Nvidia has expanded into the personal computer market with its RTX Spark chip, aiming at premium AI PCs. This move creates competitive pressure on the client processor ecosystem where AEM Holdings, a Singapore-listed semiconductor chip testing firm, counts many of its major customers [1, 2, 3].
The RTX Spark chip features a CPU with up to 20 computing cores paired with a Blackwell-generation GPU containing 6,144 cores sharing built-in memory. It will appear in laptops and desktops from PC brands including Dell Technologies and Lenovo Group [1, 2, 3].
This ramp-up poses share shift risks for incumbent x86 client CPU players and introduces a new watchpoint for AEM’s business, as its customers may be affected by Nvidia’s new PC-centric architecture [1, 2, 3]. Despite this, DBS Group Research analysts say the impact is "not entirely negative" because AEM’s broader AI exposure in data-centre GPUs and advanced compute sectors should be less affected by the PC market shift [1]. They stated, "AEM’s broader AI exposure, including data-centre GPU (graphics processing unit) and advanced compute opportunities, should be less directly affected by a PC-focused competitive shift" [1].
Nvidia’s entry is challenged by meaningful adoption barriers, including Windows-on-Arm compatibility, legacy enterprise application support, and ecosystem inertia, which may slow any immediate disruption to incumbents [1, 2, 3].
On June 2, 2026, AEM’s shares closed at S$9.77, down S$0.63 or 6.1%, reflecting investor caution over Nvidia’s PC push [1, 2, 3]. However, DBS maintained its 12-month buy rating and target price for AEM at S$11.80, unchanged since May 13 [1, 2, 3].
DBS analysts first highlighted Nvidia’s PC push impact on AEM Holdings on June 2, 2026, while retaining their target price set earlier on May 13 [1, 2, 3].
