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Goldman Sachs: Tech Hardware Firms See Measurable Profit Gains from AI

A report from Goldman Sachs indicates that technology hardware companies are realizing measurable financial gains from their artificial intelligence deployments, with applications evolving beyond simple productivity aids to core, revenue-generating business processes.
From Productivity to Profit
Following its 2026 Technology + Communacopia Conference, Goldman Sachs surveyed seven hardware companies, concluding that AI adoption is maturing from copilots toward more advanced "agentic workflows." These systems support both internal productivity and direct revenue generation.
The surveyed firms, which include Dell, HP Inc., Hewlett Packard Enterprise, NetApp, Super Micro Computer, Ingram Micro, and Penguin Solutions, reported deploying AI across numerous business functions:
- Code generation and product development
- Manufacturing automation and supply chain planning
- Customer support
- Pricing, quoting, and sales lead generation
Measurable P&L Impact
AdThe investment bank highlighted specific instances where AI is directly contributing to financial performance. NetApp disclosed that 13 of approximately 400 AI initiatives it evaluated now contribute positively to the company’s profit and loss statement across product development, customer support, and supply chain management.
Similarly, Dell described a multi-year effort to redesign workflows around AI, which helped drive its operating expenses as a percentage of revenue down to roughly 8% in fiscal 2027 estimates. This marks a significant improvement from its historical average in the mid-teens.
Market Implications
Companies reported using hybrid AI architectures to balance costs, data security, and performance. This often involves using open-source models for high-volume, repeatable tasks while reserving more powerful and expensive frontier models for complex challenges.
Goldman Sachs stated that hardware companies provide a unique perspective on AI returns, as they are both suppliers of AI infrastructure and large enterprise users of the technology. The bank concluded that while AI initiatives are still in the early stages of the adoption curve, they are beginning to generate tangible P&L benefits and support greater operating leverage.
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