Bernstein analyst Mark Newman initiated coverage of the IT hardware group, saying Apple (AAPL), Dell Technologies (DELL), Seagate (STX) and SanDisk (SNDK) are will be winners in the “intelligence revolution.” All four stocks were given Outperform ratings. Bernstein sees significant long-term upside for IT hardware on the “sustainable” increase in spending as artificial intelligence expands the addressable market. The firm is most positive on Seagate given its leadership in heat-assisted magnetic recording technology. The analyst put Market Perform ratings on Western Digital (WDC), IBM (IBM), Super Micro (SMCI), HP Enterprise (HPE) and HP Inc. (HPQ).
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