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Plenty of growth and tech funds out there are getting smacked by their bets on PC maker

Dell

(DELL) - Get Dell Technologies Inc Class C Report

, but it looks like many tech specialists have sidestepped some of

Intel's

(INTC) - Get Intel Corporation Report

collateral damage.

The Dell File

Operations

Business: Direct seller of computer systems

Fiscal Year 2000 Revenue: $25.27 billion

FY 2000 Earnings Per Share: 68 cents

2001 Estimated Earnings Growth: 33% (to 92 cents)

Stock Snapshot

52-Week Range: $22.06 - $59.69

Percentage Change from Jan. 1: -44.2%

Market Cap: $73.4 billion

P/E Multiple: 34.6

Last night, PC giant Dell

reported fiscal third-quarter earnings that met Wall Street analysts' expectations, but said that future revenue growth would be lower than expected. Dell's shares started falling

last night and this morning

Morgan Stanley Dean Witter

downgraded the stock.

Since a cold for PC makers can lead to pneumonia for shops that make computer chips, Morgan Stanley Dean Witter also

cut its ratings and earnings expectations for chip titan Intel. Both stocks were in a Friday morning skid. In midmorning trading, Dell was off fallen 17.8% and Intel's losses totaled 8.8%.

About 40% of big-cap growth funds and tech funds own Dell shares -- 663 funds in all own shares, according to

TheStreet Recommends

Morningstar

. The stock started the day already off more than 44% for the year before Friday's bloodbath. (Dell was

TSC's

Stock in the Spotlight earlier this week.)

But

many tech-fund managers are selling more PC-related companies in favor of more Net-centric networkers like

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

,

JDS Uniphase

(JDSU)

and

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. Report

, which didn't take as bad a beating during Friday morning's selloff. That transition probably kept Intel out of many tech funds' portfolios.

The Intel File

Operations

Business: Makes computer chips

1999 Revenue: $29.4 billion

1999 Earnings Per Share: 1.16

2000 Estimated Earnings Growth: 45%

Stock Snapshot

52-Week Range: $35 - $75.81

Percentage Change from Jan. 1: -4.9%

Market Cap: $277.8 billion

P/E Multiple: 25.7

Intel's shares, about flat for the year before today, are a must-own for many fund managers since it's a big part of the

S&P 500

and other benchmarks. More than 1,100 funds own shares, including nearly 80% of big-cap growth funds.

Given the fact that so many diversified funds own Intel, you might figure it's a core holding in just about every tech fund. But as part of the push away from PC-based tech stocks among sector-fund managers, only about half of the tech funds out there own shares.

Of course, while tech funds might be less bloodied today by the PC-oriented stock swoon, their 14.6% loss so far this year is a lot worse than big-cap growth funds' 5.3% slip.