Dell just had its worst week in years: −23%

About $85 billion gone, as PC shipments plunged and Barclays downgraded the stock.

Its AI server business is fine, with $95 billion of orders waiting to ship. The problem is the other two-thirds of its sales: PCs and servers for ordinary companies.

AI giants are buying up memory chips. Memory now costs five times more than a year ago, which pushes up the price of everything else Dell sells.

Buyers are pulling back. PC shipments last quarter vs a year ago (Gartner):
🇺🇸 🖨️ HP −31% $HPQ
🇺🇸 🖥️ Dell −25% $DELL
🌍 World −22%
🇨🇳 💻 Lenovo −22%
🇺🇸 🍎 Apple −7% $AAPL

Makers of cheaper machines lose buyers first.