Hardware Stocks Sink After Intel Warns of PC Slump and Memory Shortage

Dell Technologies shares fell 11% to $421.74 after Intel warned that memory shortages are dampening PC demand, triggering declines across major hardware makers including HP, Hewlett Packard Enterprise, and Super Micro Computer. Intel CEO Lip-Bu Tan said on its October 29 earnings call that customers signaled a PC slowdown due to memory prices and availability, with OEM partners aggressively managing inventory. Dell remains up 239% year-to-date, while HP fell 9%, and Hewlett Packard Enterprise and Super Micro each dropped 7%. Dell holds a $95 billion AI backlog from record orders of $60.9 billion, potentially cushioning the PC slump. Super Micro reports earnings on November 3, with analysts noting bearish options signals and a 14.2% average post-earnings move.