The decline in personal computer sales may end as soon as next year as consumers will be enticed to upgrade their legacy Covid-era PCs. The introduction of PCs equipped with fancy new AI chips, capable of running as digital assistants in the background and faster computing power, could boost sales that have been sagging since the upgrade cycle boosted by remote workers during Covid peaked in late 2021.
' Analysts led by GS' Faris Mourad believe the tech hardware industry, which peaked during the Covid upgrade cycle, is primed for another liftoff. 'During the pandemic, the tech hardware industry peaked as the majority of work-from-home employees purchased equipment. The space currently has fully unwind this cycle and we notice stocks like HPQ trading at 9x their 2025 earnings estimates. 'Most PCs purchased during the pandemic are expected to be replaced soon.