Updated 3 November 2026, before the US open. Dell Technologies (DELL) closed Monday at $392.78, down 7.43 percent, after a 10.77 percent drop on Friday (StockAnalysis). That is about 17 percent off Thursday’s $475.51 close in two sessions, as Intel’s PC warning and the chip selloff hit hardware makers. The stock traded at $401.25 in Tuesday’s premarket at 8:05am ET, up 2.2 percent (Yahoo Finance). Verdict: the slide is about PCs and memory costs, not Dell’s AI server orders; tonight’s AMD and Super Micro reports are the first test of that split. Reference levels: $365 below, $441 above.
Key facts
- Monday: open $423.00, range $391.25-$424.13, close $392.78, down 7.43 percent on 6.6 million shares (StockAnalysis).
- Friday: down 10.77 percent to $424.30 on 10.5 million shares, about three times Thursday’s volume (StockAnalysis), after Intel said PC shipments could fall 12 percent in 2026 and 10 percent in 2027 (MoneyCheck).
- The wider tape on Monday: the Nasdaq fell 1.07 percent, AMD 4.33 percent and Micron 3.72 percent, while Nvidia rose 0.93 percent (TradingKey).
- Where it sits: well below the 50-day moving average of $513.89 and the 52-week high of $594.69; the stock had still risen about 240 percent this year before Monday’s drop (24/7 Wall St.).
- Analysts: 29 cover the stock, 20 at Buy or Strong Buy and 9 at Hold, with an average target of $595 (24/7 Wall St.). The lowest target in TradingKey’s one-month sample is $499.80, still above the price.
- Next report: fiscal third-quarter results are due in late November (24/7 Wall St.).
Why Dell fell 17 percent in two sessions
Friday’s drop came from Intel’s outlook. Intel guided its fourth quarter below expectations and said the PC market was falling faster than expected, with shipments seen down 12 percent in 2026 and another 10 percent in 2027 (MoneyCheck). Dell is one of the largest PC makers, so a forecast like that goes straight to its client business. Our desk covered Friday’s move in Dell stock falls as Intel sees PC units down 12 percent.
Monday was the follow-through. Intel lost another 8.8 percent and chip and hardware stocks sold off together; TradingKey linked Dell’s move to spillover from chip and PC peers and to supply limits and rising costs for memory and server processors. Memory is the cost line Dell’s management has flagged most: it described its supply limits as “DRAM, DRAM, DRAM, followed by NAND, NAND, NAND” (24/7 Wall St.). Our Tuesday Intel page covers the chip side of the selloff.
What the bulls are pointing to
The other half of Dell is AI servers, and those numbers have not changed. Dell guided its fiscal third quarter to $49 billion of revenue, $19 billion of it from AI servers, and EPS of $6.50; for the full year it guided $192.0 billion of revenue, $74.0 billion of AI server sales and EPS of $25.50. It carries a $95 billion AI backlog after a record $60.9 billion of AI orders last quarter (24/7 Wall St.).
Analysts were holding their targets into the drop. Susquehanna’s Mehdi Hosseini reaffirmed a positive rating with a $700 target, Mizuho’s Vijay Rakesh raised his target to $650, and Melius has the Street-high $735 (24/7 Wall St.). The bear argument is about quality, not size: gross margin of 21.1 percent and operating cash flow of $2.2 billion on $47 billion of revenue show how little of the AI boom reaches cash while memory prices stay high (24/7 Wall St.). Our longer-range Dell stock prediction page sets out the 12-month scenarios.
Tonight’s read-through: AMD and Super Micro
Two reports after Tuesday’s close bear directly on Dell. AMD reports third-quarter results, and its client guide will show whether Intel’s PC warning is industry-wide. Super Micro, a direct competitor in AI servers, also reports; it has already said first-quarter revenue will be $18.5-$19.5 billion, above its earlier $14.5-$15.5 billion guide (Super Micro 8-K filing). A strong Super Micro call would support the AI server half of the Dell story; a weak AMD client guide would add to the PC half. Our AMD results-day page sets out what that report has to show.
Dell this week: bull, base and bear
| Scenario | DELL | What has to happen | Anchor |
|---|---|---|---|
| Bear | $365 | AMD’s client guide confirms a market-wide PC decline, the chip selling continues and Monday’s $391.25 low breaks. | About 7 percent below Monday’s $392.78 close, a third leg the size of Monday’s. |
| Base | $385-$420 | The premarket bounce fades or holds in a narrow range while the market digests tonight’s reports. | Just under Monday’s low to just below Friday’s $424.30 close. |
| Bull | $441 | Super Micro’s call backs up AI server demand, AMD’s PC read is softer than Intel’s and buyers return to the AI backlog story. | Friday’s $441.08 intraday high; about 12 percent above Monday’s close. |
The bear case sits below the current price. Analyst targets, all above it, are listed separately above. These are reference levels measured from the verified close, not forecasts.
What to watch
- $391.25: Monday’s low. The premarket bounce means little if the session goes back below it.
- Volume against Friday’s 10.5 million shares. Lighter selling would suggest the forced exits are easing.
- AMD’s client guide and Super Micro’s call tonight, after the close on 3 November.
- Memory prices: any further rise in DRAM or NAND costs goes straight to Dell’s margins.
- Target changes: so far the reported moves are reaffirmations and raises; a cut tied to PC demand would change the tone before the late-November report.
Quick take: Dell closed Monday at $392.78, down 7.4 percent after Friday’s 10.8 percent drop, about 17 percent in two sessions on Intel’s PC warning and the chip selloff. It traded near $401 premarket Tuesday. The AI server numbers – a $95 billion backlog and a $74 billion full-year guide – have not changed; the worry is PCs and memory costs. Expect $385-$420; $365 needs AMD to confirm the PC slowdown, $441 needs Super Micro to back up AI demand.
FAQ
Why is Dell stock down?
Intel warned PC shipments could fall 12 percent in 2026 and 10 percent in 2027, and chip and hardware stocks sold off again on Monday on PC demand and memory costs (MoneyCheck, TradingKey).
What was Dell’s closing price on Monday 2 November?
$392.78, down 7.43 percent, with a low of $391.25 (StockAnalysis).
How much has Dell stock fallen?
About 17 percent in two sessions, from $475.51 on Thursday 29 October, and more than 21 percent over the past month (StockAnalysis, 24/7 Wall St.).
What is the average analyst price target for Dell?
$595 from 29 analysts, with Melius’s $735 the highest (24/7 Wall St.).
How big is Dell’s AI backlog?
$95 billion, after a record $60.9 billion of AI orders last quarter (24/7 Wall St.).
When does Dell report earnings?
Fiscal third-quarter results are due in late November; Dell has guided $49 billion of revenue and EPS of $6.50 (24/7 Wall St.).
Sources: StockAnalysis (daily prices and volume, 29 October-2 November); Yahoo Finance (Tuesday premarket quote); MoneyCheck (Intel PC shipment forecast); TradingKey, 2 November (peer moves, Monday drivers, target range); 24/7 Wall St., 2 November (analyst ratings and targets, guidance, backlog, margins, moving average, 52-week high, management quote); Super Micro 8-K filing (preliminary first-quarter revenue).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.