Core Viewpoint - The article discusses the severe memory shortage affecting technology companies, particularly in the context of the CES trade show, highlighting the impact on product pricing and availability due to the shift in focus from DRAM to high-bandwidth memory for AI data centers [1][2][3]. Group 1: Memory Shortage Impact - The shortage of DRAM, essential for laptops and smartphones, is exacerbated by major manufacturers prioritizing high-bandwidth memory for AI applications, leading to significant price increases [2][3]. - Dell's COO Jeff Clarke stated that the current shortage is the worst he has seen, with demand far exceeding supply, and prices in the spot market have surged fivefold since September [3]. - Analysts predict that DRAM prices could rise by approximately 40% in Q4 2025, with potential increases of up to 60% in Q1 2026, indicating a prolonged shortage [3]. Group 2: Company Responses and Innovations - Phison Electronics has introduced aiDAPTIV, a product designed to enhance PC GPU memory bandwidth, allowing manufacturers to reduce DRAM capacity without sacrificing performance [5]. - Ventiva has developed a fanless cooling solution that frees up space in laptops for additional memory, addressing the physical limitations imposed by traditional cooling methods [6]. - Both companies aim to reduce reliance on cloud computing by enhancing AI capabilities on personal computers, which could shift demand dynamics in the memory market [7][8]. Group 3: Market Dynamics and Future Outlook - The article emphasizes the need for a coordinated effort among PC manufacturers, memory producers, and technology companies to address the memory crisis and avoid significant price hikes that could impact sales [8]. - There is a growing sentiment that if personal computers can meet the AI processing needs, the focus on data centers may need to shift, potentially leading to a reevaluation of memory production strategies [9].

+1(212)902-8618 | michael.ng@gs.com Goldman Sachs & Co. LLC Katherine Murphy +1(212)902-1151 | katherine.a.campagna@gs.com Goldman Sachs & Co. LLC 8 January 2026 | 7:00PM EST Equity Research Americas Technology: Hardware: CES 2026 investor meetings (DELL/HPQ/PENG) key takeaways We attended CES 2026 in Las Vegas and hosted investor meetings on January 7-8 with DELL, HPQ, and PENG. Key takeaways include: (1) While industry PC demand may be challenged from higher pricing, DELL expects it will be able to delive ...

显示配置上，设备搭载1920×1200分辨率LCD触摸屏， 支持500尼特亮度与120Hz刷新率；用户亦可选配 2880×1800分辨率OLED触摸屏，具备120Hz刷新率与400 尼特峰值亮度，呈现更细腻的视觉效果。 其他规格包括配备100W USB-C电源适配器，支持Wi-Fi 7与蓝牙6.0无线连接技术，预装Windows 11操作 系统，后续还将推出搭载Ubuntu 24.02 LTS系统的版本供选择。 2026年国际消费电子展期间，戴尔发布新款XPS 14笔记本电脑。该机型提供多种处理器选项，包括英 特尔酷睿Ultra 5 325和酷睿Ultra 7 355，均为8核设计并集成4核显卡；同时可选配性能更强的酷睿Ultra X7 358H或酷睿Ultra X9 388H处理器，配备16核CPU与12核GPU组合，满足更高计算需求。 新款XPS 14起售价格为1650美元，约合人民币11530元。 2026年国际消费电子展期间，戴尔发布新款XPS 14笔记本电脑。该机型提供多种处理器选项，包括英 特尔酷睿Ultra 5 325和酷睿Ultra 7 355，均为8核设计并集成4核显卡；同时可选配性能更强的 ...

Key Takeaways DELL shares fell 17.8% in three months, hurt by supply-chain issues and rising competition. Dell Technologies saw strong AI server demand, with $12.3B in Q3 orders and a record backlog. ISG revenue rose 24%, and DELL issued upbeat Q4 and FY26 revenue and earnings guidance.Dell Technologies (DELL) shares have plummeted 17.8% in the past three-month period, underperforming the broader Zacks Computer & Technology sector’s return of 3.2%. The Computer - Micro Computers industry increased 5% in the ...

As far as innovators are concerned, it’s difficult for investors to get excited about Dell Technologies (DELL). Over the trailing year, DELL stock has lost about half-a-percent of value, dubiously earning it a rating of Weak Sell by the Barchart Technical Opinion indicator. While the company’s broad relevancies — which include PCs, servers and network security — keep the wheels turning, DELL just hasn’t managed to make the gains stick. Still, with a trailing five-year performance of over 217%, there’s po ...

Last year, Dell turned heads when it changed its tune and ended a generous company policy, frustrating some of its employees nationwide. In February, Dell CEO Michael Dellsent an email to employees warning them that, starting in March 2025, they would be required to work from the office five days a week due to the rapid pace of innovation in the tech industry. Previously, Dell required employees to work from the office only three days a week. “The pace of innovation has never been faster, and for us to ...

Core Insights - The competition in the lightweight gaming laptop market is intensifying, with Dell announcing the development of two new Alienware laptops during CES 2026, featuring 14-inch and 16-inch versions [1][2] Group 1: Product Features - The new Alienware laptops will have a thickness of approximately 17mm, making them ultra-thin while still equipped with dedicated graphics cards to handle large games and professional graphics tasks [2] - High-quality displays will be included to ensure clarity, detail, and accurate color reproduction, suitable for both gaming and creative work [2] - The laptops will feature an RGB backlit keyboard, enhancing both aesthetics and functionality in low-light environments, with customizable lighting effects for personalization [2] Group 2: Market Positioning - The new Alienware laptops are not positioned as high-end products like the $3000 "museum piece," but rather aim for a more affordable market segment, making them competitively priced compared to similar hardware laptops [2] - The 16-inch Alienware ultra-thin laptop boasts a significant size advantage, being nearly 50% smaller than the latest 16-inch Alienware Area-51 gaming laptop [2]

专题：2026年度国际消费电子展(CES) 新浪科技讯，戴尔公司在CES 2026上做出了PC行业罕见的举动——公开承认错误并撤回去年的品牌重 组决定。该公司首席运营官克拉克（Jeff Clarke）坦承，去年取消标志性的XPS品牌转而采用简化 的"Dell/Dell Pro/Dell Pro Max"命名体系是一次失败的尝试，公司"表现不佳"且"没有倾听用户声音"。 这一罕见的自我批评在科技行业引发广泛关注，因为大公司很少如此直白地承认战略失误。XPS品牌在 过去十年间一直是Windows笔记本电脑市场的标杆，代表着卓越设计、优质工程和顶级性能，其突然消 失让大量忠实用户感到失望。 全新回归的XPS系列包括重新设计的XPS 14和XPS 16，以及将于今年晚些时候推出的XPS 13。新机型 进行了全面改进，厚度仅14.6毫米，XPS 14重约3磅（比前代轻了半磅以上），XPS 16重约3.65磅（比 前代轻了一磅多）。 专题：2026年度国际消费电子展(CES) 新浪科技讯，戴尔公司在CES 2026上做出了PC行业罕见的举动——公开承认错误并撤回去年的品牌重 组决定。该公司首席运营官克拉克（Jeff Cl ...

Dell has brought back its popular XPS laptop lineup a year after retiring the premium brand, as it looks to drum up demand in a sagging personal computer market. ...

Core Insights - Dell's Chief Operating Officer, Jeff Clarke, indicated that the company has deviated from its strategic path by concentrating excessively on premium product tiers while neglecting other market segments [1] Company Focus - The current strategy has led to a misalignment with market demands, suggesting a need for Dell to reassess its product offerings to include a broader range of segments beyond just premium [1]