Dell and Lenovo AI Hardware Boom Update

Dell and Lenovo are experiencing significant stock rallies as they monetize the AI hardware boom through servers and AI-enabled PCs.

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
• Additional Disclaimers