Nvidia is reportedly considering the acquisition of a major personal computer manufacturer in a move that could significantly reshape the global PC market, according to industry reports.

A report by SemiAccurate, citing coverage from Bloomberg, claims the chipmaker has been in discussions for more than a year to acquire a large PC company. Dell Technologies and HP Inc. are said to be among the potential targets.

Nvidia has downplayed the speculation, with management dismissing the claims. However, investor reaction suggested the market is taking the possibility seriously. Shares in both Dell and HP rose following the reports before reversing in extended trading.

Dell stock closed at a record high of $189.79 in New York, up 6.7% on the day, before falling 3.4% after hours. HP shares climbed 5.3% to $19.23 before dropping more than 3% in extended trading.

HP is currently the world’s second-largest PC vendor with a 19% global market share in the first quarter of 2026, according to Gartner. Dell follows with a 17% share. Both companies are headquartered in the United States.

Nvidia, the world’s most valuable company, dominates the market for chips used in artificial intelligence systems. Chief Executive Jensen Huang has been a vocal proponent of expanding AI adoption across industries, encouraging businesses to integrate the technology into their operations.

The company said it invested approximately $70 billion in partners and customers in the fiscal year ending January 2026 to accelerate AI development.

Dell, a key Nvidia partner, manufactures AI servers powered by Nvidia chips and has forecast about $50 billion in revenue from that segment in its current fiscal year ending January 2027.

Neither Dell nor HP responded to requests for comment on the reported acquisition talks.