Computex 2026 launches the Infinity series motherboards and local AI systems; Goldman Sachs maintains Neutral on Gigabyte

Overview

This report is a company research update by Goldman Sachs following its visit to Gigabyte's Computex booth on June 2, 2026. The report focuses on Gigabyte's Infinity series motherboards, local AI systems, and the company's product positioning in AI PCs, Gaming PCs, and edge AI applications. Goldman Sachs remains positive on the product mix upgrade toward AI and premium gaming, but believes rising memory prices will limit near-term end-demand elasticity, and therefore maintains a Neutral rating.

Core views

The core view is that Gigabyte is expanding AI application scenarios through hardware and software integration, with its product mix upgrading from traditional PC-related products toward higher-ASP, higher-margin AI and Gaming products; the Infinity series motherboards strengthen computing, memory, and thermal performance, while the local AI systems address edge AI demand from developers and researchers; however, because rising memory costs may weaken end demand, Goldman Sachs has not upgraded the rating for now.

Analysis framework

Goldman Sachs uses a combination of on-site company research, product specification comparisons, peer valuation frameworks, and earnings-growth driver analysis. The target price is based on the correlation between EPS growth and P/E multiples among PC/server peers, using 12.8x 2027E P/E to derive a 12-month target price of NT$299, and emphasizes that EPS growth is an important factor in stock price performance.

Methodology notes

• Valuation method2027E P/E peer correlation

  The target price is based on the correlation between peer EPS growth and P/E multiples

  Goldman Sachs uses 12.8x 2027E P/E as the basis for Gigabyte's target price. This multiple references the relationship between EPS growth and P/E valuation among PC/server peers, with the view that EPS growth is the primary driver of stock price performance.

• Factor frameworkGS Factor Profile

  Compare stock characteristics across four dimensions: Growth, Financial Returns, Multiple, and Integrated

  GS Factor Profile uses standardized rankings and percentiles to compare individual stocks with the market and industry peers; the Integrated metric combines growth, financial returns, and the inverse percentile of valuation multiples.

• Event and potential trading frameworkM&A Rank

  Uses a ranking of 1 to 3 to measure the probability of a company becoming an acquisition target

  M&A Rank provides Goldman Sachs-covered companies with a score for potential M&A probability, where 1 indicates high probability, 2 indicates medium probability, and 3 indicates low probability; the report only discloses the framework description and does not provide Gigabyte's specific ranking.

• Data toolQuantum

  Goldman Sachs proprietary financial database

  Quantum provides financial statement history, forecasts, and ratios, and can be used for in-depth single-company analysis or cross-industry and cross-market comparisons.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Gigabyte 2376.TW

  Covered asset in the report

  Strengths

  The Infinity series strengthens motherboard computing, memory, and thermal performance; local AI systems enter edge AI and AI Agents scenarios; AI and Gaming product mixes typically have higher gross margins and ASP.

  Weaknesses

  Near-term end demand may be constrained by cost pressure from rising memory prices; the rating remains Neutral, and the target price is below the disclosed price.

  Comparison

  Valuation references the correlation between EPS growth and P/E multiples among PC/server peers, using 12.8x 2027E P/E as the basis for the target price.

  Risks

  The strength of PC market recovery, the pace of Gaming PC growth, and the timing of AI server ramp-up may all cause deviations in share price and earnings expectations.

Key data

• Report date2026-06-03The report time is 3 June 2026 1:59AM HKT.
• RatingNeutralGoldman Sachs maintains a Neutral rating on Gigabyte.
• 12-month target priceNT$299The target price is based on 12.8x 2027E P/E.
• Disclosed priceNT$390.50The Gigabyte price listed in company-specific regulatory disclosures.
• X870 Aorus Infinity performanceUp to about 20% faster system responseAchieved through up to DDR5 11,400 MT/s memory speed and CL24 low-latency tuning.
• AI Top 100 B850Supports models with more than 200B parametersThe local AI system targets the needs of developers and researchers in the era of AI Agents.
• Key risk variablesPC recovery, Gaming PC growth, AI server ramp-upThese variables may create upside or downside risks.

Impact & implications

The report's investment implication for Gigabyte is neutral overall: the product upgrades indicate the company may benefit from demand for AI PCs, Gaming PCs, and edge AI, and may improve product mix, margins, and ASP; however, the current target price is below the disclosed price, and rising memory costs may drag on near-term demand, so Goldman Sachs maintains Neutral rather than adopting a more constructive rating.

Risks

• PC market recovery is stronger or weaker than expected.
• Gaming PC growth is faster or slower than expected.
• AI server ramp-up is faster or slower than expected.
• Rising memory prices may suppress near-term end demand.
• Goldman Sachs discloses shareholding interests, expectations of investment banking services, and investment banking client relationships with Gigabyte over the past 12 months; investors should pay attention to potential conflict-of-interest disclosures.

What to watch

• Actual shipment performance of the Infinity series motherboards among high-end gaming and AI computing users.
• Demand conversion for the AI Top 100 B850 local AI system among developers and researchers.
• The impact of memory price changes on total system cost and end demand.
• The contribution of Gigabyte's AI PC, Gaming PC, and edge AI product mix to gross margin and ASP.
• Whether PC/server peer valuations and EPS growth expectations support a target price revision.