Is HP (HPQ) Using AI-Centric PCs to Redefine Its Core Competitive Advantage?

• Earlier this week at CES 2026, HP Inc. unveiled a wave of AI-centric hardware, including the EliteBoard G1a keyboard PC, EliteBook X G2 business laptops, refreshed OmniBook consumer systems, and a unified HyperX gaming lineup featuring new high-performance laptops, monitors, and peripherals.
• Together, these launches show HP trying to reposition its PC and gaming portfolio around on-device AI, new form factors, and a consolidated HyperX brand that spans work, creation, and play.
• Next, we’ll examine how HP’s push into AI-centric PCs and the keyboard-based EliteBoard concept interacts with its existing investment narrative.

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HP Investment Narrative Recap

To own HP today, you need to believe the company can offset a slow, competitive print and PC base with higher value AI PCs, premium devices, and services, while managing its high debt load. The CES 2026 launches reinforce the existing near term catalyst around AI PC adoption; they do not materially change the key risk that core print and legacy PC demand could keep dragging on overall growth and margins.

Of the announcements, the EliteBoard G1a keyboard PC is the clearest expression of HP’s AI PC catalyst, bringing on-device AI to a new form factor that can plug into flexible work setups. Its success, alongside the broader EliteBook and OmniBook refreshes, will help show whether AI driven PCs can meaningfully counter the structural headwinds facing HP’s traditional print and commodity PC businesses.

Yet behind the excitement around AI PCs, investors should be aware that ongoing declines in the global print market could...

Read the full narrative on HP (it's free!)

HP's narrative projects $56.8 billion revenue and $2.9 billion earnings by 2028. This requires 1.3% yearly revenue growth and about a $0.3 billion earnings increase from $2.6 billion today.

Uncover how HP's forecasts yield a $25.88 fair value, a 19% upside to its current price.

Exploring Other Perspectives

Six members of the Simply Wall St Community value HP between US$22 and about US$45.72, showing a wide spread in what they think the shares are worth. Set against that, HP’s reliance on AI PC adoption as a key growth catalyst means opinions on how quickly this segment can scale may materially shape the company’s longer term performance.

Explore 6 other fair value estimates on HP - why the stock might be worth just $22.00!

Build Your Own HP Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your HP research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free HP research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate HP's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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