IT Hardware Industry: IT Hardware Takeaways from the BofA 2026 Global Technology Conference

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IT Hardware Industry: IT Hardware Takeaways from the BofA 2026 Global Technology Conference

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IT Hardware Industry

IT Hardware Takeaways from the BofA

2026 Global Technology Conference

Price Objective Change

Themes: strong demand, supply restricted in some cases 08 June 2026

AI infrastructure demand remains broader, deeper, and more durable with our Equity

conference reinforcing that beneficiaries extend across all segments of the IT Hardware United States

landscape. Demand visibility is improving and companies with differentiated IP, scale, IT Hardware

and supply access are benefiting on revenue, share, and margin expansion. Strong Wamsi Mohan

demand combined with restricted supply growth is helping reshape the memory and Research Analyst

HDD markets with SNDK highlighting its new business models that include both volume BofAS+1 646 855 3854

commitments, as well as fixed pricing for an initial period, followed by variable pricing wamsi.mohan@bofa.com

over the rest of the contract. Both STX and WDC remain focused on adding exabyte Ruplu Bhattacharya

Research Analyst

capacity via technology (higher areal density) without adding unit capacity. Following the BofAS

bullish tone around sustainable strong demand trends across the conference, we are +1 646 855 0315

ruplu.bhattacharya@bofa.com

raising our price objectives on IBM, NTAP, STX and WDC.

Aisling Grueninger

Inference driving meaningful traditional compute demand ResearchBofAS Analyst

Inferencing and agentic AI are emerging as the next driver of demand for traditional +1aisling.grueninger@bofa.com646 855 4273

compute, creating a stronger case for CPU-intensive servers and broader enterprise Ryan Seungin Choi

infrastructure.