Dell Technologies falls as Intel PC demand warning weighs

Dell Technologies Inc stock dropped 6.7% in morning trading today to $380.94, giving back Tuesday's partial recovery as the company continues to face pressure from Intel Corp's forecast of a multi-year decline in global PC demand.

Intel Chief Executive Officer Lip-Bu Tan warned that PC shipments could decline roughly 12% in 2026 and another 10% in 2027. The forecast cited memory shortages and rising component prices that are pushing PC manufacturers to reduce inventory levels. The warning sent Dell shares down approximately 17% over the prior two sessions before a partial recovery on Tuesday.

Tuesday's rebound lifted Dell stock back toward the $408 level. The move was driven by Super Micro Computer Inc's preliminary fiscal first quarter 2027 revenue guidance, which was raised to between $18.5 billion and $19.5 billion. The guidance pointed to continued spending on enterprise AI infrastructure.

Dell filed Form 4 insider activity disclosures on Monday and today. The filings showed insiders sold approximately 1.8 million shares valued at close to $991 million over the prior quarter.

Barclays downgraded Dell in mid-October, expressing doubts about the timing of enterprise AI adoption. The firm said strong revenues reflected higher memory pricing rather than a fundamental shift in AI demand.

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