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☆ Health records giant Epic cracks down on startup for unauthorized sharing of patient data
▼ + stars: | 2024-04-12 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Epic Systems, the largest provider of software for managing medical records, says a venture-backed startup called Particle Health is using patient data in unauthorized and unethical ways that have nothing to do with treatment. Epic told customers in a notice on Thursday that it cut off its connection to Particle, hindering the company's ability to tap a system with more than 300 million patient records. Particle is one of several companies that acts as a sort of middleman between Epic and the organizations — typically hospitals and clinics — that need the data. Patient data is inherently sensitive and valuable, and it's protected by the Health Insurance Portability and Accountability Act, or HIPAA, a federal law that requires a patient's consent or knowledge for third-party access. To join the network, organizations are vetted and have to agree to abide by clear "Permitted Purposes" for the exchange of patient data.

Persons: Carequality Organizations: Systems, Health, CNBC, KLAS Research, Oracle Locations: Wisconsin, U.S

☆ Apple doubles India iPhone production to $14 billion as it shifts from China: Report
▼ + stars: | 2024-04-10 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Apple produced $14 billion worth of iPhones in India over the last fiscal year, a sign of the company's continued effort to manufacture more devices outside of China, a report from Bloomberg said Wednesday. As relations between the U.S. and China have soured, Apple has worked to diversify its supply chain by expanding production in countries like Vietnam and India. Apple now makes around 1 in 7, or 14%, of its iPhones in India, twice the amount it produced there last year, the report said. In June 2023, Apple CEO Tim Cook and other tech executives met with India's prime minister, Narendra Modi, at the White House. A Counterpoint Research report from March found that iPhone sales in China dropped 24% in the first six weeks of 2024.

Persons: Tim Cook, Donald Trump, Pegatron, Foxconn, Wistron, Narendra Modi, Cook Organizations: Apple, American Workforce Policy, White, Washington , D.C, Bloomberg, U.S, CNBC, Huawei Locations: Washington ,, iPhones, India, China, Vietnam

☆ Google partners with Bayer on new AI product for radiologists
▼ + stars: | 2024-04-09 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

"That whole process flow is designed to help radiologists get through their task with assistance more quickly," Kurian said in an interview. Google Cloud and Bayer are not the only companies exploring AI applications for medical imaging. Google Cloud has been working with Bayer on the radiology platform for around five years. The foundation was built using existing Google Cloud solutions like Vertex AI, Healthcare API and BigQuery, and Kurian said the platform's data is encrypted. Google Cloud and Bayer are exploring a number of different pricing models for the platform, he said.

Persons: Thomas Kurian, radiologists, Kurian, Keith Kirkpatrick, there's, Kirkpatrick, Bayer, Guido Mathews, Mathews Organizations: Google, Bayer, Tuesday, CNBC, Radiological Society of North, American College of Radiology's, Google Cloud, Philips, Amazon Web Services, GE HealthCare Locations: U.S, Radiological Society of North America, Netherlands

But J&J's drug is walking away with a notable edge over its rival. They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma. But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug. J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later. With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share.

Persons: Jonathan Raa, Johnson, Myers's, Bristol Myers, Jefferies, Kelly Shi, Shi, Carvykti, Cantor Fitzgerald, Rick Bienkowski, Kelsey Goodwin, Annika, annikakim.constantino@nbcuni.com Organizations: Nurphoto, Bristol Myers Squibb, Johnson, Food and Drug Administration, FDA, Legend Biotech, Bristol, New York Stock Exchange, NYSE, Reuters, Mount Sinai Hospital, Getty Locations: Bristol, U.S, EU, Japan, Mount Sinai, New York City

☆ Teladoc CEO departs the company after stock's 95% fall from 2021 highs
▼ + stars: | 2024-04-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Teladoc Health on Friday announced the sudden departure of CEO Jason Gorevic, who is leaving his role as head of the company effective immediately, according to a release . "We thank Jason for his many achievements and contributions during the 15 years he led Teladoc Health. We wish him success in his future endeavors," David Snow Jr., Teladoc board chair, said in the release. Teladoc is a virtual health care company that offers telehealth appointments with doctors, therapists and specialists. Teladoc's board reaffirmed that the company is on track to meet its guidance for the first quarter and full year.

