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Home » Crypto Market News » Dell Technologies Skips Bitcoin in Q2 Earnings Amid AI Surge

Dell Technologies Skips Bitcoin in Q2 Earnings Amid AI Surge

  • August 30, 2024
  • 120

Dell Technologies has not included any Bitcoin in its balance sheet for the second quarter of the year, despite heightened speculation surrounding its potential investment in the cryptocurrency. In its earnings report filed on August 29, the company showcased strong financial performance driven by increasing demand for artificial intelligence (AI) solutions. Notably, there was no mention of Bitcoin in the report or during the earnings call.

Following a series of social media posts from CEO Michael Dell that hinted at a positive outlook on cryptocurrency, many believed the company might be diversifying into Bitcoin . Dell’s posts included references to themes commonly associated with Bitcoin , such as scarcity. He engaged further in discussions by sharing comments from prominent Bitcoin advocates, suggesting an interest in the digital asset.

In one notable example, Dell conducted a poll asking his audience to weigh in on the importance of AI, Bitcoin , love and relationships, or none of the above, with Bitcoin emerging as the top choice. His last post discussing Bitcoin occurred on July 16, where he expressed interest in the cryptocurrency after watching an interview with a well-known financial leader. However, the company’s earnings filings clearly show no acquisition of Bitcoin or other digital currencies.

The lack of disclosure regarding cryptocurrency holdings is typical for firms that decide to invest in digital assets. Companies like Tesla and MicroStrategy have openly shared their Bitcoin investments in quarterly earnings reports. Noteworthy is MicroStrategy’s substantial Bitcoin portfolio, which includes 226,500 coins, valued at approximately $13.4 billion.

In terms of financial performance, Dell Technologies reported a revenue of $25 billion for Q2, reflecting a 9% increase year over year, surpassing analyst expectations. The company’s success can largely be attributed to the surge in AI solutions, with significant growth in server and networking revenues. According to company leadership, the demand for AI-optimized servers has experienced considerable sequential growth, highlighting AI as a crucial factor in Dell’s positive earnings trajectory.

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