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Shares of companies working to generate artificial BroadCast Unitedligence applications rose on Friday, driven by strong optimism about new technologies, with Dell Technologies hitting a record high.
Artificial BroadCast Unitedligence giant Nvidia reported strong quarterly results on Wednesday and forecast revenue that will beat Wall Street expectations for the current quarter, further suggesting that customer spending on genAI will continue to be strong. The positive momentum also extends to Dell, which recently partnered with Nvidia to launch AI-focused PCs and more powerful servers.
“This is an important and timely new opportunity for Dell,” said Bob O’Donnell of TECHnalysis Research.
Dell shares rose 6 percent to $162.82 before giving up some gains in the afternoon, looking to add $6.6 billion to its market value. The stock has more than doubled so far this year, having closed higher in each of the first three sessions.
Shares of major chip companies rose on Friday, with Nvidia up nearly 1% and Qualcomm up 4%. Arm Holdings, which is listed in the United States, rose 2.3%.
Software companies C3.ai and Palantir Technologies rose 0.6% and 1.6%, respectively.
“Chip companies are expected to benefit greatly from AI chip-related orders, mainly from cloud providers, who have indicated a significant increase in capital expenditures in 2024,” said Akshara Bassi, an analyst at Couterpoint Research.
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