Dell Technologies CEO recently made mysterious crypto-themed posts but did not add Bitcoin to the company's balance sheet in the second quarter. The company announced strong earnings, but did not mention Bitcoin in the earnings report.
Will the Tech Giant Make a Bitcoin Move?
Speculations arose that Dell Technologies CEO Michael Dell might consider buying Bitcoin after his optimistic posts on social media. On June 21, Michael Dell stated that 'scarcity creates value,' a phrase often associated with Bitcoin, which has a fixed supply limit of 21 million. Dell also quoted MicroStrategy CEO Michael Saylor's statement that Bitcoin is digital scarcity. On June 29, Dell conducted a poll asking users what was more important: Artificial Intelligence, Bitcoin, Love and relationships, or none of these. Bitcoin won with 43% of the votes.
Details on the Matter
The company's total revenue increased by 9% compared to last year, reaching $25 billion, with record server and networking revenue rising by 80% to $7.7 billion. Dell's vice chairman and COO Jeff Clarke said the main driving force behind the company's higher earnings was artificial intelligence: "Our AI momentum accelerated in the second quarter, and we saw an increase in the number of enterprise customers purchasing AI solutions each quarter. Demand for AI-optimized servers increased sequentially by 23%, reaching $3.2 billion, up $5.8 billion since the beginning of the year."
Conclusion
Despite speculation and activity on social media, Dell's Q2 report shows no signs of Bitcoin or other cryptocurrency purchases. The company focuses on revenue growth driven by demand for artificial intelligence.
Dell demonstrated significant revenue growth driven by demand for AI, despite not investing in Bitcoin, as previously speculated.
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