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Canada Goose Stock Rises 15% On Strong Earnings Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Thursday, May 16, 2024
Dell Stock Rises 11% On Expectations For A.I. Server Growth
Shares of Dell Technologies (DELL) gained 11% and closed at an all-time high on expectations that the company will see exponential growth from sales of its artificial intelligence (A.I.) servers.
So far in 2024, Dell stock has nearly doubled (up 99%) as its role in the A.I. sector becomes more clearly defined.
Over the past 12 months, the company's share price has risen 229% to $149.16 U.S.
The most recent boost to Dell stock came after Morgan Stanley (MS) raised its price target on the shares and forecast that the company would get a revenue boost from sales of servers that run A.I. applications and models.
Morgan Stanley analyst Erik Woodring said that he expects about $10 billion U.S. of A.I. server revenue from Dell in the company's current fiscal year that ends in February 2025.
Woodring raised his price target on Dell stock to $152 U.S. per share from $128 U.S. a share and named the company a“top pick.”
Dell stock surged nearly 30% higher on March 1 after an earnings report showed that the company known mostly for its laptop computers is starting to benefit from the A.I. boom.
Dell is competing in the A.I. server market against Super Micro Computer (SMCI), whose stock is up more than 200% this year.
Currently, Dell is building and selling servers that use the newest Nvidia (NVDA) A.I. microchips, including the H100 GPU and the Blackwell-generation of chips.
Dell's other business building personal computers and laptops is also expected to get a boost in coming years as new A.I. features lead to a refresh cycle for the industry.
Dell is scheduled to report its financial results for this year's first quarter on May 30.
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