Wednesday's decline follows a similarly steep session Tuesday, when Dell shares slumped nearly 8%, dropping $32.63 to close at $394.28, marking the stock's fourth consecutive daily decline. Investors have grown increasingly focused on customer concentration risk across the AI hardware sector more broadly, given that a small number of large technology companies account for an outsized share of AI infrastructure spending industrywide. Beyond customer concentration, Dell has faced a series of additional headwinds throughout July that have compounded pressure on the stock. That downgrade gave shares further room to fall once broader sentiment toward AI hardware names began to sour, according to market analysts tracking the stock's decline. Company insiders have sold approximately $1.56 billion worth of Dell shares over a recent three-month period, with no matching insider purchases recorded during that window, according to disclosures filed with securities regulators.