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IT Hardware and Communications Equipment: PC Model Update: Lowering CY26 Unit Estimates Amid Negative Memory Dynamic
研报英文原文证据摘录
IT Hardware and Communications Equipment: PC Model Update: Lowering CY26 Unit Estimates Amid Negative Memory Dynamic
Equity Research
14 July 2026
IT Hardware and Communications Equipment
PC Model Update: Lowering CY26
Unit Estimates Amid Negative
IT Hardware and CommunicationsMemory Dynamic Equipment
We further lower our PC unit estimates in light of the NEUTRAL
worsening memory pricing dynamics. We expect total units to IT Hardware and Communications
Equipment
decline low double digits (y/y) in CY26 with all verticals down Tim Long
low DD as well. 2H should deteriorate more than 1H. +1 212 526 4043
tim.long@barclays.com
BCI, US
Lowering PC Estimates Alyssa Shreves
CY25 PC units growth was ~10% y/y, with strength in Q4 aided by pull-in activities. Given the +1 212 526 7570
deteriorating memory price environment and the demand erosion in the PC market, we further alyssa.shreves@barclays.com
lower our PC unit forecast in CY26 to -11% from prior -8%. From a vertical perspective, we BCI, US
anticipate broad-based declines across the segments, with Consumer/Education/Government/ Mary Lenox
Enterprise all declining in the low DD range in CY26. We expect a slow and modest recovery in +1 212 526 6277
CY27 with ~2% overall unit growth and LSD growths across the verticals. We model units below mary.lenox@barclays.com
the ~260M level in CY26, which is below pre-Covid levels, and revert back to slightly above 260M BCI, US
in CY27. We expect PC ASPs to continue move higher in the near term, with memory costs rising Clarisse Yu
significantly in 2H of 2026 and sustaining into 2027. We have already seen pull-in behaviors from +1 212 526 7025
customers and anticipate further demand erosion given the macro uncertainty, especially on clarisse.yu@barclays.com
the consumer side (vs.
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