Bad news if you need to change your computer: HP's prices are skyrocketing.

While the PC market seemed to be recovering, another indicator serves as a reminder of the strain running throughout the supply chain. At HP, the cost of RAM has skyrocketed to an unprecedented level, to the point of reshuffling the economic landscape for both the manufacturer and consumers.

Behind this development lies a broader phenomenon: the pressure exerted by AI on strategic components, and particularly on RAM. A dynamic that could permanently transform the pricing structure of personal computers…

An explosion in memory costs at HP

During the presentation of its latest financial results, HP revealed a particularly telling figure: RAM now represents 35% of the total cost of the components needed to manufacture a PC. In the previous quarter, this share was still between 15 and 18%.

In just a few months, the proportion has therefore practically doubled. For Karen Parkhill, the group's CFO, this development reflects the state of a market under pressure. Shortages and massive demand related to AI infrastructure have contributed to a rapid increase in memory prices. HP, however, assures that it has secured its supplies for the entire year of 2026. The company has approved new suppliers, built up strategic stockpiles, and halved the qualification time for new materials. While the goal is to gain agility in the face of market fluctuations, this defensive strategy will not be enough to absorb the entire shock. Thus, as Dell had already mentioned, targeted price adjustments are already being considered, suggesting a gradual increase in in-store prices…

AI, both a driver and a source of tension

The paradox is striking, because if RAM is reaching such heights, it is largely because AI is mobilizing considerable volumes of memory in data centers, and at the same time, this technological wave is stimulating PC sales.

At HP, 35% of computers sold in the last quarter belonged to the “AI PC” category, machines integrating chips dedicated to the local processing of AI models. This more expensive range is helping to support the revenue of the Personal Systems division, which grew by 11% year-over-year to reach $10.3 billion. Furthermore, the end of support for Windows 10 and the migration to Windows 11 also boosted sales, with a 14% increase in sales volume for the quarter. However, the manufacturer remains cautious, and its annual forecasts are expected to be at the lower end of the announced range, as margins are directly exposed to component volatility.