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Dell shares jump over 13% after Trump calls to buy its devices and support the local industry
Shares of Dell Technologies recorded a strong rise to 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 local industry in the United States.
The stock rose by as much as 14.6% to reach a high of $263.99, before trimming its gains and closing up about 13%.
This strong performance was also driven by strengthening the relationship between the company's founder Michael Dell and the U.S. administration, after 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 wave of accelerating demand 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” use, which increases the need for greater computing capabilities and more advanced processors...
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