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Dell Technologies Inc. DELL stock fell more than 11% on Wednesday after a Barclays downgrade, even as CEO Michael Dell highlighted strong demand for artificial intelligence infrastructure and growing enterprise adoption. Barclays analyst Tim Long downgraded the stock from Overweight to Equal-Weight and lowered his price forecast to $574 from $603. Long cited Dell’s stretched valuation and said broader enterprise technology spending has yet to see a significant boost from AI adoption. Despite Wednesday’s selloff, Dell shares have gained more than 300% in 2026, supported by strong AI server orders and a growing enterprise backlog. However, Michael Dell struck an optimistic tone in a Wednesday CNBC interview, suggesting that the AI infrastructure boom still has years of growth ahead. Dell Sees AI Demand Outpacing Supply Through 2030Dell told CNBC that demand for AI infrastructure continues to exceed supply, a trend he expects to persist through 2030. He acknowledged that long-term forecasts remain uncertain. However, he pointed to the time required to expand semiconductor manufacturing capacity.