Key Highlights

● HP tumbled on Friday, October 30, 2026, trading near $28.99 in the afternoon.

● HP issued no news; the decline followed Intel's PC market comments.

● Dell, Hewlett Packard Enterprise and Super Micro Computer also fell sharply.

● Intel guided fourth-quarter Revenue to $15 billion to $16 billion.

HP Inc. (NYSE:HPQ) tumbled on Friday, October 30, 2026, trading around $28.99 in the afternoon as investors reacted to a grim outlook from chip supplier Intel (NASDAQ:INTC). HP issued no news of its own; the decline followed Intel's comments about the state of the PC market.

HP was one of several hardware companies to fall hard. Dell Technologies (NYSE:DELL) plunged and was among the S&P 500's biggest decliners, while Hewlett Packard Enterprise (NYSE:HPE) and Super Micro Computer (NASDAQ:SMCI) also fell sharply.

Intel's message on PCs

Intel reported quarterly results after Thursday's close and gave a fourth-quarter revenue outlook of $15 billion to $16 billion, short of the consensus of $17.29 billion. It also warned of cash burn this year, pointing to a weak PC market caused by memory prices and availability, Manufacturing hurdles and heavy production spending.

"In recent weeks, our customers began signaling a PC slowdown based on the memory prices and availability," Intel CEO Lip-Bu Tan said on the call, according to market data. He added: "Our OEM partners are aggressively managing inventory to match the softer sell-through." Intel expects the slowdown to last into 2027.

For a company like HP, which sells laptops, desktops and printers to consumers and businesses, both halves of that warning matter. Weaker end Demand means fewer units, while tight memory Supply pushes up the cost of the components inside each machine.

Tan did strike one upbeat note: "Despite near-term headwinds across the PC industry, demand for our CPUs remains robust." Investors did not appear to take much comfort, and Intel shares suffered what market reports called their steepest one-day drop on record.

The market's worst day since June

HP's slide came during a broad selloff. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average lost 572.25 points to 51,770.31 and the Nasdaq Composite dropped 747.73 points to 25,437.00, its worst day since June. The Russell 2000 fell 47.37 points to 2,811.84.

The Philadelphia Semiconductor index slumped to 10,688.80. Amazon (NASDAQ:AMZN)'s negative trailing 12-month free Cash Flow of $42.4 billion and Alphabet (NASDAQ:GOOGL)'s continued slide after its record Thursday drop fed concerns about AI spending, while oil above $100 a barrel and expectations of a December rate increase from the Federal Reserve added to the pressure.

Technology was the worst-performing S&P 500 sector. Energy, consumer staples, utilities and health care rose as investors rotated toward defensive stocks.

Analysts weigh in on Intel

Analysts covering Intel underscored how much of the problem sat in the PC business. A Bank of America (NYSE:BAC) analyst said the "agentic tide" in Data Center was "more than offset by PC/supply headwinds," and the firm downgraded Intel to Neutral. One analyst called the guidance "a perfect storm."

Those comments were aimed at Intel, but they described the same market HP depends on.

What to watch

The next read on consumer hardware comes from Apple (NASDAQ:AAPL), which reports on Monday, November 2. Super Micro Computer reports on November 3 after the close, the same day as the midterm elections.

Next week's ISM surveys and the October jobs report on Friday, November 6, will offer clues on Business and consumer demand. For HP, investors will be watching for signs of how deep PC makers' inventory cuts go and how long higher memory costs persist.