HP Inc. (HPQ) Research Hub

The global PC market is currently characterized by a 13% year-over-year revenue expansion, though growth is primarily driven by a 10% increase in Average Selling Prices to $961 rather than significant volume gains. Within this landscape, HP recorded an 11% revenue increase in the first quarter of 2026, trailing the double-digit performance of competitors like Dell and Lenovo. Market strength is notably concentrated in the commercial segment, particularly within the government vertical, which is currently outpacing consumer demand. While hardware sectors have already benefited from short-squeeze dynamics and AI-driven momentum, research indicates that investors are now looking for sustainable growth as they 'chase' equity upside. Furthermore, historical market estimates for 2024 and 2025 have been revised upward to account for previously overlooked informal white-box assembly in China, suggesting a more competitive environment. This adjustment comes at a time when unit volumes have grown by a modest 3%, placing more pressure on pricing strategies. As the focus begins to shift toward software for the next potential catch-up trade, HPQ's outlook remains tied to these evolving hardware pricing and volume trends.