Dell Technologies CEO recently made mysterious crypto-themed posts but did not add any Bitcoin to the balance sheet in the second quarter. The company announced strong earnings based on increasing artificial intelligence demand in its August 29 filing, but did not mention Bitcoin in the earnings call or results filing. We examine notable developments and important statements on the matter.
Will the Tech Giant Make a Bitcoin Move?
Speculations arose that the tech giant’s CEO Michael Dell might have considered buying some Bitcoin after he gave the impression of being optimistic about crypto in a series of social media posts. In his June 21 X post, Dell said scarcity creates value, a statement often associated with Bitcoin due to its fixed supply limit of 21 million.
He further fueled speculation by reposting MicroStrategy CEO Michael Saylor’s statement that Bitcoin is digital scarcity. Dell also conducted a poll on June 29 asking users what was more important: Artificial Intelligence, Bitcoin, Love and relationships, or none of these. Bitcoin won with 43% of the votes.
His latest Bitcoin-related post came on July 16 during an interview with BlackRock CEO Larry Fink, where he made fascinating comments about Bitcoin and stated that after examining it, he no longer approached it with skepticism. However, Dell’s results filing shows no signs that the company has purchased Bitcoin or any other cryptocurrencies.
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 compared to last year. Analysts had projected $24 billion in revenue. Dell’s vice chairman and chief operating officer 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.”
