Core Insights - Lenovo Group reported a record high revenue of 146.4 billion RMB for Q2 of FY 2025/26, marking a 15% year-on-year increase, with adjusted net profit rising by 25% to 3.66 billion RMB, indicating a sustained recovery in core business profitability [1][2] - The company's AI-related business revenue now accounts for 30% of total revenue, a significant increase of 13 percentage points year-on-year, highlighting the transformation of AI from a technological reserve to a substantial performance pillar [1] Business Segment Performance - In the IDG smart devices segment, revenue reached 108.1 billion RMB, up 12% year-on-year, with Lenovo's global PC market share surpassing 25% for the first time, leading the second competitor by 5.7 percentage points [2] - AI PCs emerged as a key growth driver, with Lenovo holding a 31.1% share in the Windows AI PC market, and AI terminal devices contributing 36% to revenue [2] - The infrastructure and services segment also experienced double-digit growth, with ISG infrastructure solutions revenue approximately 29.3 billion RMB, up 24% year-on-year [2] - Lenovo's liquid cooling technology revenue surged by 154% as AI computing shifts towards edge-side inference, while AI server revenue also saw high double-digit growth [2] - SSG solutions and services revenue grew by 18% year-on-year, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [2]

By Che Pan and Brenda Goh BEIJING (Reuters) -Lenovo said on Thursday it has signed long-term contracts for memory chips to ensure ​supplies amid rising memory prices because of surging AI demand. "We signed ‌the optimal contract with key component suppliers to ensure we have enough supply for next year," CEO ‌Yang Yuanqing told Reuters after the release of Lenovo's second-quarter results. Global memory chip prices are climbing due to demand from data centre operators for building artificial intelligence ...

Core Insights - Lenovo Group reported record financial results for Q2 FY 2025/26, with total revenue reaching US$20.5 billion, a 15% increase year-on-year, and adjusted net income growing 25% to US$512 million [1][6][15] - The company achieved double-digit revenue growth across all business groups and geographies, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [2][3] Financial Performance - Group revenue for Q2 FY 2025/26 was US$20,452 million, compared to US$17,850 million in Q2 FY 2024/25, reflecting a 15% increase [6][15] - Adjusted net income rose to US$512 million from US$409 million, marking a 25% increase year-on-year [6][17] - Basic earnings per share decreased to 2.77 US cents from 2.92 US cents, a decline of 5% [6][17] Business Strategy and Growth - Lenovo's strategy focuses on hybrid AI, with significant advancements in Personal AI and Enterprise AI, aiming to personalize AI for individuals and enterprises [3][5] - The Intelligent Devices Group (IDG) reported nearly 12% revenue growth to US$15.1 billion, with a 25.6% market share in PCs, reinforcing its market leadership [11] - AI PC shipments accounted for 33% of total shipments, with Lenovo leading the Windows AI PC segment at 31.1% market share [11] AI and Innovation - The AI-related revenue mix increased significantly, driven by high-double-digit growth in AI Servers and triple-digit growth in AI PCs, smartphones, and services [2][3] - Lenovo's Personal AI strategy aims to enhance consumer demand for hyper-personalization, launching a Personal AI super agent in January 2026 [8] - The Enterprise AI strategy is designed to transform data into actionable insights, with a focus on on-premises and edge inferencing [9] Corporate Developments - Lenovo's Board declared an interim dividend of 8.50 HK cents per share, reflecting the company's commitment to delivering sustainable returns to shareholders [4] - The company has been recognized for its supply chain excellence, ranking 8th in the Gartner Supply Chain Top 25 for 2025 [21] - Lenovo's factory in Monterrey, Mexico, was added to the World Economic Forum's Global Lighthouse Network, highlighting its manufacturing capabilities [16]

