根据 Counterpoint Research初步数据 ，2025年Q1全球PC出货量同比增长6.7%，达6,140万台。增长 主要受PC厂商赶在美国加征关税前加速出货，以及Windows 10终止支持背景下AI PC加速普及的推 动。但这一增长可能难以持续，预计库存水平将在未来数周趋于稳定。美国关税政策或将抑制2025 年的增长势头。 全球主要PC厂商2025年Q1出货量（单位：百万台） 数据来源：Counterpoint Research 2025年Q1全球PC市场出货量同比增长6.7%，主要受美国关税预期提前拉货及AI PC加速普及的推 动。 Apple和Lenovo出货量同比增幅超10%，表现优于其他品牌，进一步强化了头部品牌在市场中的主 导地位。 全球PC制造业产能仍高度集中于中国，短期内行业应对关税风险面临重大挑战。 美国关税政策导致PC行业不确定性增加，可能抑制AI PC的增长势头。 Apple和Lenovo本季度表现强劲，主要得益于新产品发布和市场动态。Apple出货量同比增长17%， 由搭载AI功能M4芯片的MacBook系列驱动；Lenovo 11%的增长则源于其AI PC产品线的扩展和 ...

Core Viewpoint - The personal computer (PC) market is projected to experience modest growth, with Apple and Dell Technologies positioned differently in terms of market share and product offerings, particularly in the context of AI integration and evolving consumer demands [1][3][17]. Market Overview - Global PC shipment is expected to grow by 2.1% year-over-year in 2025, reaching a total of 422.6 million units by 2029, with a compound annual growth rate (CAGR) of 0.4% from 2025 to 2029 [1]. - U.S. PC shipment growth is anticipated to be 1.7% in 2025, reaching 70.4 million units, with commercial shipments expected to grow by 6.3% [2]. Company Performance Apple - Apple's Mac business is benefiting from strong demand for its M4 chip series, with a new MacBook Air offering up to 18 hours of battery life and advanced camera features [6]. - In Q1 2025, Apple gained market share, achieving 8.7%, an increase of 70 basis points year-over-year, with shipments growing 14.1% to 5.5 million units [7]. - The consensus estimate for Apple's fiscal 2025 earnings has decreased by 0.6% to $7.18 per share, indicating a growth of 6.37% over fiscal 2024 [12]. Dell Technologies - Dell's Client Solutions Group reported revenues of $11.88 billion in Q4 fiscal 2025, a 1% increase year-over-year, with commercial client revenues rising by 5% [10]. - Dell's market share in Q1 2025 was 15.1%, down 30 basis points year-over-year, with shipments growing 3% to 9.6 million units [10]. - The earnings estimate for Dell's fiscal 2026 is $8.97 per share, unchanged over the past 60 days, reflecting a 10.2% increase from fiscal 2025 [11]. Valuation Comparison - Dell Technologies shares are considered cheaper than Apple's, with a Price/Sales ratio of 0.57X compared to Apple's 7.13X, indicating a more favorable valuation for Dell [13][14]. - Dell has a Value Score of B, while Apple has a Value Score of D, suggesting that Dell may offer better value at current prices [13]. Conclusion - Dell Technologies is viewed as a better investment option due to its strong AI-powered PC portfolio, solid partnerships, and more attractive valuation compared to Apple, despite both companies holding a Zacks Rank of 3 (Hold) [17].

Core Viewpoint - HP Inc. (HPQ) has experienced a 16.1% decline in share price over the past month, underperforming the Zacks Computer and Technology sector, which returned 3.3% [1] Group 1: Reasons for Underperformance - HPQ's recent decline is attributed to a broader tech pullback due to fears of an escalating tariff war and slowing economic growth [4] - The announcement of new U.S. tariffs on April 2 is expected to raise costs for hardware imports from China, negatively impacting demand for PCs and HP's margins, particularly in the Personal System segment [5] Group 2: Market Performance - The global PC market saw a 4.9% year-over-year increase in shipments in Q1 2025, totaling 63.2 million units, driven by strategic stockpiling ahead of new tariffs [6] - All top five vendors, including HP, experienced year-over-year growth in PC shipments, with HP's shipments increasing by 6.1% [7] Group 3: Future Prospects - Improvement in commercial PC demand is expected to support HPQ amid challenging macroeconomic conditions, driven by businesses refreshing PCs ahead of the end of Microsoft's Windows 10 support in October 2025 and rising interest in AI-equipped PCs [9][10] - The AI personal computers market is projected to grow at a CAGR of 28.82% from 2024 to 2030, presenting growth opportunities for HPQ [11] Group 4: Product Innovations - HPQ has launched a range of innovative AI-driven products, including various models of AI PCs and intelligent print technology, to capitalize on the growing AI market [12][13] Group 5: Investment Outlook - Despite the challenges posed by tariff pressures, HPQ's solid PC shipment growth and proactive AI strategy position the company well for recovery, suggesting that holding HPQ stock may be a prudent choice for long-term investors [14]

Core Insights - InterDigital, Inc. has signed a multi-year license agreement with HP Inc. for its Wi-Fi and video decoding technologies [1][2] - This agreement allows HP and its PC customers to benefit from InterDigital's foundational innovations and supports further investment in wireless, video, and AI research [2] - With this agreement, InterDigital now holds licenses for over 50% of the PC market [2] Company Overview - InterDigital is a global research and development company focused on wireless, video, artificial intelligence (AI), and related technologies [3] - The company designs and develops foundational technologies that enable connected and immersive experiences across various communications and entertainment products and services [3] - InterDigital licenses its innovations to a wide range of companies, including those in wireless communications, consumer electronics, IoT devices, and cloud-based services [3] - Founded in 1972, InterDigital is listed on Nasdaq and is recognized as a leader in wireless technology and video processing [3]

Core Viewpoint - The reintroduction of tariffs by the Trump administration is expected to negatively impact several companies, particularly General Motors, Lenovo Group, and Magna International, leading to significant stock declines in 2025 due to trade tensions and protectionist policies [2][14]. Group 1: General Motors - General Motors (GM) has seen a double-digit percentage decline in its stock year to date, despite better-than-expected fourth-quarter results [3]. - GM exports more light vehicles made in Mexico to the U.S. than any other automaker, with 12% of its assets located in Mexico, making it vulnerable to tariffs [4]. - The company has major facilities in Canada and China, and its CEO has indicated that GM is preparing to mitigate the impacts of tariffs, but the stock is still predicted to be a major loser [5]. Group 2: Lenovo Group - Lenovo Group, the world's largest PC maker, has experienced a stock increase of over 30% this year, but its future prospects are uncertain due to its status as a Chinese company [6]. - Approximately 34% of Lenovo's total revenue comes from North America, primarily the U.S., and the company has manufacturing locations in China and Mexico, which will be adversely affected by tariffs [7][8]. - Although Lenovo's CEO believes tariffs may not significantly harm the business, the potential for steeper tariffs on Chinese imports could worsen the situation [9][10]. Group 3: Magna International - Magna International has seen its shares fall roughly 8% year to date and around 30% over the past year, with expectations of continued decline due to tariffs [12]. - The company has identified "increasing trade protectionism" as a risk factor, indicating that tariffs could escalate into a global trade-tariff war, impacting its business as a major supplier to U.S. automakers [13].