Dell and Lenovo AI Hardware Performance Update

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.

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