Today’s Market Movers: Dell Surges 10% on AI Demand While MongoDB and Credo Slide
TLDR
- Dell shares jumped 10% after revenue soared 58% year-over-year to $46.97B, driven by AI server demand
- GitLab surged 22% after beating Q2 earnings with 21% revenue growth and strong guidance
- MongoDB fell 15% despite topping expectations, as slower Atlas growth disappointed investors
- Credo Technology dropped 7% despite doubling revenue, as margin pressure spooked traders
- Stock futures were mixed Wednesday as investors tracked bond yields and awaited Federal Reserve data
Dell Technologies kicked off Wednesday’s trading session with a bang. Shares jumped 10% in premarket after the company posted second-quarter revenue of $46.97B, up 58% year-over-year, comfortably beating Wall Street estimates.
The company’s Infrastructure Solutions Group was the star of the show. Revenue there jumped 89% to $31.78B, fueled by demand for AI-optimized servers.
Dell also raised its full-year revenue guidance by $25B to $192B, well above the $173.3B consensus. AI server orders hit a record $60.9B, with a $95B backlog pointing to continued demand ahead.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
