Dell shares fell 11.6% on October 14, 2026, closing at approximately $506 after Barclays downgraded the stock from Overweight to Equal Weight and cut its price target from $603 to $574. The bank cited stretched valuation after the stock gained over 300% year-to-date and warned of growth risks as memory prices normalize. A hotter-than-expected September CPI report fueled fears of rising borrowing costs, pushing CoreWeave bond yields to nearly 15%. Combined declines across these AI infrastructure firms wiped out an estimated $80 billion in market value. Despite the selloff, Dell reported a record $95 billion AI server backlog with infrastructure revenue jumping 89% year over year.
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