Ge Long Hui·2025-11-20 05:35Core Viewpoint - Lenovo's CEO Yang Yuanqing expressed optimism about the growth of the PC market driven by AI technology, countering concerns about an AI bubble and emphasizing the ongoing demand for AI applications across various sectors [1][2]. Group 1: AI Bubble Debate - Yang stated that there is no AI bubble, highlighting that AI encompasses more than just large language models, including computer vision, autonomous driving, and industrial automation, with widespread applications still in the early stages [2]. - This perspective aligns with views from industry leaders and economists, such as Nobel laureate Michael Spence, who described current AI investments as a "rational bubble" where the cost of under-investment outweighs the risks of over-investment [2]. - NVIDIA's CEO Jensen Huang noted that the AI industry is in the early stages of building a multi-trillion-dollar intelligent economy, contrasting the current situation with the internet bubble era [2]. Group 2: Response to Storage Chip Price Increases - Yang addressed the cost pressures from the storage chip market, attributing them to increased demand driven by rapid AI development, and indicated that price fluctuations may continue into next year [3]. - Lenovo's strong supply chain management and long-term partnerships with suppliers allow the company to secure critical component supplies and mitigate cost impacts on profits [3]. - Analysts believe Lenovo's resilience during the storage chip price increase is due to its high proportion of enterprise clients, which focus on total cost of ownership rather than price sensitivity [3]. Group 3: PC Market Growth Prospects - Yang indicated that the upgrade cycle for Windows 10 PCs is not yet over, which will continue to support market growth for several quarters [5]. - The core growth driver for the PC market is the rise of AI PCs, which enhance user experience through localized AI features [5]. - Lenovo forecasts a 5%-10% growth in the global PC market by 2026, driven by the end of Windows 10 updates and the proliferation of AI PCs, with confidence in maintaining double-digit growth for the year [5]. Group 4: Strategic Outlook on AI Infrastructure - Lenovo is accelerating its focus on enterprise-level AI infrastructure, shifting the AI computing focus from public cloud training to local data centers and edge-side inference [6]. - The company plans to promote intelligent transformation for enterprise clients through hybrid AI solutions and customized services, which will open new market opportunities [6]. - This strategic shift is expected to help Lenovo's infrastructure business return to profitable growth [6].