IT Hardware/Networking: Apr-qtr Preview – Positive Setup as ASPs Rise & Demand H

Research evidence excerpt

IT Hardware/Networking: Apr-qtr Preview – Positive Setup as ASPs Rise & Demand H

Technology | IT Hardware & Networking

May 22, 2026

Amit Daryanani IT Hardware/Networking: Apr-qtr Preview –

415-800-0185

amit.daryanani@evercoreisi.com Positive Setup as ASPs Rise & Demand

Irvin Liu Holds?

415-800-0183 ALL YOU NEED TO KNOW: Earnings season kicks off next week for

irvin.liu@evercoreisi.com

several of our Apr-qtr covered OEMs, including HPQ, P, DELL, and

Victor Santiago

NTAP. While memory-related margin pressure remains top of mind, we 212-653-9014

Victor.Santiago@evercoreISI.com think the underappreciated story has been the resilience of demand to

Hannah Liu start the year, particularly as OEMs have already pushed through two

212-812-2905 or more broad-based price increases. We’re expecting upside prints

hannah.liu@evercoreISI.com from most of our coverage given the solid hardware trends we’ve seen

Caden Dahl across the supply chain, though memory supply availability will be key.

212-653-9034 We believe AI infrastructure and networking demand remain among the

Caden.Dahl@evercoreisi.com most durable areas of spend, supported by higher capex from

hyperscalers and neoclouds, along with continued enterprise

investment in campus networking refreshes and DC modernization. We

see DELL and HPE as well positioned to report upside and raise their

full-year guides, driven by potential upside to DELL’s AI server revs

(incremental neocloud + enterprise AI spend) and potential networking

upside at HPE across Aruba/Juniper. On PCs, NT trends remain

positive (+HPQ/DELL), with IDC reporting a ~3% y/y increase in

shipments, and we expect higher ASPs to act as an additional tailwind

to topline growth. The key debate here remains around price elasticity