Dell Technologies shares fell almost 2% Friday as investors assessed reports that the Trump administration is considering semiconductor tariffs extending to products containing chips, including laptops, gaming consoles and data-center servers. Commerce Secretary Howard Lutnick reportedly supports tying tariff relief for foreign companies to investment in U.S. chip manufacturing, while the White House described tariff coverage reports as "baseless speculation" unless officially announced. Dell was down 1.56% at $464.90, according to Benzinga Pro data, while S&P 500 futures were up 0.10%. The company is scheduled to report earnings on September 1, 2026, with estimates for EPS of $4.86 and revenue of $44.56 billion, compared with $2.32 and $29.78 billion a year earlier. Dell has a Buy consensus rating and an average price target of $491.44. Its 37.6x price-to-earnings ratio indicates a premium valuation relative to peers. Dell also represents significant holdings in several exchange-traded funds, including a 66.65% weighting in the GraniteShares 2x Long DELL Daily ETF, potentially amplifying automatic stock purchases or sales when those funds experience flows.