Goldman Sachs (Asia) L.L.C.
Report published May 29, 2026
Dell and Lenovo AI Hardware Boom: Goldman Sachs Market Update
Goldman Sachs (Asia) L.L.C. · May 29, 2026
Dell and Lenovo are experiencing significant stock rallies as they monetize the AI hardware boom through servers and AI-enabled PCs.
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Finvaulta summarizes Goldman Sachs (Asia) L.L.C.'s analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Dell is seeing extreme monetization of AI compute infrastructure, significantly raising its FY2027 revenue and EPS guidance.
- 2.Lenovo is entering an AI PC replacement cycle with higher ASPs and margin upside potential.
- 3.Dell's valuation re-rating serves as a positive read-through for Lenovo's server business (ISG).
Table of Contents
- DELL, monster monetisation of AI server demand
- Lenovo (992.HK): AI PC inflection + profitable AI server second curve
- Notice to Australian Investors
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| DELL FY2027 Revenue Outlook | 165-169 USD Billion | Raised from $138-$142 bn prior |
| Lenovo AI-related revenue growth | 84 Percent | Year-over-Year growth |
| DELL F1Q27 AI Server Orders | 24 USD Billion | vs $34 bn in F4Q26 |
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Authors / Editors
Lynn Zhang · AuthorKatherine Murphy · AnalystVerena Jeng · Analyst