Key Highlights

  • HP Inc. (NYSE:HPQ) fell about 6% after research firms reported that its own PC shipments dropped about 31% in the third quarter of 2026, a decline much steeper than the overall market.
  • The global PC market fell about 20.1% according to IDC and 21.2% according to Omdia, the sharpest decline since the first quarter of 2023, so the 31% figure belongs to HP Inc. (NYSE:HPQ) alone.
  • Lenovo fell about 22.6% to 22.9% in shipments and Dell Technologies (NYSE:DELL) about 25%, so HP Inc. (NYSE:HPQ) lost more than rivals, which raises questions about market share and memory-cost exposure.
  • A memory-cost shock is hitting the PC cycle, because higher component prices raise device prices and may delay upgrades, which pressures unit volumes and margins for HP Inc. (NYSE:HPQ) and its peers.

Correcting a Circulating Figure

One figure has circulated widely, a 31% decline in PC shipments, and it is often presented as the market result. It is HP's own result. The research firms IDC and Omdia put the global market decline at 20.1% and 21.2% respectively, and the gap between those two numbers reflects different methods and sample sets. Lenovo, the largest vendor by volume, fell about 22.6% to 22.9% and Dell Technologies (NYSE:DELL) about 25%. HP Inc. (NYSE:HPQ) therefore declined by roughly 10 points more than the market, by simple arithmetic comparing 31% with about 20% to 21%. Stating the right base matters when comparing the company against its industry.

The Memory-Cost Mechanism

PC makers buy memory chips as a significant part of each device. When memory prices rise, manufacturers either absorb the cost, which reduces margins, or raise prices, which can reduce demand. Customers, especially businesses and consumers who have already replaced devices, can delay purchases when prices rise. HP Inc. (NYSE:HPQ) sells both consumer and commercial PCs and printers, so the cycle affects its largest segment. The sharpest market decline since the first quarter of 2023 shows that this is a broad problem and not limited to one vendor. The effect on profit depends on how quickly the company can pass on costs through pricing and product mix.

Why HP Fell About 6% and What Could Change

The stock decline of about 6% reflects both the weak shipment data and the finding that the company lost ground to rivals. Risks include continued memory-cost inflation, weaker consumer demand, competition from Lenovo and Dell Technologies (NYSE:DELL), and the chance that shipments fall again in the fourth quarter. Possible offsets include price increases, a richer product mix and lower promotional spending, all of which are not yet confirmed. Printing supplies, which carry higher margins, provide some earnings stability. Investors should watch memory price trends, channel inventory and the company's next earnings report, since HP Inc. (NYSE:HPQ) is the only one of the three with a decline far above the market average.

Where Things Stand

HP Inc. (NYSE:HPQ) fell about 6% because its own PC shipments dropped about 31% in the third quarter of 2026, far more than a market decline of 20.1% to 21.2% reported by IDC and Omdia. The 31% figure applies to HP alone, not the whole market. A memory-cost shock is the likely common cause, but HP's weaker relative result adds company-specific concern. The next signals are memory prices, fourth-quarter shipment trends and earnings reports from October 13 to 16 across the market, plus the Fed meeting on October 27 and 28.