Tech Hardware
Tech Hardware
Who is on Tech Hardware (14 companies)
Latest completed fiscal-year net sales. Apple is an order of magnitude larger than the next name. Dual-home Dell, HPE, Western Digital, and Seagate also sit on Data Centers. Skyworks is handset RF.
Four verticals, one leftover S&P 500 page
Client hardware is the stack once Apple Services is removed. Enterprise hardware is the dual-home ISG, HPE, and HDD book. EMS, the IT channel, and components-plus-solar are much smaller in dollars and different in economics.
The PC cycle turned up in 2025
Gartner counted 270 million traditional PCs in 2025, up 9.1 percent. IDC's 2024 print was 17 million units above Gartner's original 2024 figure. The houses disagree on the level. They agree 2025 was the refresh year.
Margin is the tell for what kind of hardware this is
Verisign's registry, Apple's platform, First Solar's US module book, and Garmin print 25 to 68 percent GAAP operating margins. PC OEMs and EMS assemblers print 4 to 7 percent. Same sector page. Not the same business.
