Key Highlights

  • Dell Technologies (NYSE:DELL) ended 10.77 percent lower on October 30, 2026, while HP fell 9.58 percent, according to published closing data, after Intel cautioned that the PC slowdown would extend at least through the first half of 2027.
  • Ahead of the decline, Dell was up about 282 percent and HP (NYSE:HPQ) about 48 percent for the year at the October 29 close, so the selloff hit two stocks with very different year-to-date gains.
  • Intel guided fourth quarter Revenue to 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.
  • After hours on October 29, HP fell 7.4 percent and Dell 7.2 percent, ahead of the full regular-session decline, as Intel shares dropped by roughly 29 percent.

Intel's Message

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 conditions 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 described this as a market-wide issue. The message to investors was that PC demand, not just Intel's execution, is weak, which dragged down every company that sells PCs.

What Drove the Reaction

PC makers buy memory and pass higher costs to customers through pricier machines. When memory is expensive, buyers hold off on upgrades, and manufacturers must choose between thinner 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 make up large parts of its revenue.

Risks and Signals to Track

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 flagged 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 is another variable that either company can influence only partly, since it sits outside their control.

Where Things Stand

Dell and HP fell because Intel, a 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 settle how long the cycle lasts. Their own reports will provide the next evidence.