Key Highlights

  • Dell Technologies (NYSE:DELL) closed 10.77 percent lower on October 30, 2026, and HP fell 9.58 percent, according to published closing data, after Intel warned that the PC slowdown would last at least through the first half of 2027.
  • Before the drop, Dell was up about 282 percent and HP (NYSE:HPQ) about 48 percent for the year at the October 29 close, so the sell-off hit two stocks with very different year-to-date gains.
  • Intel guided fourth quarter Revenue of USD 15.0 billion to USD 16.0 billion with a non-GAAP gross Margin of 38 percent against 44.1 percent, blaming high memory prices for the PC slowdown.
  • Overnight on October 29, HP fell 7.4 percent and Dell 7.2 percent after hours, before the full regular-session decline, as Intel shares dropped by roughly 29 percent.

What Intel Said

Intel reported after the close on October 29, 2026. Chief financial officer David Zinsner said the company expects the PC slowdown to continue at least through the first half of next year, and chief executive Lip-Bu Tan said the environment should persist until memory availability and prices begin to normalize. Intel also reported PC chip revenue down 5 percent in the third quarter, while Data Center revenue rose 78 percent to USD 7.3 billion. Management framed this as a market-wide issue. The message to investors was that PC demand, not just Intel execution, is weak, which pulled down every company that sells PCs.

Why Dell and HP Reacted

PC makers buy memory and pass higher costs to customers through pricier machines. When memory is expensive, buyers delay upgrades, and manufacturers must choose between lower margins and lower unit sales. Intel's comment that OEM partners are cutting inventory to match weaker sell-through also implies fewer orders ahead. For Dell Technologies (NYSE:DELL), the issue is partly offset by its AI server business, though published coverage tied the drop to worries about both PC and server demand, so the AI Business was not a shield that day. HP (NYSE:HPQ) is more exposed because personal computers and printers are large parts of its revenue.

Risks and What to Watch

The regular session on October 29 had already cut Dell by 3.7 percent and HP by roughly 2 percent, so the two-day damage is larger than the Friday move alone. After a gain near 282 percent, Dell carries more valuation risk if Demand weakens, while HP faces margin pressure from component costs. Intel also noted Manufacturing bottlenecks and called 2027 an Investment year, which keeps suppliers cautious. The next signals are the companies' own reports, which should show whether margins or unit sales absorb the memory-cost hit. Memory pricing itself is another variable that either company can influence only partly, and it sits outside their control.

Where Things Stand

Dell and HP fell because Intel, the main PC chip supplier, said the PC downturn will last at least into mid-2027 and tied it to memory costs. For Dell Technologies (NYSE:DELL), the key question is whether AI server growth can offset PC weakness. HP (NYSE:HPQ) depends more on a PC recovery. The reaction was sharp, but one warning does not fix the duration of the cycle. Their own reports will provide the next evidence.