taking AI to the next level!” Cramer remarked.
Further Insights: The company saw its AI-optimized server orders surge by nearly 40% sequentially, with a doubling backlog of $2.9 billion at the close of the fiscal year, said Jeff Clarke, COO of Dell Technologies.
Relevance: Dell’s fourth-quarter financials have garnered attention, with the company surpassing analyst projections. The firm reported earnings of $2.20 per share, exceeding the consensus estimate by 27.17%. Quarterly sales reached $22.3 billion, outstripping the predicted $22.16 billion. Dell attributed its success to the growing demand for AI servers, particularly AI-optimized servers.
Following the impressive Q4 results, Dell’s stock further ascended, with Cramer’s endorsement contributing to the positive market sentiment. Dell’s collaboration with Subaru Corporation to enhance driver safety through AI and high-performance storage has also bolstered its recent achievements.
Market Activity: Dell’s shares closed at $124.59, marking a 31.62% increase on Friday, as per Benzinga Pro data.
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Disclaimer: This piece was partially developed with insights from Benzinga Neuro and underwent review and publication by Benzinga’s editorial team.
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