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according to yahoo finance, on september 5, michael dell, founder and ceo of dell technologies (dell), believes that the claims of a decline in artificial intelligence spending are greatly exaggerated.

“when you launch a rocket and create new capabilities, there are always some bumps in the road,” dell told yahoo finance at the citi tmt conference in new york on wednesday. “you have new product cycles. you launch new products. some customers want to get existing products faster. some customers want to wait for new products. we have all of the above.”

“but the big picture here is very, very clear, and that is that the demand is huge. it’s growing.it’s expanding from the hyperscalers to service providers, to enterprise, to commercial, to sovereign ai, to embedded ai, to edge, to retail, to manufacturing, to your pc, everywhere."he added.

dell’s second-quarter results highlight why the tech giant’s shares have risen 45% so far this year, in part because it is seen as a key player in the buildout of artificial intelligence infrastructure in the united states.

the company said ai server sales reached $3.1 billion in the quarter, nearly double the $1.7 billion in the previous quarter.

sales in the company’s infrastructure solutions group (isg), which includes ai sales, surged 38% to $11.65 billion.

sales in dell's client solutions group, which includes sales of pcs and notebooks, fell 4% to $12.41 billion. sales in the consumer business fell 22% to $1.86 billion, while commercial sales were flat at $10.6 billion.

dell, who founded dell in 1984, said: organizations see this as a historic opportunity to make their businesses more productive and efficient, and at the same time, reinvent their businesses with all these capabilities.

overall, wall street remains bullish on dell's stock because of its clout in artificial intelligence and because its shares look too cheap to ignore.

“combined with the mid-term ai revenue opportunity, which increases visibility into double-digit revenue growth in the core business, and continued focus on operating expenses, we see a strong earnings growth trajectory for dell that is not fully reflected in the stock’s current 13x p/e,” jpmorgan analyst samik chatterjee said in a client note.

chatterjee reiterated his overweight rating on dell shares, the equivalent of buy.