Dell indicated the AI market was a “robust opportunity,” despite the company’s COO warning its AI business would “not be linear.”

(Reuters) -Shares of Dell and HP fell on Wednesday after the personal computer makers issued forecasts that cast doubt on a market recovery driven by artificial intelligence-enabled PCs. Dell tumbled 11%,

Dell Technologies and HP are both waiting for consumers to upgrade their personal computers, which is dragging on their sales for the time being. Shares of both tech companies slumped in late trading.

Dell shares fell about 10% in late trading after closing at $141.74 in New York. The stock had gained 85% this year through Tuesday’s close. HP shares declined about 8% after closing at $39.10. HP stock had increased 30% this year.

Investors are trading on the October PCE report, also known as the Fed’s preferred inflation gauge. It will be the last PCE reading the central bank gets ahead of its December meeting. Earnings are also in focus,