Persons: Mala Murthy, Jason Gorevic, Jason, Teladoc, David Snow Jr, Gorevic, Murthy, she's, Teladoc's Organizations: Teladoc, CNBC, American Express, PepsiCo

☆ Meta shares hit intraday record after analyst says company 'has too many advantages to count'
▼ + stars: | 2024-04-04 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta shares jumped to an intraday record on Thursday after analysts at two firms raised their price targets on the stock, citing optimism over the company's growing market share in digital advertising. Analysts at Jefferies lifted their price target on Meta to $585 from $550 and said the company's gain in the ad market will increase this year. Among the roughly 50 price targets tracked by FactSet, RBC's estimate is tied for the highest along with that of both Wells Fargo and First Shanghai. The decision to invest $27 billion in capital expenditures last year "has helped the company develop several strategic advantages over its peers."

Persons: Mark Zuckerberg, Wells, Zuckerberg, Meta, they've Organizations: Meta, Nasdaq, Federal Reserve, Jefferies, RBC Capital Markets, Amazon, Google, RBC Locations: Menlo Park , California, First Shanghai, TikTok, U.S

☆ Elon Musk's X begins rewarding 'influential' users with blue checks, free subscriptions to platform
▼ + stars: | 2024-04-04 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Elon Musk's social media site X began rolling out free premium features, including verification badges known as "blue checks," to select users late Wednesday in an effort to reward what it calls "influential" people on the platform. For most users, X Premium is a paid subscription service that can be opted into. By subscribing, users get access to exclusive features, like the option to display a blue checkmark on their profile. X CEO Linda Yaccarino shared Musk's post late Wednesday as the features began rolling out. It is not clear how long users will have access to free premium features, or if it will be possible for them to opt out of the service.

Persons: Elon, Musk, Linda Yaccarino Organizations: X Help, CNBC, Twitter, Disney, Apple Locations: U.S

☆ FDA authorizes Prenosis software as first AI tool that can diagnose sepsis
▼ + stars: | 2024-04-03 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

Prenosis' tool, called Sepsis ImmunoScore, uses 22 different parameters like temperature, heart rate and cell counts to help clinicians assess a patient's risk of sepsis, the company told CNBC. While Prenosis is the first company to receive FDA approval for its AI diagnostic tool for sepsis, several organizations have built and released similar solutions. Epic's sepsis model is used in hundreds of hospitals across the U.S., according to a 2021 study published in JAMA Internal Medicine. Even so, Epic reportedly overhauled its sepsis model the following year in an attempt to improve its performance, according to Stat News. Prenosis said it worked to demonstrate the safety and efficacy of Sepsis ImmunoScore to the FDA for around 18 months.

Persons: ImmunoScore, Prenosis Organizations: U.S . Food, Drug Administration, Wednesday, Centers for Disease Control, CNBC, Johns Hopkins University, Nature Medicine, Systems, Stat News, FDA Locations: U.S, White Oak , Maryland, Chicago

☆ Despite gen AI hype, venture capitalists are still largely on the sidelines
▼ + stars: | 2024-04-03 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

The dearth of dealmaking shows that, despite a rebound in tech stocks last year and continuing hype around generative AI, venture capitalists are still largely on the sidelines. The Federal Reserve has indicated that cuts to its benchmark interest rate are likely coming in 2024, but for the moment they remain steady. Fed Chairman Jerome Powell said Wednesday it will take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain. There were 2,882 venture deals in the first quarter, the lowest since the third quarter of 2017, according to PitchBook. According to PitchBook, Reddit and Astera made up 73.4% of the total exit value in the U.S. in the first quarter.

