IT硬件行业——美银2026年全球科技大会IT硬件要点及目标价变动

IT Hardware Takeaways from the BofA Price Objective Change Themes: strong demand, supply restricted in some cases 08 June 2026 EquityUnited States AI infrastructure demand remains broader, deeper, and more durable withourconference reinforcing that beneficiaries extend across all segments of the IT Hardwarelandscape. Demand visibility is improving and companies with differentiated IP, scale,and supply access are benefiting on revenue, share, and margin expansion. Strongdemand combined with restricted supply growth is helping reshape the memory andHDD markets with SNDK highlighting its new business models that include both volumecommitments, as well as fixed pricing for an initial period, followed by variable pricing Wamsi MohanResearch AnalystBofAS+1 646 855 3854wamsi.mohan@bofa.com Ruplu BhattacharyaResearch AnalystBofAS+1 646 855 0315ruplu.bhattacharya@bofa.com Aisling GrueningerResearch AnalystBofAS+1 646 855 4273aisling.grueninger@bofa.com Inference driving meaningful traditional computedemand Inferencing and agentic AI are emerging as the next driver of demand for traditionalcompute, creating a stronger case for CPU-intensive servers and broader enterpriseinfrastructure. Agentic workloads shift part of the compute from parallel GPU processingto sequential CPU processing. While AI server vendors (DELL, HPE, SMCI) continue tosee strong demand, Dell and HPE are also seeing meaningful demand for traditionalcompute and IBM highlighted examples of inferencing and modernization driving Ryan Seungin ChoiResearch AnalystBofAS+1 646 743 0587ryan.choi2@bofa.com HDD& Storage demand continues higher Storage is becoming a more strategic AIbottleneck as training, inferencing, and agenticworkflows all increase the amount of data that must be stored, protected, queried, andfed back into models. WDC framed HDD EB growth as potentially >25% for the next 3-5years and STX noted demand remains above supply, orders are in place for the next 4-5qtrs, and customers are planning EB allocations multiple years out. On the enterprisestorage side, Dell ISG President Lewis noted agentic data growth means there is no Demand sustainability, OEM pricing,Distributors & EMSThe component environment is tight,with memory, CPUs, HDDs, NAND all showing signs of pricing/cost inflation. Distributors (ARW, AVT) and EMS (FLEX, CLS, SANM)benefit from data center infrastructure demand, complexity, supply-chain services,inventory visibility, and customers’growing need for partners that can secure supply andmanage long lead times. While PC units could be down high-teens in 2H26, HPQ couldstill see modest rev growth on pricing and mix. CNXC mgmt. continues to see BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect theobjectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Key takeaways from the fireside chatsDay 1 of the 2025 BofA Technology Conference Dell Technologies Inc (ticker: DELL) We hosted a fireside chat with President of Infrastructure Solutions Group (ISG) ArthurLewis from Dell Technologies. We discussed the step-change in ISG demand, thecompany’s supply-gated F27 guide, the broadening of AI beyond GPUs into traditionalservers (ISS), and Dell’s increasingly strategic role in helping customers move fromlegacy data centers to agentic AI architectures. Mr. Lewis framed the F27 revenue guideincrease as constrained by supply rather than demand, with demand far exceedingavailable supply and customer visibility extending into 2026, 2027, and parts of 2028across GPUs, core servers, storage, and networking. This supports a more durablerevenue trajectory than a one-quarter pull-forward narrative (or“peak”), particularly as Mr. Lewis also made a compelling case that traditional servers and storage arebecoming direct beneficiaries of agentic AI, not separate or lagging parts of theportfolio. We see this as important for Dell’s narrative as margin and EPS growth is notonly centered around lower margin AI servers. ISS strength was driven by a combinationof legacy workload growth, modernization of an aging installed base, and new CPU-intensive AI workloads as agents increasingly act, manage, and orchestrate tasks thatrequire sequential processing. We expect this to remain an important growth driver for Storage was similarly framed as moving from a slower-growth infrastructure category toa critical layer of the AI architecture, with Mr. Lewis pointing to Dell IP storage demandgrowing ahead of market for five consecutive quarters and new offerings such as AIData Platform, Lightning, Exascale, PowerStore Elite, and cyber resiliency solutionsstrengthening Dell’s position in higher-value storage. Mr. Lewis emphasized that agenticAI changes the way data centers are architected and materially increases the need for International Bu