According to TheStreet, Dell Technologies (DELL) stock fell 6.8% on Thursday (Oct. 15), extending Wednesday's 11% decline, as investors grew concerned about whether corporate AI spending could justify massive infrastructure investments.

Barclays downgraded Dell, HPE, and NetApp on Wednesday, cutting Dell's rating from overweight to neutral and lowering its price target from $603 to $574 per share. Dell's stock currently trades at $473. Analysts noted they have not yet seen a "significant AI inflection" in enterprise spending, attributing recent revenue growth largely to memory price increases rather than actual AI adoption, with corporate AI budgets typically allocated at only 5% of total IT spending.

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