PC demand and IDC 2Q PC Shipment Data

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PC demand and IDC 2Q PC Shipment Data

q/q. This implies a fall in PC shipment units in 2H26, which aligns with our DeltaGCE 2308.TW2368.TW OWOW OverweightOverweight 1,785.00901.00 2,700.001,660.00 51%84%

Lenovo 0992.HK OW Overweight 24.34 HKD 30.00 HKD 23%

forecast of major ODMs' NB builds being sub-seasonal at down 5% q/q (-15% y/y) in Giga-ByteLotes 2376.TW3533.TW EWEW Equal-WeightEqual-Weight 1,970.00354.50 2,350.00375.00 19%6%

3Q, reflecting a weakened demand outlook in 2H. Source: Company data, Morgan Stanley Research estimates. Note: Priced

as of July 24, 2026.

As for servers, demand still runs well ahead of supply, improving late 3Q into 4Q,

though management admitted Intel will still be under-shipping in Q4. This aligns

with our recent supply chain checks that legacy server CPU fulfillment rates

For more details on Intel's result, please see

currently hover around 80-90% (depends on CPU vendors) at some major server

Joseph Moore's July 24, 2026 result note .

ODMs, with no signs of easing tightness in the near term. On long-term growth

outlook, Intel wouldn't endorse AMD's US$220B-by-2030 TAM (see Joe's report on

AMD Advancing AI event recap and takeaways), but guided server growth "well

north of a double-digit CAGR", with ASP uplift from rising core counts. Another

striking claim on the call was that the CPU-to-GPU ratio is now near parity, vs. the

1:3-4 CPU-to-GPU ratio for inference suggested by Intel management last quarter.

This boosts our confidence that general server demand will likely see another year

of 20-30%+ y/y (more supply-driven) growth for the ODMs (clouds) in 2027.

"The industry as facing one of the most severe supply constraints in its history"

Morgan Stanley does and seeks to do business with