Here's Why Dell Stock Dropped 20% Last Month
Shares of Dell (NYSE: DELL) fell 20% in July, according to data from S&P Global Market Intelligence. AI stocks took a beating in July, thanks to some discouraging tech headlines and mounting concern about global macroeconomic growth. Dell enjoyed several quarters of strong performance thanks to that trend, but optimism is waning for this hardware business and the industry as a whole.
Dell stock charged higher last year as investors flooded toward stocks with exposure to the AI boom. Shares returned more than 300% from the start of 2023 through May 2024. The company reported unexpectedly robust demand for its storage and networking hardware products, and it forged partnerships with some of the highest-profile AI stocks, including Nvidia (NASDAQ: NVDA), Meta Platforms (NASDAQ: META), and (NASDAQ: MSFT). Demand for consumer PCs has been abysmal, but the bull narrative maintained that Dell could benefit from the emerging automation industry while its more traditional business lines moved toward cyclical recovery in 2025.
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Source Fool.com
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