Persons: Jerome Powell, PitchBook, Astera, Gary Tann Organizations: PitchBook, Federal, Astera Labs Locations: U.S, Rubrik

☆ Jon Stewart says Apple asked him not to interview FTC Chair Lina Khan
▼ + stars: | 2024-04-02 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Comedian Jon Stewart said Apple asked him not to interview Federal Trade Commission Chair Lina Khan on a podcast while he was hosting his Apple TV+ show "The Problem With Jon Stewart." "I gotta tell you, I wanted to have you on a podcast, and Apple asked us not to do it, to have you," Stewart told Khan during an episode of "The Daily Show" on Monday. Stewart asked Khan why the company might be "afraid" to have certain conversations out in public. Stewart's comments came nearly two weeks after the Department of Justice sued Apple in a landmark antitrust case. The FTC under Khan has taken similar action against other major tech companies.

Persons: Jon Stewart, Apple, Lina Khan, Stewart, Khan Organizations: Federal Trade, Apple, Department of Justice, DOJ, Apple Watch, FTC, Google, Amazon, Meta, The New York Times Locations: China

☆ UnitedHealth Group has paid more than $3 billion to providers following cyberattack
▼ + stars: | 2024-03-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

UnitedHealth Group has paid out an additional $1 billion to providers that have been impacted by the Change Healthcare cyberattack since last week, bringing the total amount of funds advanced to more than $3.3 billion, the company said on Wednesday. UnitedHealth, which owns Change Healthcare, discovered in February that a cyber threat actor had breached part of the unit's information technology network. The interruptions left many health-care providers temporarily unable to fill prescriptions or get reimbursed for their services by insurers. Many health-care providers rely on reimbursement cash flow to operate, so the fallout has been substantial. Federal agencies like the Centers for Medicare & Medicaid Services have introduced additional options to ensure that states and other stakeholders can make interim payments to providers, according to a release.

Persons: UnitedHealth, it's, Mandiant, Jamie Raskin, Andrew, Raskin, Biden Organizations: UnitedHealth, Healthcare, SEC, CNBC, American Hospital Association, Medicare, Medicaid Services, U.S . Department of Justice, of State, Wednesday, United Health, Palo Alto Networks, Change Healthcare Locations: Palo

☆ Neuralink shares video of patient playing chess using signals from brain implant
▼ + stars: | 2024-03-20 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

Elon Musk's startup Neuralink streamed a live video on Wednesday that showed a patient using the company's brain implant to move a mouse and play chess on a computer. A BCI is a system that deciphers brain signals and translates them into commands for external technologies. Dr. Nader Pouratian, chair of the Department of Neurological Surgery at UT Southwestern Medical Center, said researchers have been developing and studying BCI technology for years. It is not clear how many patients are participating in Neuralink's trial, or what the trial is trying to demonstrate. There is reason to be hopeful about Neuralink's technology, said Dr. Marco Baptista, chief scientific officer of the Christopher & Dana Reeve Foundation, which provides resources to people who have become paralyzed.

Persons: Elon, Noland Arbaugh, Musk, Arbaugh, there's, Neuralink, Nader Pouratian, we've, Pouratian, Marco Baptista, Christopher, Dana Reeve, " Baptista Organizations: BCI, Blackrock, Neuroscience, SpaceX, Department of Neurological, UT Southwestern Medical Center, CNBC, U.S . Food, Drug Administration, Dana Reeve Foundation, PubMed Locations: Brussels, Belgium, Synchron, U.S, Neuralink

☆ Shares of Micron pop 14% on earnings beat driven by AI boom
▼ + stars: | 2024-03-20 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

The company, which makes memory and storage for computers, said it has benefitted from the artificial intelligence boom. Here's how the company did:Earnings per share: 42 cents adjusted vs. 25 cent loss expected by LSEG, formerly known as Refinitiv. Revenue: $5.82 billion vs. 5.35 billion expected by LSEG. For its fiscal third quarter, Micron expects to report revenue of $6.6 billion, above the $6.02 billion expected by analysts. "We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI," Micron CEO Sanjay Mehrotra said in a release.

