Key Takeaways
- Dell's Q2 report shows no Bitcoin purchases despite CEO's hints.
- CEO Michael Dell fueled speculation with Bitcoin-related social media posts.
- Dell's Q2 revenue reached $25 billion, driven by AI demand.
Dell Technologies did not add Bitcoin to its balance sheet in Q2 2024, despite speculation fueled by CEO Michael Dell’s social media activity.
The company’s earnings report, filed on August 29, focused on robust growth driven by artificial intelligence (AI), with no mention of Bitcoin.
Previous posts
This contrasts with Dell’s earlier posts, where he shared Bitcoin-related content, including a poll in which Bitcoin was chosen as more important than AI or love and relationships. The poll, which concluded on June 29, saw Bitcoin win with 43% of the vote.
Michael Dell’s posts, such as the one on June 21 stating “Scarcity creates value” and his interaction with MicroStrategy’s Michael Saylor, sparked rumors that Dell Technologies might invest in Bitcoin.
However, the Q2 financial report shows no such move. This is in contrast to companies like MicroStrategy and Tesla, which have disclosed their Bitcoin holdings in similar filings.
AI growth
Instead, Dell’s Q2 earnings highlighted AI as the primary growth driver, with total revenue of $25 billion, surpassing analysts’ predictions. The company reported an 80% increase in server and networking revenue to $7.7 billion, largely due to AI-driven demand.
