TradingKey -Dell Technologies (NYSE: DELL) shares are trading around $391 as they pull back over five per cent today and almost 22 per cent off their record highs reached earlier this month. In the last three trading sessions, the company has seen the market value decline by over $70 billion as investors pulled out of AI hardware stocks. The pressure has also fallen on Hewlett Packard Enterprise and Super Micro Computer.

What’s fascinating is that the problem with slower demand is not driving the selloff. Dell’s AI server business continues to see triple digit growth. Instead, investors are questioning whether AI infrastructure stocks ran too far, too fast.