HP Wraps NVIDIA’s Chip in OmniBooks After a Share Rally

HP closed at $32.64 on September 4, a 52-week high zone, the same day it detailed OmniBook laptops that still have no price. The machines use NVIDIA RTX Spark, a Windows wrap of the GB10 chip NVIDIA already sells in a $4,699 desktop, and HP already lists that silicon on its own site for as little as $2,999.

The stock is up 32.2% over 90 days and 47.6% year to date. That move now asks buyers to treat an unpriced, multi-brand NVIDIA platform as HP’s own AI hardware story.

Two OmniBooks and a Desktop Wrap NVIDIA’s Chip

HP first previewed the line on June 1 in Taipei, then filled in the consumer pitch on September 4 in Berlin. Samuel Chang, senior vice president and division president of Consumer Personal Systems, tied the devices to local agents, open-source tools, and RTX graphics rather than to a new HP processor.

As AI transforms the way people create, develop, game, and work, HP is focused on delivering devices that help bring intelligent experiences directly into everyday workflows. The HP OmniBook Ultra 16, HP OmniBook X 14, and HP OmniDesk powered by RTX Spark represent a new generation of Windows PCs designed for developers, creators, gamers, and innovators who want local intelligent assistants and AI-powered applications, including open-source tools working alongside them.

Samuel Chang, Senior Vice President and Division President, Consumer Personal Systems, HP Inc., September 4 announcement

The Ultra 16 is the one HP is willing to spec in public. It uses a 16-inch 3K OLED panel (2880 x 1800, up to 120 Hz, DisplayHDR True Black 1000), a 99 Wh battery HP rates for up to 17 hours of video playback, and a rear trunk hinge that HP says is 15.73 mm thick. Memory steps are 32 GB, 64 GB, and 128 GB of unified LPDDR5X, with 1 TB or 2 TB of SSD. HP rates the top setup at up to 1 petaflop of FP4 AI performance. A 140 W USB-C GaN adapter is supposed to restore 50% charge in about 30 minutes. The chassis weighs 2.22 kg.

The OmniBook X 14 is the travel cut of the same idea: a 14-inch OLED, a rear height HP lists at 13.53 mm, up to 15 hours, and the same 140 W brick. HP has not posted a full memory or storage grid for that model. OmniDesk is the always-on compact desktop meant to keep agents running when the user walks away; HP said more details will come closer to sale. A separate OmniDesk Mini with Intel Core Ultra Series 3 is a different machine, due in August 2026, and is not the RTX Spark box.

OMNIBOOK RTX SPARK LINEUP

The Ultra 16 is available at HP.com and Best Buy this fall. The X 14 is due the same season at HP.com and other stores. In both cases HP said pricing will be provided closer to availability, which is the number the launch still withholds.

WHAT WE KNOW

• The chip family: RTX Spark is NVIDIA’s GB10 Grace Blackwell design, the same superchip used in DGX Spark, with a 20-core Arm CPU and a Blackwell GPU.
• The thinness claim: HP’s June 1 note called the OmniBooks the world’s thinnest RTX Spark laptops, citing 15.73 mm and 13.53 mm rear heights.
• The Windows bet: These SKUs ship with Windows, not NVIDIA’s DGX OS, so older x86 software has to run through Arm emulation.

WHAT IS UNCONFIRMED

• Laptop prices: HP has not posted a dollar figure for Ultra 16, X 14, or OmniDesk.
• OmniDesk hardware: Ports, memory, storage, and a ship date are still listed as later.
• Lower RTX Spark SKUs: NVIDIA has said the family will hit more price points, including smaller memory cuts, but HP has only described the premium OmniBook configs.

Early spec sheets also describe an 18-core, 5,120-core N1X cut beside the 20-core, 6,144-core chip. HP has not put that split in its own Berlin note, so it stays off the official grid until the company does.

The $2,999 Box HP Already Has on the Shelf

The awkward part of the OmniBook show is that HP is not waiting on RTX Spark to touch this silicon. The HP ZGX Nano G1n AI Station is already on HP’s store as a GB10 box running NVIDIA DGX OS, with 128 GB of unified memory and a Blackwell GPU. The 1 TB model is listed at $2,999. The 4 TB model is listed at $3,999.

That is the same Grace Blackwell package NVIDIA rates for up to 1 petaFLOP of FP4 AI performance, 128 GB of coherent LPDDR5x, 273 GB/s of memory bandwidth, and a 140 W chip in a 150 mm cube. NVIDIA’s footnote is blunt: the 1 petaflop number is theoretical FP4 using sparsity. Fine-tuning is listed up to about 70 billion parameters. Inference is listed up to about 200 billion. ConnectX-7 networking can link units for larger models.

NVIDIA’s own Founders-style DGX Spark launched near $3,999 in October 2025 and now shows as NVIDIA’s own DGX Spark at $4,699 after the LPDDR5x squeeze. HP’s ZGX Nano undercuts that list on the 1 TB cut and matches it on 4 TB. The OmniBooks are the Windows, OLED, battery-powered version of a product HP is already ringing up in Linux, minus a consumer price.

