PC Market Tracker: PC Shipments Fall in 2Q26 with Sharper Slowdown Looming in 2H; Though Pricing Lifts Revenue Near Term

Research evidence excerpt

PC Market Tracker: PC Shipments Fall in 2Q26 with Sharper Slowdown Looming in 2H; Though Pricing Lifts Revenue Near Term

J P M O R G A N North America Equity Research

08 July 2026

Hardware & Networking

PC Market Tracker: PC Shipments Fall in 2Q26 with

Sharper Slowdown Looming in 2H; Though Pricing Lifts

Revenue Near Term

PC shipments, as tracked by IDC (link), decreased -4.9% y/y and increased +0.4% IT Hardware/ Telecom & Networking

q/q to 68mn units in 2Q26 (vs. a typical sequential increase of +2.3%). On a year- Equipment

over-year basis, units declined for the first time in 2Q26, following nine Joseph Cardoso AC

consecutive quarters of expansion, with component shortages, including memory (1-212) 622-9036

and storage, cited as the primary drivers. Importantly, on an LTM basis, PC joseph.cardoso@jpmchase.com

shipments appear to have peaked in the range of 295-300mn over the prior three Manmohanpreet Singh

quarters, a high point relative to shipments at any time since 2022. While this is (1-212) 622-4527

being suggested as indicative of continued pressure to come on shipments, manmohanpreet.singh@jpmchase.com

particularly with limited pull-forward expected on the horizon, revenue was noted Marc Vitenzon

(1-212) 622-3342

as continuing to rise, with price increases trending faster than the decline in marc.vitenzon@jpmchase.com

shipments. With further price increases likely (as echoed by TD Synnex; see report

Akanksh Chauhan

here), elevated channel inventory noted, and limited pull-forward remaining, a (1-212) 622-0045

sharper slowdown in unit growth rates appears probable in 2H26 and beyond. akanksh.chauhan@jpmorgan.com

J.P. Morgan Securities LLC

Following are the key takeaways based on IDC data:

• PC shipments tracked below historical trends in 2Q26. PC shipments