HP's 'personal AI factory' workstation launches as valuation split widens
HP unveiled the ZBook Ultra G3a 16-inch mobile workstation, marketing it as a local AI factory for running large models on-device, with up to 192GB memory and AMD's top chip. The launch came alongside fiscal Q3 revenue up 12.5% YoY to €14.4B ($15.7B), but analysts remain sharply divided on the stock's worth – Barclays rates it Underweight with a €21 ($23) target, while RBC Capital sees it at €30 ($33).
Bottom line — HP trades at 12.5x earnings – half the tech industry average – while one model flags 45% overvaluation to €21.50 ($23.41).
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- According to StockTitan, the ZBook Ultra G3a can run LLMs up to 300 billion parameters locally and is expected in October 2026; pricing is unannounced.
- HP reported Personal Systems revenue rose 18% to €10.8B ($11.8B) in fiscal Q3, but Printing revenue slipped 2% to €3.6B ($3.9B), per the company's earnings release.
- Notebookcheck spotted a Geekbench listing for a 16-inch G3a with 96GB RAM and the new AMD Ryzen AI Max+ PRO 495, confirming a larger chassis for better cooling and memory.
- Simply Wall St argues the stock is 45% overvalued at €31.20 ($34.02) versus a calculated fair value of €21.50 ($23.41), but notes the P/E of 12.5x is well below the global tech industry average of 19.4x.
- HP also announced a partnership with Red Hat and NVIDIA for an enterprise AI platform combining HP ZGX Fury with the NVIDIA Grace Blackwell Ultra chip, targeting edge inference.
- Analyst targets range from €17.40 ($19) at Morgan Stanley (Underweight) to €28.70 ($31.30) at Barclays (Underweight), reflecting disagreement on margin pressure and PC demand, per StockAnalysis.