Dell stock plunges 11% as Barclays downgrades server makers on enterprise AI timing

Barclays downgraded Dell, HPE and NetApp to hold, citing lagging enterprise AI adoption. Dell shares fell 11%, Oracle dropped 9% and CoreWeave plunged 15%; analysts attribute revenue growth to memory costs rather than AI demand.

• Barclays cut Dell, HPE and NetApp ratings to hold
• Dell fell 11%, Oracle 9%, CoreWeave 15%
• Enterprises allocate only about 5% of IT budgets to AI
• Just a quarter of enterprise AI spend goes to hardware