Hardware & Networking Channel Talk: Takeaways from a Discussion with a Large U.S. VAR on Enterprise Spending and OEM Trends

研报英文原文证据摘录

Hardware & Networking Channel Talk: Takeaways from a Discussion with a Large U.S. VAR on Enterprise Spending and OEM Trends

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

16 July 2026

Hardware & Networking

Channel Talk: Takeaways from a Discussion with a

Large U.S. VAR on Enterprise Spending and OEM

Trends

We recently connected with a large U.S. VAR focused on IT devices and IT Hardware/ Telecom & Networking

infrastructure solutions to collect feedback on broader demand and customer Equipment

spending trends in recent months, as well as vendor‑specific insights relevant to Joseph Cardoso AC

our coverage. Relative to our last set of checks in April (see report here), hardware (1-212) 622-9036

price increases have continued but become more predictable, customers are joseph.cardoso@jpmchase.com

growing more conscious of the cost of AI usage (e.g., tokenomics), and despite Manmohanpreet Singh

some signs of 1H pull-forward, demand trends are expected to broadly continue (1-212) 622-4527

into 2H26. Our key takeaways from the recent discussion include: manmohanpreet.singh@jpmchase.com

Marc Vitenzon

• PC demand strength continues. The VAR indicated that it is not expecting (1-212) 622-3342

any pullback in customer demand in 3Q, and that it has yet to see any evidence marc.vitenzon@jpmchase.com

of a deceleration into 2H26. Unit volume growth is in the teens, with revenue Akanksh Chauhan

growth meaningfully higher given the pricing tailwind, although some of the (1-212) 622-0045

akanksh.chauhan@jpmorgan.com

strength in units reflects first-half pull forward activity. The VAR indicated that J.P. Morgan Securities LLC

its primary concern will be tougher y/y comparisons beginning in early 2027.

Within the PC portfolio, the performance of the workstation segment was