HP Inc Shares Tumble 9% as Intel Warns of Deepening PC Slump and Memory Shortages

HP Inc fell roughly 9% on October 30, 2026, dragged down by a stark warning from Intel CEO Lip-Bu Tan that memory shortages are choking PC demand and forcing original equipment manufacturers to cut inventory. Intel reported the remarks alongside its third-quarter fiscal 2026 results, issued after the prior day's closing bell, and guided fourth-quarter revenue to $15.0 billion to $16.0 billion, below analyst consensus, sending Intel shares down nearly 29%.

Tan said PC shipments are expected to fall 12% in 2026 and another 10% in 2027, with the pace of the correction accelerating over the past two months as PC makers manage inventory against softer sales. He flagged rising memory prices and supply shortages as the primary constraints and said the weakness is expected to persist through at least the first half of 2027.

The selloff spread across the hardware sector. Dell Technologies fell approximately 11%, Hewlett Packard Enterprise dropped 7%, and Super Micro Computer lost around 7%. HP Inc, which faces direct exposure to the consumer and commercial PC market that Intel cited, underperformed its sector peers on the day according to MarketWatch. The broader pre-market session on October 30 was described by market observers as a broad bloodbath across technology names.