The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019.
REUTERS/Brendan McDermid Acquire Licensing RightsSept 1 (Reuters) - Shares in Dell Technologies Inc (DELL.N) rose 22.2% and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilizing demand for computer hardware after a months-long slump.
Dell, on track for its biggest ever daily percentage gain, is up more than 70% for the year-to-date.
Servers and networking revenue rose 11% from the first quarter to $4.27 billion, driven by higher demand for AI-optimized servers, Dell said.
At least 10 analysts raised their target prices for Dell's shares after the report with several including Credit Suisse and Evercore ISI citing its position to benefit from AI.
Persons:
Brendan McDermid, Samik Chatterjee, Dell, JPMorgan's Chatterjee, Wells, Sinéad Carew, Lance Tupper
Organizations:
Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell, CDW, Cisco Systems, Hewlett Packard Enterprises, Credit Suisse, ISI, JPMorgan, Thomson
Locations:
New York, U.S