Bernstein analyst Mark Newman argues the AI-driven data explosion is creating clear winners and losers in tech hardware. The firm's 2026 outlook identifies memory and storage suppliers as primary beneficiaries, benefiting from an unprecedented demand surge for NAND and hard drives. This trend is fueled by intensive AI model training and data retention needs.

Hardware makers face a tougher road. Bernstein notes OEMs like Dell and HP could see earnings pressure from surging component costs. Apple may need to raise device prices, potentially impacting unit sales. The analysis suggests the AI boom's benefits are not evenly distributed across the tech supply chain.

Looking ahead, Bernstein sees continued momentum for memory suppliers like SanDisk and Seagate. The firm also highlights growing excitement around quantum computing, with IBM potentially benefiting from early use cases. Investors are watching if this memory and storage supercycle can sustain its price-insensitive demand throughout 2026.