The winner in this scenario could be Lenovo. Agrawal said it's too tough to predict how things might play out if PSG was spun off from HP, but he noted that Lenovo has been building out its U.S.-based channel presence and has seen steady growth since 2011, when HP indicated plans to spin off its PC unit. (There's some historical tech humor here: Lenovo acquired the PC business of IBM, which has subsequently thrived in software and services.)