Dell Technologies Inc is trading 5.62% down at $378.25 after profit-taking following its recent rally tied to the xAI server-rack supply agreement.
- The company recently confirmed it will supply 50% of the server racks for xAI’s Grok supercomputer buildout, which had previously driven a sharp AI-related run-up in share price.
- Broader tech sector weakness is contributing to the decline, with the Nasdaq under pressure and general risk appetite softening across the market.
- Analysts view the move as a technical pullback following significant gains rather than a reaction to any new negative company-specific developments.