Dell hits record high amid rally in AI stocks

Shares of Dell Technologies hit a record high on Friday amid a rally in companies working on generative artificial intelligence applications, buoyed by strong optimism for the new technology, reports Reuters.

AI-heavyweight Nvidia posted strong quarterly results and forecast current-quarter revenue above Wall Street expectations on Wednesday, reinforcing that customers' spending on genAI will continue to hold strong. The positive momentum extended to Dell, which has recently launched AI-oriented personal computers and more powerful servers in collaboration with Nvidia.

"This as an important and timely new opportunity for Dell," said Bob O'Donnell of TECHnalysis Research.

Dell shares rose 6 per cent to $162.82 after paring some gains in the afternoon and were on track to add $6.6 billion to its market value.