Persons: Sanjay Mehrotra Organizations: Micron, LSEG, Nvidia

☆ Outperforming fund manager says this software stock is set to be a 'serious player' in a corner of AI, gives it nearly 60% upside
▼ + stars: | 2024-03-19 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

One stock is a "promising AI investment" and set to be a "serious player" in a corner of the space, according to Brian Stutland of Equity Armor Investments. They are really starting to become very creative in the AI world," Stutland, a portfolio manager at the firm, told CNBC's "Street Signs Asia " last week. Palantir has been scaling its Artificial Intelligence Platform, or AIP, and Karp said the company carried out nearly 600 pilots with the technology last year. Shares of Palantir jumped nearly 10% on March 6 after Palantir announced its Tactical Intelligence Targeting Access Node was selected by the U.S. Army . TITAN uses artificial intelligence to provide targeting information for missiles.

Persons: Brian Stutland, That's Palantir, CNBC's, Alex Karp, Palantir, Karp, Stutland, Morningstar, Dan Ives, Ives, — CNBC's Ashley Capoot, Keris Lahiff Organizations: Equity, Investments, AIP, Intelligence, U.S . Army, Fund, Wedbush, Securities, Global TAM Locations: U.S

☆ UnitedHealth Group has paid more than $2 billion to providers following cyberattack
▼ + stars: | 2024-03-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

UnitedHealth Group said Monday that it's paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare. "We continue to make significant progress in restoring the services impacted by this cyberattack," UnitedHealth CEO Andrew Witty said in a press release. "We know this has been an enormous challenge for health care providers and we encourage any in need to contact us." It also introduced a temporary funding assistance program to help health-care providers experiencing cash flow trouble because of the attack. A survey published by the American Hospital Association on Friday found that 94% of hospitals have experienced financial disruptions from the Change Healthcare attack.

Persons: it's, Andrew, UnitedHealth, Rick Pollack, Biden, UnitedHealth hasn't, Scott Gottlieb Organizations: UnitedHealth, Change Healthcare, Healthcare, Medicare, Medicaid Services, American Hospital Association, Administration, U.S . Department of Health, Human Services, Office, Civil Rights, Palo Alto Networks, Google Locations: Palo

☆ Nvidia and Johnson & Johnson to develop new AI applications for surgery
▼ + stars: | 2024-03-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Johnson & Johnson on Monday announced it is working with Nvidia to develop and scale new artificial intelligence applications for surgery. For instance, the companies are using AI to analyze surgical video and automate the time-consuming documentation required after a procedure. Powell said Nvidia has worked in medical devices and imaging for more than a decade. More accessible surgical video means residents will not have to solely depend on the insight and availability of the more experienced physicians at their institutions. They look at game tape, and they get better over time as they look at themselves," Jegatheeswaran told CNBC in an interview.

Persons: Johnson, Kimberly Powell, Powell, Shan Jegatheeswaran, J MedTech, Jegatheeswaran Organizations: Nvidia, CNBC

☆ Doctors are turning medical generative AI into a booming business
▼ + stars: | 2024-03-16 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

"There isn't a better place to be," Kenneth Harper, general manager of DAX Copilot at Microsoft, told CNBC in an interview. At HIMSS, Stanford Health Care announced it is deploying DAX Copilot across its entire enterprise. Gary Fritz, chief of applications at Stanford Health Care, said the organization had initially started by testing the tool within its exam rooms. Dr. Christopher Sharp, chief medical information officer at Stanford Health Care and one of the physicians who tested DAX Copilot, said it is "remarkably seamless" to use. Fritz said it is still early in the product life cycle, and Stanford Health Care is still working out exactly what deployment will look like.

