Dell stock surges 30% on AI hardware growth and $9.7 billion Pentagon contract, boosting Michael Dell's net worth by $34 billion
By
Marc Vartabedian
Front-window bakery material. Catches the eye, delivers the goods.
Summary
Dell stock surged over 30% after the company reported Q1 growth in AI hardware and secured a $9.7 billion contract with the Pentagon (referred to as the Department of War). The surge boosted founder and CEO Michael Dell's net worth by approximately $34-36 billion, bringing it to roughly $245 billion and placing him 6th on Forbes' billionaires list, just below Oracle's Larry Ellison and above Meta's Mark Zuckerberg.
Key quotes
· 3 pulledDell stock surged over 30% on Friday, boosting founder and CEO Michael Dell's net worth by some $34 billion.
The exec's net worth shot up to $244.8 billion, according to Forbes, lodging him in slot No. 6 on its billionaires list — just below Oracle CEO Larry Ellison and above Meta big Mark Zuckerberg.
Shares in Dell went on a tear after the company reported first quarter growth in artificial-intelligence hardware and details emerged about its new $9.7 billion contract with the Department of War.
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