Michael Dell, CEO of Dell Inc. (NYSE:DELL), compared the impact of generative AI to other significant technological advancements on Monday.
What Happened: While appearing on a CNBC segment, Dell equated the rise of AI to other major technological waves saying, "It certainly is as big as any of the other big waves." When asked if it is bigger, the CEO said there's a possibility of AI surpassing other tech developments.
He went on to draw parallels between the current AI boom and the internet's rise in the mid-1990s, noting that AI's adoption is happening at a much faster pace.
"When I think about the internet, which is, you know, go back to the mid-1990s, it kind of feels like that, except it's happening maybe 10 times faster. Because now five billion people kind of instantly have access to AI," he stated.
Dell also highlighted the vast amount of data and computing power available today, which is being rapidly leveraged worldwide. "That's why you see companies investing heavily to create this opportunity," he concluded.
Dell CEO Michael Dell discusses how generative AI compares to other technology developments. pic.twitter.com/vvhuSYmudN
— CNBC (@CNBC) June 17, 2024
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Why It Matters: Dell's comments come amid a series of significant events related to the company's AI initiatives. Last month, Dell announced its partnership with Nvidia Corporation. At the time, Nvidia CEO Jensen Huang highlighted the importance of the company's partnership with Dell in expanding the reach of its AI technology.
"We want to bring this generative AI capability to every company in the world," he said then, adding, "It's not about just delivering a box — it's about delivering an entire infrastructure. It's an infrastructure that's insanely complicated."
Later that month, Dell reported a 6% year-over-year increase in its fiscal first-quarter revenue, beating the consensus estimate of $21.67 billion, according to Benzinga Pro. The company also reported adjusted earnings of $1.27 per share, surpassing analyst expectations of $1.26 per share.
Earlier this month, it was reported that the CEO plans to sell 10 million shares valued at approximately $1.3 billion. This move was seen as a sign of his confidence in the company's AI-driven future.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.