In a nostalgic trip back to 1984, the year was marked by cultural milestones like Prince’s hit song “When Doves Cry” and the rise of iconic technology like Apple’s Macintosh PC. It was also the year when Michael Dell founded Dell Technologies (NYSE:DELL) as a student at the University of Texas at Austin, laying the foundation for a company that would evolve to compete in the artificial intelligence (AI) arena.
Fast forward to today, Dell is just beginning to tap into the opportunities presented by AI, according to Jeff Clarke, Dell’s chief of operations. During the company’s fourth-quarter earnings call in March, Clarke highlighted the growing adoption of AI by enterprise customers and the projected surge in unstructured data. Dell sees itself well-positioned with industry-leading storage solutions to address these needs, particularly emphasizing the importance of on-premises solutions for data security.
Elon Musk, CEO of Tesla (NASDAQ:TSLA), is a prominent advocate for AI, recognizing its pivotal role in the development of autonomous vehicles. Musk’s vision extends to a future where digital intelligence surpasses biological intelligence, with AI becoming increasingly integral to various industries.
Drawing a connection between Dell and Tesla, Evercore ISI analyst Amit Daryanani raised the firm’s price target on Dell Technologies to $165 from $140, citing potential synergies between the two companies. Daryanani’s optimism underscores the growing significance of AI in shaping the strategies and prospects of technology firms like Dell.
Featured Image: Megapixl