Dell, HP Stocks Tumble As Intel Flags Deepening PC Slump, Memory Shortages

Key takeaways

• Intel’s warning of a deepening PC slump and memory shortages is shaking confidence in Dell and HP, pushing their stocks lower as investors anticipate continued weak demand.
• Intel revenue $16.51 billion (beat $16.47 billion consensus)
• Intel PC TAM decline 12% in 2026
• Intel second‑half 2026 units down >20%

What happened

Intel’s third‑quarter earnings showed a $16.51 billion revenue beat, but a sharp drop in its Client Computing Group due to memory shortages pushed the company’s fourth‑quarter outlook below analyst expectations. The news rattled the PC market, sending Dell Technologies (DELL) shares down almost 9% in pre‑market trading and HP Inc. (HPQ) down 8%. Intel’s CEO warned that the PC slowdown will continue until memory supply and prices normalize, with a projected 12% decline in the 2026 PC total…

Why it matters

The PC segment is a key revenue driver for Dell and HP; a sustained decline in shipments could compress margins and delay growth plans. Intel’s forecast signals a broader industry slowdown, potentially affecting OEM inventory strategies and pricing power. The memory shortage is a supply‑chain bottleneck that could…

Short-term and longer-term

Short-term. In the next few days, watch for Dell’s pre‑market price action as the market digests Intel’s PC outlook.

Longer-term. Over the coming months, the PC slowdown could pressure Dell’s and HP’s growth trajectories, potentially tightening margins and delaying capital expenditures.