Dell, Lenovo and HP: Forty-Three PercentNarrow moat

Intel (INTC) — moat facet

Dell, Lenovo and HP bought more than two-fifths of Intel's output, and all three also sell machines with AMD inside.

Intel's largest customers are the manufacturers that put its chips into machines. Its three largest accounted for 43% of net revenue in 20251, and the largest alone for 19% in each of the last three years2. The 2023 filing named them: Dell Inc. at 19%, Lenovo Group at 11% and HP Inc. at 10%3.

Largest customers, 2023 (% of revenue)Dell19%Lenovo11%HP10%Intel Form 10-K FY2023; the FY2025 10-K shows 19%, 12% and 12% unnamed
The last year Intel named them.

That concentration is what makes the PC franchise both sticky and fragile. Sticky, because these companies design whole product lines around Intel platforms years in advance and cannot switch quickly. Fragile, because each of them also sells machines built on AMD processors and can move volume between the two.

The 2026 shortage tested the relationship. Intel says demand exceeded its available product supply4, and AMD reached 28.9% of notebook processors, up 8.4 points in a year5. Customers who cannot get chips from one supplier buy from the other.

The three also face their own pressures. Intel expected the client market to decline in 2026, impacted by rising memory prices6, which squeezes what PC makers can spend on processors.

The 2025 concentration table shows the second and third customers at 12% each, up from 11% and 10% in 20237. The largest customers' share has been stable at the top and rising below it, which means Intel's revenue is concentrating in a few very large PC makers as the market consolidates.

This is a concentrated relationship that cuts both ways. The share of revenue from the largest customer, 19% for three years running8, is the figure to follow; a fall would mean the largest PC maker is buying more of its processors elsewhere.

Moat trajectory: Holding steady

The largest customer has held at 19% for three years.

The number that tests this moat
Reported
Largest customer's share of revenue
19% (2025, 2024 and 2023)

The biggest PC maker's dependence on Intel; a fall would mean it is shifting processors to AMD.

Source: Intel Form 10-K, FY2025 ↗
References
  1. ReportedIts three largest accounted for 43% of net revenue in 2025, and the largest alone for 19% in each of the last three years.
    Intel Form 10-K for fiscal 2025 (year ended 27 December 2025) - Item 1 business: products, process technology, competition, manufacturing and customers. — FY2025 · publ. 23 January 2026 · source ↗
  2. ReportedIts three largest accounted for 43% of net revenue in 2025, and the largest alone for 19% in each of the last three years.
    Intel Form 10-K for fiscal 2025 (year ended 27 December 2025) - Item 1 business: products, process technology, competition, manufacturing and customers. — FY2025 · publ. 23 January 2026 · source ↗
  3. ReportedThe 2023 filing named them: Dell Inc. at 19%, Lenovo Group at 11% and HP Inc. at 10%.
    Intel Form 10-K for fiscal 2023 - customer concentration naming Dell, Lenovo and HP, headcount, and revenue by billing region including China in 2021. — FY2023 · publ. January 2024 · source ↗
  4. ReportedIntel says demand exceeded its available product supply, and AMD reached 28.9% of notebook processors, up 8.4 points in a year.
    Intel Form 10-Q for the quarter ended 27 June 2026 - segments, the Ireland SCIP repurchase, escrowed shares, Intel 14A, customer deposits and debt. — Q2 2026 · publ. 24 July 2026 · source ↗
  5. Third-party estimateIntel says demand exceeded its available product supply, and AMD reached 28.9% of notebook processors, up 8.4 points in a year.
    Basic Tutorials, Mercury Research Q2 2026 client shares: AMD 30.3% of x86 client CPUs, 34.9% of desktop and 28.9% of notebook. — Q2 2026 · publ. August 2026 · source ↗
  6. ReportedIntel expected the client market to decline in 2026, impacted by rising memory prices, which squeezes what PC makers can spend on processors.
    Intel Q2 2026 earnings call prepared remarks (CEO and CFO). — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedThe 2025 concentration table shows the second and third customers at 12% each, up from 11% and 10% in 2023.
    Intel Form 10-K for fiscal 2025 (year ended 27 December 2025) - Item 1 business: products, process technology, competition, manufacturing and customers. — FY2025 · publ. 23 January 2026 · source ↗
  8. ReportedThe share of revenue from the largest customer, 19% for three years running, is the figure to follow; a fall would mean the largest PC maker is buying more of its processors elsewhere.
    Intel Form 10-K for fiscal 2025 (year ended 27 December 2025) - Item 1 business: products, process technology, competition, manufacturing and customers. — FY2025 · publ. 23 January 2026 · source ↗
Sources
Generated September 25, 2026