Persons: Suki, Shiv Rao, Athenahealth, Kenneth Harper, DAX Copilot, DAX, Harper, Gary Fritz, Fritz, Dr, Christopher Sharp, Sharp Organizations: Companies, CNBC, HIMSS, Microsoft, Stanford Health Care, Stanford Locations: Orlando , Florida, HIMSS

☆ Biden administration investigating Change Healthcare cyberattack as disruptions continue
▼ + stars: | 2024-03-13 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

The OCR enforces the Health Insurance Portability and Accountability Act's security, privacy and breach notification rules, which most health plans, providers and clearinghouses such as Change Healthcare are required to follow to protect health information. "OCR's investigation of Change Healthcare and UHG will focus on whether a breach of protected health information occurred and Change Healthcare's and UHG's compliance with the HIPAA Rules," the department said. Change Healthcare offers electronic prescription software and tools for payment and revenue cycle management. Parent company UnitedHealth discovered that a cyber threat actor breached part of the unit's information technology network on Feb. 21, according to a filing with the U.S. Securities and Exchange Commission. In late February, Change Healthcare said that ransomware group Blackcat was behind the attack.

Persons: UnitedHealth, Blackcat Organizations: U.S . Department of Health, Human Services, UnitedHealth Group, Healthcare, U.S, HHS, Civil Rights, Change Healthcare, U.S . Securities, Exchange Commission, CNBC, SEC, Department of Justice

☆ Signos uses a glucose monitor patch and AI to help you eat healthier. Here's what it's like
▼ + stars: | 2024-03-09 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +13 min

SignosFounded in 2018, Signos uses continuous glucose monitors, or CGMs, and an artificial intelligence-powered app to help people better understand their metabolisms. But Signos' CGM system is meant for average consumers, so it is not intended for diabetes management. The Signos app walked me through the process step by step, offering a one-minute video and a series of GIFs I could watch. Another activity had me try and guess what I thought my glucose levels were at different points throughout the day. After eating a meal, I would often get a "Fast Rise" notification from my Signos app, which indicates that a glucose spike is occurring.

Persons: Ashley Capoot, I've, Signos, Dexcom, Sharam Fouladgar, you've, it's Organizations: CNBC, Abbott Laboratories, Centers for Disease Control, U.S . Food, Drug Administration, Dexcom Ventures, Bluetooth Locations: U.S, Mercer

☆ UnitedHealth working to restore Change Healthcare systems by mid-March, company says
▼ + stars: | 2024-03-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

UnitedHealth Group on Thursday said it expects to restore Change Healthcare's systems by mid-March, offering a potential resolution to the ransomware attack that has disrupted crucial operations across the U.S. health-care system. There is "no indication" that any other UnitedHealth systems were compromised in the attack, the company said in the release. On Friday, UnitedHealth announced a temporary funding assistance program to help health-care providers that are experiencing cash flow problems as a result of the attack. In late February, Change Healthcare said that ransomware group Blackcat was behind the cybersecurity attack. Ransomware attacks can be particularly dangerous within the health-care sector, as they can cause immediate harm to patients' safety when life-saving systems go dark.

Persons: UnitedHealth, Andrew, Blackcat Organizations: UnitedHealth, Securities and Exchange Commission, Healthcare, U.S . Department of Justice

☆ Salesforce announces new AI tools for doctors
▼ + stars: | 2024-03-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Salesforce on Thursday announced new data and artificial intelligence solutions for health-care workers that could help lessen their burdensome administrative workloads. The first tool is called Einstein Copilot: Health Actions, and it will allow doctors to book appointments, summarize patient information and send referrals by prompting AI with conversational language, according to a release. Salesforce said doctors can use Einstein Copilot: Health Actions to generate a patient summary that includes details like patients' medications, clinical service requests, diagnoses and tests. Salesforce said its Assessment Generation tool will be generally available this summer, and Einstein Copilot: Health Actions will be available for use at the end of the year. All Einstein Copilot features and functionalities are also expected to comply with HIPAA regulations as of this summer, the company added.

Persons: Einstein, Salesforce Organizations: Labor, Google, Amazon Web Services, CNBC PRO Locations: Athenahealth

☆ Facebook, Threads and Instagram are down for some users
▼ + stars: | 2024-03-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Meta 's social media platforms Instagram, Facebook and Threads were down for many users Tuesday morning. Facebook and Threads seem to be particularly impacted. Instagram feeds aren't refreshing for some users, while others are still able to access the app. The service disruption follows a major outage in 2021, when Facebook, Instagram and WhatsApp were down for more than six hours. At the time, Facebook, now Meta, said the outage was caused by "configuration changes on backbone routers."

