Benzinga - by Ananya Gairola, Benzinga Staff Writer.
Jim Cramer, the host of CNBC’s “Mad Money,” has lauded Michael Dell, the CEO of Dell Technologies, Inc. (NYSE:DELL), for his role in advancing artificial intelligence, following the company’s impressive fourth-quarter results.
What Happened: Cramer took to X, formerly Twitter, to express his admiration for Dell’s AI leadership. He shared a 2021 tweet by Michael Dell, in which the CEO reflected on the company’s remarkable growth over the years.
“This is the man who is taking AI to the next level!”
This is the man who is taking AI to the next level! https://t.co/rIZBemU2zv— Jim Cramer (@jimcramer) March 1, 2024
"Our strong AI-optimized server momentum continues, with orders increasing nearly 40% sequentially and backlog nearly doubling, exiting our fiscal year at $2.9 billion," said Jeff Clarke, COO of Dell Technologies.
Why It Matters: Dell’s fourth-quarter results have been a topic of interest. The company exceeded expectations in its quarterly earnings, posting $2.20 per share, surpassing the analyst consensus of $1.73 by 27.17%.
Quarterly sales totaled $22.3 billion, outperforming the analyst consensus estimate of $22.16 billion. Dell also highlighted a rising demand for its AI servers, with servers and networking revenue reaching $4.9 billion. Sequential growth was primarily fueled by AI-optimized servers.
Just a day after the Q4 results, Dell’s stock continued its upward trajectory, with Cramer’s comments adding to the positive sentiment. The company’s partnership with Subaru Corporation to enhance driver safety through AI and high-performance storage has also been a contributing factor to its recent success.
Price Action: Dell’s shares closed at $124.23, up 31.24% in the last 24 hours, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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