If the laptops land near those deskside tags, they are premium creator machines, not volume AI PCs. If they land far above them, HP has to explain why a thin chassis and a Windows image are worth the extra money when the company’s own Nano already has the superchip.

Every Major PC Brand Gets the Same Superchip

RTX Spark is not an HP exclusive. NVIDIA has already put the first Windows machines with Asus, Dell, HP, Lenovo, Microsoft, and MSI, and has talked about more than 30 laptops and more than 10 desktops from a wider partner list that also includes Acer and Gigabyte. HP’s job in that lineup is industrial design, thermals, the keyboard, and the channel.

HP said as much on September 3, after a six-laptop hands-on ranking put the OmniBook Ultra 16 first. The company’s official account did not claim a new HP chip. It said NVIDIA is building the horsepower, and that HP’s work sits between that power and the user’s hands.

NVIDIA's RTX Spark laptops arrive this fall. Tom's Guide got hands on all six of them last week, and the HP OmniBook Ultra 16 came out on top, the only machine in the highest tier of the ranking. High performance, a gorgeous OLED display, and one thing the reviewer kept coming… pic.twitter.com/l2uSSXAEXt

— HP (@HP) September 3, 2026

That split is the product strategy in one post. NVIDIA owns CUDA, the Blackwell GPU, the unified-memory pitch, and the agent software stack. HP owns hinges, OLED panels, Best Buy shelf space, and a Windows image on Arm. The first public reaction to NVIDIA’s own HP photos back in June was that the companies had done everything except reveal the price, and that gap is still open.

WHO ELSE IS SHIPPING GB10 THIS SEASON

• The first Wave: Asus, Dell, HP, Lenovo, Microsoft, and MSI have RTX Spark laptops in the fall group NVIDIA has already shown.
• The wider build: NVIDIA has described more than 30 notebooks and more than 10 desktops across those brands plus Acer and Gigabyte.
• The software fork: DGX Spark and HP’s ZGX Nano run DGX OS. RTX Spark machines run Windows, with x86 apps on emulation.
• The memory tax: Unified LPDDR5x is the reason the deskside box moved from $3,999 to $4,699, and it will sit inside every thin RTX Spark laptop too.

A 128 GB Blackwell laptop with native CUDA is a real machine, and it will look fast in demos of local agents and 12K-class timelines. It is also a NVIDIA platform story that several PC brands will tell at once. HP’s thinnest-in-class claim is a chassis argument, not a chip argument.

Personal Systems Rose 18% on 16% Fewer Units

The equity rally did not wait for those laptops. HP reported fiscal third-quarter results on August 26, then raised full-year non-GAAP EPS guidance to $3.19 to $3.29, including $0.19 from estimated tariff refunds. The prior range was $2.90 to $3.10. Free cash flow guidance moved to $3.0 billion to $3.2 billion.

Net revenue was $15.7 billion, up 12.5% year over year and 10.9% in constant currency. Non-GAAP diluted EPS was $0.83, up 10.7%, and that figure includes $0.11 of tariff refunds. Strip the refund and EPS is still above the $0.61 to $0.71 outlook HP had set. GAAP EPS was $0.71, down 11.3% from $0.80, because last year’s quarter had tax and litigation benefits that did not repeat.

Personal Systems, the PC bag, did $11.8 billion of that, up 18% (17% in constant currency), at a 4.6% operating margin. Consumer PC revenue rose 10%. Commercial PC revenue rose 22%. Total Personal Systems units fell 16%, with consumer units down 19% and commercial units down 14%. HP sold fewer boxes and collected more money per box.

Interim CEO Bruce Broussard said the company increased sales and share in premium products and improved memory supply and fulfillment. CFO Karen Parkhill called it a record third quarter for revenue and said EPS cleared the top of guidance. AI-capable PCs were 46% of Personal Systems shipments in the quarter, after 44% in fiscal Q2. Management has pointed to 60% to 70% in fiscal 2027 and more than 70% by fiscal 2028. That mix shift is already in the current PCs, which are largely Intel and AMD machines with NPUs, not the still-unpriced RTX Spark OmniBooks.

Q3 FY2026 SCORECARD

IDC’s worldwide PC tracker had unit shipments down 4.9% in calendar Q2 and has talked about PC prices up about 20% this year. HP is on the same path, only louder: commercial revenue up in the low twenties, units down in the mid-teens. Memory costs are the other side of that ASP story, which is why Parkhill keeps talking about a hard cost environment even as the top line prints records.

An 18.1% Print Margin Against 4.6% on PCs

Printing is the quieter half of the rerating. The segment did $3.9 billion, down 2% (down 4% in constant currency), and still posted an 18.1% operating margin. Supplies fell 3%. Hardware units fell 7%. Consumer print units fell 9% and commercial print units fell 2%. That is a shrinking hardware installed base with a supplies stream that still drops a lot more profit per dollar than PCs do.

Personal Systems at 4.6% margin on $11.8 billion produced less operating profit than Printing at 18.1% on $3.9 billion. The AI PC narrative lives in the larger, thinner-margin segment. The cash narrative still leans on ink, toner, and a print book that is slowly getting smaller.

