Many crypto enthusiasts expected Dell to have Bitcoin on its balance sheets based on speculations arising from Dell CEO Michael Dell’s recent bullish social media posts. However, this is not the case.
The company filed its second quarter (Q2) earnings report on Thursday, August 29. It did not include Bitcoin or any crypto in the earnings call or results filing despite its CEO’s bullish comments, which suggested a potential interest in crypto.
Instead, the company’s balance sheet showed strong earnings driven by growing demand for artificial intelligence (AI).
Michael Dell’s Recent Bullish Social Media Posts
Considering Michael Dell is the 14th richest person, with a net worth of about $100B, crypto enthusiasts would not overlook his comment on Bitcoin, let alone the fact that his bullish posts have been so frequent lately.
Dell’s first X post, “Scarcity creates value,” was on 20th June. The phrase he posted is peculiar to Bitcoin due to its limited supply of 21 million.
This post pulled the attention of top Bitcoin players like MicroStrategy’s Michael Saylor, who responded, “Bitcoin is digital scarcity,” and also triggered intense speculations within the crypto community.
Dell added fire to the speculation when he reposted Saylor’s reply and later posted an image of a Cookie Monster eating a Bitcoin with the quote, “This is a great account to follow @MeCookieMonster. Very entertaining.”
The following day, Dell created a poll on X asking people to indicate which one would be a major breakthrough in tech – Blockchain, AI, or Quantum computing.
The poll revealed a 38.6% vote for blockchain over other options.
Dell launched another poll on 28th June asking people about “the most important thing” between AI, Bitcoin, love and relationships, or none of the above. Bitcoin had 43.1% over other options.
Dell’s last post on Bitcoin was on 15th July. He responded “fascinating Bitcoin” to an interview with Larry Fink, BlackRock CEO.
However, despite all these bullish X posts, the company’s Q2 earnings report filing shows no signs that Dell ever purchased BTC or any other digital assets.
Dell’s Strong Second Quarter Earnings Driven By Demand For AI
According to the earnings report filing, Dell’s total revenue rose 9% to about $25B compared to last year’s report.
Against speculations, Dell’s higher earnings were driven by artificial intelligence (AI), as declared by Jeff Clarke, Dell’s VC and COO.
Clarke said,
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.
