Dell Technologies DELL and HP HPQ are major players in the personal computer (PC) market, offering a wide range of laptops, desktops, and other technology products. While DELL offers a broader enterprise portfolio, including servers, storage, PCs and strong AI infrastructure momentum, HPQ focuses more on consumer PCs with a solid presence in printers and personal computing.

Per Mordor Intelligence report, the PC market is projected to be valued at $222.64 billion in 2025, and is expected to reach $344.13 billion by 2030, at a CAGR of 9.1% during the forecast period from 2025 to 2030. Both DELL and HPQ are likely to gain from the massive growth opportunity highlighted by the massive growth pace.

This robust market expansion is further supported by the shipment forecast. The global PC market is expected to experience 4.1% growth in 2025, reaching 274 million units shipped per IDC.

Dell Technologies or HPQ—Which of these PC stocks have the greatest upside potential? Let’s find out.

The Case of DELL Stock

Dell’s AI prospects remain strong, with AI expanding from major cloud service providers to large-scale enterprise deployments and edge computing with PCs.

DELL’s expanding portfolio has been noteworthy. The company introduced new Dell Pro Max notebooks and desktops equipped with powerful components like NVIDIA RTX PRO Blackwell GPUs, Intel Core Ultra processors, AMD Ryzen and Threadripper processors. These systems enhance productivity and support more advanced use cases, making Dell’s commercial PC offerings attractive to enterprise customers.

Dell is a prominent PC maker and is expected to benefit from the recovering demand driven by the PC-refresh cycle. Dell is benefiting from the Windows 11 PC refresh cycle as many enterprise customers upgrade to new AI-capable Windows 11 devices, driving strong demand in the commercial segment.

In the first quarter of fiscal 2026, CSG revenues were $12.50 billion, up 5% year over year. Commercial Client revenues increased 9% year over year to $11.04 billion, while Consumer revenues fell 19% to $1.46 billion.

DELL is also benefiting from an expanding partner base that includes NVIDIA, Microsoft, Meta Platforms and Imbue. In March, Dell and NVIDIA expanded their AI Factory collaboration, introducing new AI PCs, infrastructure, software, and services to accelerate enterprise AI adoption across various scales.

The Case of HPQ Stock

HPQ is benefiting from a sustained focus on launching new and innovative products. The growing interest in generative artificial intelligence-enabled PCs, along with Windows 11 upgrades and a probable PC refreshment cycle, is likely to drive fresh demand for PCs in 2025.

The growing interest in generative AI-enabled PCs might give a fresh boost to HP’s PC demand in the years ahead. The company forecasted that 40-60% of all PCs will be AI PCs in the next three years. To make the most of the growing opportunities in this category, HP has launched several AI PCs this year and plans to continue to expand its AI PC portfolio.

The company’s expanding portfolio has been noteworthy. HPQ launched a comprehensive AI PC portfolio featuring redesigned HP EliteBook and EliteDesk to help customers work smarter and faster while securing data.

However, HP faces meaningful downside risk if the U.S.-China tariff war escalates. The company relies heavily on China for manufacturing and assembling many of its PCs, printers, and related components. Higher import tariffs on Chinese-made goods would raise HP’s production costs, forcing the company to either absorb the margin pressure or pass on costs to consumers, both negative outcomes.