DELL and HPQ plunge after Intel flags prolonged PC weakness: shipments down 12% this year, 10% in 2027 (Oct 30)
What happened
Intel CEO Lip-Bu Tan warned on the company's analyst call that the PC correction has 'accelerated over the last 2 months,' as OEM partners are 'aggressively managing inventory to match the softer sell-through.' Intel now projects PC shipments will decline 12% this year and 10% in 2027, with the slump persisting through at least the first half of 2027. In the overnight session after the call, HP Inc. (HPQ) fell 7.4% and Dell Technologies (DELL) fell 7.2% — the latter after closing 3.7% lower in the regular session — while Intel (INTC) tumbled over 23% overnight on its weak December-quarter guidance, flagged manufacturing bottlenecks, and heavy production-expansion spending. Retail sentiment on Stocktwits flipped to 'bearish' for both HPQ and DELL.
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Who’s affected
- DELL (down 7.2% overnight): its Client Solutions PC business faces a prolonged demand trough; AI server backlog is a separate growth engine but shares have been sensitive to any demand-side wobble
- HPQ (down 7.4% overnight): pure PC/printer exposure to the shipment decline and inventory correction
- INTC (down 23% overnight): Q4 guidance miss compounded by the weak PC outlook it is itself forecasting
- Semiconductor/PC hardware and memory suppliers broadly: an extended PC slump through H1 2027 pressures unit volumes and component sell-through
Sources