NVIDIA Probe Sends AI Server Stocks Lower; Dell Drops 6%

By Grace Kim

NVIDIA shares fell 6% to $167.51 on November 10, 2026, pulling Super Micro Computer, Dell Technologies and Hewlett Packard Enterprise lower as investors assessed turmoil at their most important chip supplier.

Super Micro traded at $27.39 in afternoon trading, down 4%. Dell traded at $326.57, down 6%. Hewlett Packard Enterprise traded at $46.45, down 2%. All three sell NVIDIA-powered systems. Super Micro builds rack-scale systems around NVIDIA graphics processing units, so trouble at the chipmaker lands quickly on the server builder.

What drove NVIDIA's second straight decline?

CNBC reported that NVIDIA's board is investigating CEO Jensen Huang's relationship with an alleged Chinese spy. Shares fell on November 9 even as the broader market rose.

China rejected the spying allegations as "slander and smearing," according to CNBC reporting from Beijing. CNBC also described Huang as wielding tremendous influence with President Trump, including on approval of NVIDIA's H200 chip.

Server makers depend on steady NVIDIA supply and customer confidence. Uncertainty at the top of that chain spreads fast. A hotter-than-expected October Consumer Price Index added pressure by lifting expectations for higher Federal Reserve interest rates, weighing on high-flying technology shares.

How do the three server makers differ?

Super Micro operates as a focused AI infrastructure builder. It sells complete racks and liquid-cooled systems through its Data Center Building Block Solutions (DCBBS) architecture. Manufacturing in the United States, Taiwan and the Netherlands lets it ship at scale to large cloud and enterprise customers.

• Super Micro: More direct exposure to NVIDIA's product cycle than either peer, with manufacturing in the United States, Taiwan and the Netherlands.
• Dell Technologies: Runs a broader enterprise information technology platform, combining AI-optimized servers, storage and networking with a large personal computer business.
• Hewlett Packard Enterprise: Leans harder on networking after absorbing Juniper Networks, adding routing, campus and data center switching and security alongside servers, storage and financial services.

That portfolio gives HPE a smaller AI server weighting than Super Micro or Dell. That mix may explain its smallest share-price decline. All three still depend on one supplier: NVIDIA must keep delivering processors at scale while its leadership faces a board inquiry.

What do the valuations reveal?

• Super Micro: Trailing price-to-earnings ratio of 8x, the group's lowest; shares down 6% year to date and the only one of the trio lower for the year.
• Dell: Trailing price-to-earnings ratio of 18x; shares up 162% year to date.
• Hewlett Packard Enterprise: Trailing price-to-earnings ratio of 1,107x on GAAP earnings, depressed by Juniper Networks acquisition costs; shares up 96% year to date.

Super Micro reported net income of $1.178 billion for fiscal Q4 2026 on August 11. The gap between those profits and the stock price makes the AI server group's valuation picture more mixed than the daily moves suggest. Dell trades at more than twice Super Micro's earnings multiple, while HPE's acquisition-distorted denominator puts its ratio far outside the range of both peers.

What must Super Micro prove next?

Super Micro set a fiscal 2027 revenue target of $72 billion to $82 billion on its November 3 earnings call. Concentration cuts both ways: one customer accounted for 44% of quarterly revenue. Chief financial officer Mark Long called that figure "a consequence of the scale at which AI infrastructure is now being built."

Dell and Hewlett Packard Enterprise both face quarterly reports that could show whether AI server orders are holding up. A quick resolution at NVIDIA could ease pressure across the group. A drawn-out probe might keep weighing on server makers and their most important supplier.

24/7 Wall St. advised keeping position sizes small in SMCI, DELL and HPE while the investigation plays out. If NVIDIA contains the inquiry, supply confidence and server valuations could recover. A prolonged investigation would test AI server demand just as Dell and Hewlett Packard Enterprise report results.