Xin Lang Cai Jing·2025-12-18 15:10Core Viewpoint - The report from Morgan Stanley indicates that IT hardware companies will face increasing cyclical challenges by 2026, leading to cautious outlooks for companies like Dell Technologies and HP due to significant exposure to memory chip risks [1] Group 1: Company Performance - HP's stock fell over 5% and Dell Technologies' stock dropped nearly 4% on Thursday [1] - Analysts are particularly cautious about hardware original equipment manufacturers (OEMs) like Dell and HP [1] Group 2: Market Risks - The rising costs of memory chips in 2026 may lead to substantial price increases for both enterprise and consumer market products [1] - There is an increased risk of demand elasticity, which could pressure hardware procurement budgets [1]