Unprecedented AI boom lifts Lenovo

Lenovo (0992) saw its first-quarter net profit leap 38 percent year-on-year to US$243 million (HK$1.89 billion).

The surge was due to "unprecedented opportunities" presented by hybrid artificial intelligence and the success of its service-led transformation, it said.

For the three months ending in June, revenue rose by 20 percent to US15.45 billion, as the returns from the infrastructure solutions group, which includes server and other software businesses, topped US$3 billion for the first time, jumping 65 percent year-on-year.

Lenovo maintained its top position in the global personal computer market with a 23 percent share, according to International Data Corporation.

The global PC market recovery has been partly fueled by the emerging trend of "AI PCs," personal computers equipped with specialized chips optimized to run AI software.

Lenovo has been among the first in the industry to unveil AI PCs, including two models in May. The president of intelligent devices group Luca Rossi said that by 2026, more than 60 percent of Lenovo's shipped PCs will be AI PCs.

June Chen and Reuters