Persons: Andy Stone Organizations: Facebook, Meta

☆ Dexcom announces its first-ever over-the-counter CGM Stelo has been cleared by the FDA
▼ + stars: | 2024-03-05 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

This means Stelo will be accessible to people who do not have insurance coverage for CGMs, Dexcom said. There are more than 25 million Type 2 diabetes patients in the U.S. that do not use insulin, according to the release from Dexcom. Dexcom shared Stelo's name, as well as the fact that the device had been submitted to the FDA for review in February. Jake Leach, chief operating officer at Dexcom, told CNBC in February that Stelo will have its own unique platform and branding. Leach said as Dexcom is able to demonstrate the benefits of Stelo, the company believes insurance companies will eventually pay for it.

Persons: Dexcom, it's, Dr, Jeff Shuren, Jake Leach, Stelo, It's, Leach Organizations: U.S . Food, Drug Administration, FDA's Center, Devices, Radiological, FDA, CNBC, CNBC PRO Locations: U.S

☆ Venture capital firm's plan to buy nonprofit hospital system has Ohio community on edge
▼ + stars: | 2024-03-02 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +17 min

In late 2022, Harrison joined venture firm General Catalyst, which has backed tech highfliers like Stripe, Snap and Airbnb . This is the first holistic transformation of a health system to a thoughtful combination of digital and in-person care." "It just makes people a little nervous, and it doesn't feel quite aligned with this concept of health care being a human right." To revolutionize how we care for patients, we in health care are doing the same." "This is not like a turnaround, this is not a distressed system," Harrison said.

Persons: Marc Harrison, who's, Astrid Stawiarz, Mark Zuckerberg, Elon Musk, He's, screeds, Harrison, Catalyst, HATCo, Fitch, Ceci Connolly, Connolly, She's, Freddy Krueger, John Bass, Bass, he's, Chris Bischoff, Bischoff, it's, Harrison isn't, Michael Greeley, Greeley, Beaumont, Cliff Deveny, hadn't, Deveny, Ben Sutton, Sutton, Shammas Malik, James Hardy, Hardy, Mayor Malik, Malik, we've, Capital's Greeley, Catalyst's Organizations: Healthy, CNBC, Intermountain Healthcare, Catalyst, Summa Health, Health Assurance Transformation Corporation, Summa Health Medina, Urban Institute, Fitch Ratings, Alliance of Community Health, General Catalyst, HCA Healthcare, University of California Davis Health, Intermountain, Flare Capital Partners, Beaumont Health, Health, Akron, Ideastream Public Media, HATCo Locations: New York City, Silicon Valley, Utah, Ohio, Harrison, PitchBook, U.S, Canada, Israel, Michigan, Beaumont, Akron, Summit County, Akron's

☆ Dell shares have best day since return to stock market in 2018
▼ + stars: | 2024-03-01 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Dell is having its best day since founder Michael Dell brought the company back to the stock market in 2018. Shares of the PC and server manufacturer surged 30% on Friday to $121.88, after the company posted fiscal fourth-quarter results that beat estimates. For the latest quarter, Dell reported revenue of $22.32 billion, down 11% from the year-ago quarter but eclipsing the $22.16 billion analysts were expecting, according to LSEG, formerly known as Refinitiv. "The strength of AI server orders, backlog, pipeline, and expanding CSP/enterprise customer base show DELL's AI story is early days and gaining momentum," they wrote. Wells Fargo, citing Dell's AI strength and dividend increase, hiked its price target to $140 and maintained an overweight rating, while Citi increased its target price to $125 and reiterated a buy rating.

Persons: Dell, Michael Dell, It's, Morgan Stanley, Wells Fargo, — CNBC's Michael Bloom, Ashley Capoot Organizations: Dell, Citi

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