The S&P 500 ended down from record highs on Friday, with losses in Dell, Nvidia and other AI-related stocks, while investors parsed inflation data showing tariffs have started feeding into prices. Dell tumbled almost 9% and was among the deepest decliners in the S&P 500 after high manufacturing costs for AI-optimized servers and intensifying competition overshadowed the company’s bullish demand forecast for artificial intelligence infrastructure.

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