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Goldman Sachs restarted coverage of IT Hardware and Distribution companies, issuing a Buy rating for NetApp and Dell Technologies, while downgrading Hewlett Packard to Sell from Neutral. The firm expects strong AI infrastructure demand, particularly in GPU-as-a-service, with some variability.

Higher DRAM/NAND costs are anticipated to affect margins and demand, necessitating selectivity among companies. Goldman predicts weaker PC demand in 2026 but is cautiously optimistic about server and storage revenue growth from data center modernization.