Track the latest AI trends

The future is here! AI PCs are opening up a new era, which companies are expected to be the biggest beneficiaries?

Futu News · May 30 21:29

从苹果M4芯片、高通骁龙X的发布，再到微软推出重磅“Copilot+PC”、谷歌推出Chromebook Plus增加AI功能，AI PC逐渐成为市场热议的焦点。

摩根士丹利预测，AI PC将成为推动PC市场增长的下一个关键因素，预计AI PC的市场渗透率将从今年的2%迅速增长至2028年的64%。

AI PC 是什么？

AI PC是具备生成式AI功能的电脑，利用AI来扩增或改善PC的工作，可以让使用者不使用云端上运行的AI应用程式，而在设备本身就可以完成。

随着生成式AI热潮持续升温，从最初的软硬体升级，如AI伺服器、ChatGPT模型等，已经逐渐推展到消费者终端应用上，如AI PC、AI手机等，手机的AI应用已发展出自动拍照、补光等功能，然而对于PC产品而言，几乎是全新的想像空间，事实上AI PC在业界仍然没有明确的定义，仅是从用户端角度思考的一种新的产品概念。

AI PC将掀起PC的超级换机周期？

西南证券研报表示，PC周期复苏+AI PC催生市场新需求，未来2-3年有望迎来新一轮PC换机周期。

根据IDC数据，21Q4-22Q4全球PC出货量呈现下降态势，23Q1跌至低点仅为5690万台；23Q2-23Q3同比降幅在收窄，出货量呈现环比回升态势。23Q4全球PC出货量6710万台，同比基本持平，从趋势看在逐季向好。

从AI赋能来看，个人电脑中AI功能的增加和创新将催生市场新需求。新供给创造新需求，AIPC通过集成更强的硬件配置以及新的Windows操作系统，个人电脑将配备更多高效的AI功能，叠加其他AI工具在商业和生产力软件的广泛应用，AI PC市场有望迎来快速增长。

谁将是全球AI PC趋势的最大受益者？

西南证券研报表示，各大PC厂商与微软、高通、AMD、英特尔等合作共同推动AI PC的研发设计和产品落地，2024年将陆续看到各品牌的AIPC产品上市。2024年将成为AIPC的元年。

大摩最新研报则认为，得益于AI PC的出货，大摩指出组件供应商、电脑制造商和供应链参与者将受益：

组件供应商：像$英伟达 (NVDA.US)$、$高通 (QCOM.US)$、$美国超微公司 (AMD.US)$和$英特尔 (INTC.US)$这样的公司，作为人工智能电脑NPU和CPU的关键供应商，预计将获得巨大收益。电脑制造商：该报告指出，$联想集团 (00992.HK)$、$戴尔科技 (DELL.US)$、华硕和$惠普 (HPQ.US)$将成为主要受益者，因为他们在电脑市场占据着有利地位。供应链参与者：随着对人工智能电脑组件需求的不断增长，SK海力士（内存）、联发科（芯片组）、台达电和研华科技等公司预计将从中获益。领先的芯片代工厂$台积电 (TSM.US)$预计也将从CPU订单的增加中获益。

富途资讯梳理了部分有望受益股，供牛友们参考。事实上，部分AI PC的直接受益者今年来表现不俗，曾经的PC之王$戴尔科技 (DELL.US)$年内累计涨超136%，已超越同期英伟达的升幅；$联想集团 (00992.HK)$自4月中下旬以来累计飙升超40%，股价创下2015年以来的新高。

牛友们，

AI PC开创新时代！

哪些公司会成为下一只爆升股？

欢迎在评论区留下您的看法~

编辑/Somer

From the release of Apple's M4 chip and Qualcomm Snapdragon X, to Microsoft's launch of the blockbuster “Copilot+PC” and Google's introduction of the Chromebook Plus to add AI features, AI PCs have gradually become the focus of hot discussions in the market.

Morgan Stanley predicts that AI PCs will be the next key factor driving the PC market growth, and the market penetration rate of AI PCs is expected to grow rapidly from 2% this year to 64% in 2028.

What is an AI PC?

An AI PC is a computer with generative AI functions. Using AI to amplify or improve the PC's work, users can complete it on the device itself without using AI applications running on the cloud.

As the generative AI boom continues to heat up, from the initial software and hardware upgrades, such as AI servers, ChatGPT models, etc., it has gradually spread to consumer terminal applications, such as AI PCs, AI phones, etc., and AI applications for mobile phones have developed functions such as automatic camera and lighting. However, for PC products, it is almost a new imagination space. In fact, AI PCs still have no clear definition in the industry; in fact, AI PCs are still not clearly defined in the industry; it is only a new product concept thought from the user side.

Will AI PCs set off a PC super switching cycle?

According to the Southwest Securities Research Report, the PC cycle recovery+AI PC has spawned new demand in the market, and the next 2-3 years are expected to usher in a new round of PC switching cycles.

According to IDC data, global PC shipments from 21Q4-22Q4 showed a downward trend; 23Q1 fell to a low of only 56.9 million units; the year-on-year decline from 23Q2-23Q3 narrowed, and shipments showed a month-on-month upward trend. Global PC shipments in 23Q4 were 67.1 million units, which was basically the same as the previous year. Judging from the trend, it is improving quarter by quarter.

Judging from AI empowerment, the increase and innovation of AI functions in personal computers will spawn new market demand. New supply creates new demand. By integrating stronger hardware configurations and a new Windows operating system, AIPC will be equipped with more efficient AI functions, superimposing the widespread application of other AI tools in commercial and productivity software, and the AI PC market is expected to usher in rapid growth.

Who will be the biggest beneficiaries of the global AI PC trend?

According to the Southwest Securities Research Report, major PC manufacturers are cooperating with Microsoft, Qualcomm, AMD, Intel, etc. to jointly promote AI PC R&D design and product implementation, and in 2024, we will see AIPC products from various brands go on the market one after another. 2024 will be AIPC's first year.

Daimo's latest research report suggests that thanks to AI PC shipments, Dama points out that component suppliers, computer manufacturers, and supply chain participants will benefit:

Component supplier: like$NVIDIA (NVDA.US)$,$Qualcomm (QCOM.US)$,$Advanced Micro Devices (AMD.US)$und$Intel (INTC.US)$Such companies, as key suppliers of artificial intelligence computer NPUs and CPUs, are expected to reap huge profits. Computer manufacturers: The report states that$LENOVO GROUP (00992.HK)$,$Dell Technologies (DELL.US)$, Asus, and$HP Inc (HPQ.US)$They will be the main beneficiaries because they have an advantageous position in the computer market. Supply chain participants: As demand for artificial intelligence computer components continues to grow, companies such as SK Hynix (memory), MediaTek (chipset), Delta Electric, and Advantech are expected to benefit from this. Leading chip foundry$Taiwan Semiconductor (TSM.US)$It is also expected to benefit from increased CPU orders.

Futu News has sorted out some stocks that are expected to benefit, for Niu friends to refer to. In fact, some of the direct beneficiaries of AI PCs have performed well this year, the former king of PCs$Dell Technologies (DELL.US)$The cumulative increase during the year exceeded 136%, surpassing Nvidia's increase during the same period;$LENOVO GROUP (00992.HK)$Since mid-late April, it has surged by more than 40%, and the stock price hit a new high since 2015.

Cow friends,

AI PC opens up a new era!

Which companies will be the next big boosters?

Welcome to leave your thoughts in the comments area~

Editor/Somer

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