Bloomberg: Dell, Lenovo, and HP have sufficient capabilities to address the storage shortage issue.

This week, Bloomberg technology industry analyst Woo Jin Ho released a research report stating that Dell, Lenovo, and HP have the capability to respond to the impact of the personal computer DRAM market. The viewpoint believes that leading personal computer manufacturers such as Lenovo, Dell, HP, Apple, and Acer, with healthy inventory levels, superior market share bringing procurement scale advantages, and the ability to pass on costs to customers, have sufficient capabilities to resist the impact of rising DRAM prices in the second half of 2026. With the advantages of procurement volume and scale, Lenovo, HP, Dell, Apple, and Acer, the five major personal computer manufacturers, are expected to gain a slight increase in market share. These five manufacturers, along with their leading positions in the server, smartphone, and enterprise storage markets, are expected to have stronger procurement capabilities and are more likely to gain priority in memory supply. The remaining manufacturers, occupying about 25% of the market share, correspond to approximately 65-70 million units of personal computers, but they may need to purchase memory at a higher premium, making it difficult to implement competitive pricing strategies. This creates an opportunity for leading manufacturers to further expand market share in the mid to low-price range. The report predicts that AI personal computers are expected to account for 54% of total shipments in 2026, higher than 34% in 2025; among them, AI personal computers with computing power less than 40 TOPS will account for 32% of total shipments, representing 62% of the demand for AI personal computers. In addition to AI, upgrading to Windows 11 will still be a major catalyst for Dell, Lenovo, and HP shipments in 2026. The current progress of Windows 11 upgrades is already behind previous cycles. Currently, about 35%-40% of Windows personal computers still use old operating systems. This upgrade should help support shipments in the context of rising personal computer prices, especially for the three companies that dominate the commercial personal computer market. In the past 12 months, Dell, Lenovo, and HP together accounted for 75% of global commercial personal computer shipments. Although commercial customers typically have strong brand loyalty and the demand elasticity of this segment market is lower than the consumer market, personal computer manufacturers will still strive to maximize sales by optimizing configurations to support demand.