Cash conversion is the reason the stock has holders who do not care about GB10. Operating cash flow was $1.7 billion. Free cash flow was $1.6 billion after $187 million of net capex and a small lease item. HP paid $274 million of dividends at $0.30 a share and spent $300 million buying about 12.2 million shares, an average of about $24.59. Gross cash ended at $4.2 billion. Year-to-date free cash flow was more than $2.5 billion, and cash returned to shareholders was more than $1.5 billion.

The annual dividend is $1.20, a 3.68% yield at $32.64, with the next $0.30 slice going ex-dividend on September 9 and payable on October 7. Trailing free cash flow yield sits near 13.19%, and the price-to-free-cash-flow multiple is about 7.58. Those are cash-return stats, not AI-platform stats.

$32.64 Versus a $23.41 Cash-Flow View

At $32.64, HP’s market cap is $29.43 billion on 901.79 million shares. Trailing twelve-month EPS is $2.62, so the stock trades at 12.5 times those earnings. Trailing sales are $59.16 billion. Net income over the same window is $2.45 billion. Enterprise value is $35.60 billion. Dell, the closest large PC peer with a clean tape, sits at 28.57 times earnings. HP is not expensive on that lens.

A discounted cash flow estimate of $23.41 still says the opposite. That screen is 39.4% below the last close and treats the recent multiple expansion as a mood, not a new earnings path. The average 12-month target among 17 analysts is $29.46, which is 9.7% below $32.64 and sits in Hold territory. The stock is above the Street, above the cash-flow screen, and still cheap next to Dell if earnings hold.

HPQ AT THE SEPTEMBER 4 CLOSE

• Last close: $32.64, up $0.71, or 2.22%, from $31.93, after a session that traded as high as $32.78.
• Trailing multiple: 12.5 times $2.62 of TTM EPS, with fiscal 2026 non-GAAP EPS guided to $3.19 to $3.29 including $0.19 of tariff refunds.
• Cash-flow screen: $23.41, which is 39.4% under the close.
• Street target: $29.46 average from 17 analysts, 9.7% under the close.

Fourth-quarter non-GAAP EPS is guided to $0.69 to $0.79, including $0.08 of tariff refunds, so the year finishes on a softer print than Q3. GAAP for the year is $2.52 to $2.62, also including $0.19 of refunds. Anyone who capitalizes HP as an AI hardware company is paying 12.5 times earnings for a print-and-PC mix whose extra $0.19 of EPS is a trade policy item, not a GB10 royalty.

The 90-day gain of 32.2% did most of the damage to the old cheap-stock pitch. One-year total shareholder return is 18.2%. Five-year total shareholder return is 41.6%. The long compounding was slow. The last quarter of tape was not. Q3 buybacks at about $24.59 look clever only because the close is now $32.64; they also show what the board was willing to pay before the RTX Spark week.

The Windows 11 Tail Is Already Mostly Spent

Parkhill has told analysts that roughly 70% of the Windows 11 refresh cycle is complete. That matches the earlier comment that about 30% of the installed base was still on Windows 10. The remaining third is a tail, not a new boom, and a lot of it is small business rather than the large fleets that already turned over. HP can still harvest that tail at higher average prices. It cannot pretend the clock is at the start of the cycle.

Units down 16% with revenue up 18% is what a late refresh plus memory inflation looks like. AI PC mix at 46% is HP putting NPUs into the boxes that were going to ship anyway. RTX Spark is a different, much smaller slice: Arm, unified 128 GB, CUDA, OLED, no price, fall availability, and five other logos on the same NVIDIA slide.

HOW THE PITCH STACKED UP

1. October 2025: NVIDIA and partners start shipping DGX Spark, the GB10 deskside box, near $3,999.
2. June 1, 2026: HP previews OmniBook Ultra 16 and OmniBook X 14 as RTX Spark Windows laptops and claims the thinnest chassis in the class.
3. August 26, 2026: HP posts $15.7 billion of Q3 revenue, a 16% unit drop in Personal Systems, and raises fiscal 2026 non-GAAP EPS to $3.19 to $3.29.
4. September 3, 2026: HP’s official account says NVIDIA supplies the horsepower and HP supplies the machine around it.
5. September 4, 2026: HP names fall retail windows, still withholds prices, and HPQ closes at $32.64.

The Ultra 16 can still be a strong laptop when it reaches HP.com and Best Buy this fall. The share price has already treated that event as if the price list, the unit plan, and HP’s exclusive claim to the chip were settled, and none of those three things is settled.

Disclaimer: This article is news reporting and analysis of HP Inc., its RTX Spark PCs, and publicly available market data. It is informational only and is not investment advice, a recommendation to buy or sell HPQ, or a valuation opinion tailored to any reader. Anyone considering a position in HP or in competing PC and semiconductor names should consult a licensed financial adviser or broker who can weigh personal objectives, time horizon, and risk. Share prices, earnings guidance, product timing, and list prices are taken from company statements and market prints as of the dates named above and can change with the next session, the next filing, or the first OmniBook price tag.