Dell stock swings from AI rally to PC-slump selloff
The gist
Dell shares fell 9.5% after Intel's CEO warned of a prolonged PC demand slump.
The AI-server rally that lifted Dell 225% this year now faces a PC downturn.
How it unfolded
- May 29, 2026Dell shares closed 32.76% higher, its best day ever, after reporting its fastest revenue growth since returning to the public market in 2018; shares were up 234% in 2026.
- Jun 2, 2026Goldman Sachs analyst Katherine Murphy reiterated a Buy rating with a $500 price target; Dell had guided to $167 billion in fiscal 2027 revenue including $60 billion from AI server sales.
- Aug 31, 2026Ahead of fiscal second-quarter earnings, options traders priced in an 11.4% move; Wall Street expected adjusted earnings of $4.91 per share and revenue of $44.93 billion, up 50.9% year over year.