New York, March 2, 2026, 08:10 (ET) — Premarket
- After last week’s rally driven by AI excitement, Dell shares slipped roughly 2% in premarket trading.
- Oil surged after fresh tensions in the Middle East, sending U.S. index futures down over 1%.
- U.S. factory data lands Monday, while Dell’s CFO is set to speak March 4—both drawing investor attention.
Dell Technologies Inc dipped roughly 2% before the bell Monday, caught in the wider risk-off move hitting equities. Shares traded near $145, down from Friday’s $148.08 close. 1
Dell’s decline isn’t just about the company—it’s come to represent the entire bet on spending for servers and storage powering generative AI. As soon as the mood shifts to defensive, names tied to those big bets are typically the first to feel the pain.
The timing coincides with a packed week for macro data and investors are now recalibrating inflation risks after energy prices climbed again. That shift can quickly hit rate expectations—tech, in particular, tends to react first.
U.S. stock index futures slipped over 1%, with crude jumping nearly 8% following intensified conflict in the Middle East, according to Reuters. “There is plenty of scope for more downside should the conflict widen to encompass oil and gas infrastructure,” said Chris Beauchamp, chief market analyst at IG. 2
Dell shares jumped late last week, fueled by record quarterly revenue and a brighter growth outlook. The company bumped its dividend up by 20% and added $10 billion to its buyback authorization. “FY26 was a defining year in our company’s history,” said Jeff Clarke, vice chairman and COO, in the earnings release. 3
Dell expects revenue from its AI-optimized servers to surge 103%—hitting roughly $50 billion in fiscal 2027, according to Reuters. That outlook, the report notes, is closely linked to ongoing AI infrastructure spending by the biggest tech names. Super Micro Computer appears as a key competitor in the same server space. “the company showed it is getting ahead of a challenge that continues to pressure peers,” said Hendi Susanto, portfolio manager and research analyst at Gabelli Funds. 4
Customers were hit with “sticker shock” when prices jumped, Clarke told Business Insider, but as supplies got squeezed, they didn’t wait long to lock in what they needed. 5
Even so, it’s not hard to see where things could slip. Rising component costs could push prices higher again, which risks shaking demand—PCs look particularly vulnerable. And with the macro picture on shaky ground, those big infrastructure deals can suddenly get unpredictable.
The next data point hits at 10:00 a.m. ET: the Institute for Supply Management will post its manufacturing PMI, the monthly gauge of factory activity. 6
Eyes turn to Friday, March 6, when February’s U.S. employment data hits at 8:30 a.m. ET. 7
Next up for Dell: CFO David Kennedy is on deck to present at the Morgan Stanley Technology, Media & Telecom Conference. His session is locked in for Wednesday, March 4, at 5:35 p.m. ET. 8
