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Dell shares jump over 13% after Trump calls to buy their devices and support local industry
Shares of Dell Technologies saw a strong rally reaching record levels during yesterday's trading, after U.S. President Donald Trump called on the public during an event at the White House to purchase the company's devices in support of the domestic industry in the United States.
The stock rose by as much as 14.6% to reach a high of $263.99 before trimming gains and closing up about 13%.
This strong performance was also driven by the strengthening relationship between the company's founder Michael Dell and the U.S. administration, following a massive donation of $6.25 billion to support the "Trump Accounts" initiative aimed at building wealth for children.
On another note, Dell is benefiting from the accelerating demand wave for artificial intelligence technologies, especially in the server and infrastructure markets. Major financial institutions like Mizuho and Bank of America forecast continued growth with the expansion of “AI proxy” usage, which increases the need for greater computing power and more advanced processors...
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