Goldman Sachs (Asia) L.L.C.
Report published May 29, 2026
Dell and Lenovo AI Hardware Performance: Goldman Sachs Research Report (May 2026)
Goldman Sachs (Asia) L.L.C. · May 29, 2026
Dell and Lenovo have seen massive stock rallies following strong evidence of AI hardware monetization in servers and PCs. Goldman Sachs remains constructive on both, citing raised guidance and an emerging AI PC replacement cycle.
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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 and Lenovo are significantly outperforming markets due to direct monetization of AI hardware demand.
- 2.Dell's earnings beat was driven by explosive growth in Infrastructure Solutions Group (ISG) revenue, specifically AI servers.
- 3.Lenovo is benefiting from both a cyclical PC recovery and a 'second growth curve' in AI servers outside the US.
Table of Contents
- DELL, monster monetisation of AI server demand
- Lenovo (992.HK): AI PC inflection + profitable AI server second curve
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| AI Server Revenue Outlook (FY2027) | 60 bn USD | Raised from $50bn prior |
| ISG Revenue Growth | 181% | YoY growth for Dell's Infrastructure Solutions Group |
| AI-related Revenue Growth | 84% | YoY growth for Lenovo |
| EPS Midpoint Guidance | 17.90 USD | Raised from $12.90 prior |
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Authors / Editors
Lynn Zhang · AuthorKatherine Murphy · AnalystVerena Jeng · Analyst