Michael Dell Is Now Part Of The $100 Billion Club Thanks To Soaring Shares Fueled By AI Craze: Report

Michael Dell has reportedly joined the exclusive $100 billion club, as shares of Dell Technologies Inc. (NYSE:DELL) surged following a strong performance in its fourth-quarter earnings.

Dell’s stock soared to a record high, rising by 32% after surpassing earnings expectations in the just-reported fourth quarter, propelling Michael Dell’s net worth to $104.3 billion, reported Bloomberg.

He now holds the title of the 12th-richest person globally, surpassing India’s Gautam Adani.

Dell exited the fourth quarter with cash and equivalents worth $7.37 billion; the company’s long-term debt stands at $19.01 billion.

Michael Dell’s fortune, originating from his computer-manufacturing venture established four decades ago, has been significantly boosted by the demand for AI-related equipment.

Notably, the company’s high-powered servers, like the H100 and MI300X, have garnered attention for their effectiveness in handling AI workloads, Bloomberg said.

Michael Dell, aged 59, joins a select group of billionaires whose wealth surged amidst the recent rally in AI-related stocks.

Notable figures include NVIDIA Corporation (NASDAQ:NVDA) founder Jensen Huang and Meta Platforms, Inc.(NASDAQ:META) CEO Mark Zuckerberg, whose fortunes have seen substantial increases, the report added.

Michael Dell’s wealth received an additional lift from his stake in chipmaker Broadcom Inc. (NASDAQ:AVGO), which he acquired following the company’s acquisition of VMWare in 2021. The shares are now valued at over $31 billion.

This surge in Dell Technologies stock reflects the market’s enthusiasm for the company’s performance and its position in the AI sector.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Oracle PR via flickr