Barclays analysts cut ratings on Dell, HPE and NetApp "after a significant run and on enterprise AI timing," CNBC reported on October 14. They said they had not seen a meaningful AI inflection in enterprise spending and wrote that "the strong enterprise revenues are more of a function of memory costs than a move to enterprise AI at this time."
Dell shares fell about 11% the day of the downgrade after rising more than 300% this year. This is one brokerage's view, and Dell and others may see the demand differently.
Source: CNBC