Dell shares plummeted 11% on Wednesday, dragging down Hewlett-Packard Enterprise, Oracle and Super Micro Computer. Barclays analysts downgraded their rating on Dell, HPE and NetApp from buy to hold, citing the lack of a meaningful inflection in enterprise AI spending. The three server and data center equipment makers have been among the market’s top performers this year, with Dell up more than 300%, HPE up 160% and NetApp up 100%, but sentiment has reversed due to mixed revenue figures from OpenAI and concerns that rising interest rates will make debt-financed buildouts more difficult. Oracle fell 9% and CoreWeave dropped 15%, and Barclays attributes revenue growth more to the global memory shortage than to genuine enterprise AI adoption.
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