Core Viewpoint - Apple's stock has experienced significant growth over the past 20 years, but concerns about its future growth potential have emerged as it transitions from a high-growth startup to a mature company [1][2][3]. Company Performance - Over the last 20 years, Apple's stock has grown by 15,308%, delivering an annualized return of 28.63% [1]. - Apple is currently the third largest corporation in the world, with a market capitalization of approximately $3.7 trillion [2]. Growth Expectations - Analysts warn that Apple is now a slow-growth company, with expectations of disappointing returns for shareholders in the coming years [3]. - As of 2025, Apple's stock has returned nothing and only offers a small dividend [3]. Market Exposure - Apple constitutes a significant portion of many index funds and ETFs, making up 6.14% of the S&P 500 and 11.39% of the Nasdaq 100 [4]. - Broad market ETFs like VTI also have Apple making up over 5% of their portfolios, leading to potential overexposure for investors [5]. Investment Caution - Investors are advised to be cautious about holding too much individual Apple stock due to its heavy representation in broader funds [6]. - Warren Buffett's Berkshire Hathaway has been selling off Apple stock, reducing holdings by more than half, indicating a shift in investment strategy [6]. - Current forward Price/Earnings (P/E) ratio for Apple is 29, with some analysts suggesting a target P/E of 20 for a more favorable investment [6].

Core Insights - Apple's resurgence in China is notable, with the iPhone 17 series capturing 25% of the smartphone market, marking a 37% year-over-year sales increase in October, the first such milestone since 2022 [1][4] - All iPhone 17 models are outperforming their iPhone 16 counterparts by double-digit percentages, supporting CEO Tim Cook's optimism for growth in China this quarter [2] - New iPhone models now represent over 80% of Apple's unit sales in China, with higher average selling prices expected to boost revenue during the holiday season [4] Financial Performance - In fiscal Q4 of 2025, Apple reported revenue of $102.5 billion, an 8% year-over-year increase, with adjusted earnings of $1.85 per share and Services revenue growing 15% to nearly $29 billion [5] - The iPhone revenue reached $49 billion in the quarter, a 6% year-over-year increase, with potential for higher figures if demand could be fully met [6] - The Services division surpassed $100 billion in annual revenue for fiscal 2025, growing 14% year-over-year, indicating broad-based strength across categories [7] Market Dynamics - Apple faces competition from Chinese smartphone manufacturers like Huawei, Xiaomi, and Oppo, but the premium positioning of the iPhone continues to resonate with consumers despite a sluggish economic environment [4] - CEO Tim Cook indicated that supply constraints were due to lower demand forecasts rather than manufacturing issues, with expectations for double-digit iPhone growth in the current quarter [6]

Core Insights - ASUS is launching a full lineup of limited-time offers for Black Friday and Cyber Monday, starting November 21, with discounts up to C$750 and 50% off on various devices [3][4][6] Promotions and Discounts - The holiday season promotions include significant savings on laptops, desktops, and Chromebooks, catering to students, professionals, creators, and gamers [4][5] - Early access to Black Friday savings will feature a curated selection of ASUS devices, with standout deals such as the ASUS Zenbook DUO reduced from C$2,499 to C$1,999, and the ASUS Zenbook A14 from C$1,399 to C$999 [5][6] - Additional discounts will be available on Black Friday and Cyber Monday, with deals accessible at major retailers including Amazon, Best Buy, and Walmart [6][8] Product Highlights - The ASUS Zenbook DUO features dual 3K 14" OLED touchscreens, an Intel Core Ultra 9 processor, 32GB RAM, and 1TB SSD, ideal for multitaskers [5] - The ASUS Vivobook 16, now priced at C$799, offers a powerful AMD Ryzen AI 5 processor, 16GB RAM, and 1TB SSD, designed for strong performance and ample storage [7] - The ASUS TUF Gaming F16, reduced to C$1,149.99, includes an Intel Core i5 processor and NVIDIA GeForce RTX 5050, targeting gamers seeking reliable performance [9] Upcoming Offers - Starting November 28, ASUS will introduce its largest Black Friday and Cyber Monday savings, featuring premium devices across all categories [15] - Notable upcoming deals include the ROG Strix SCAR 18, reduced from C$4,499 to C$3,799, and the ROG Flow Z13, now priced at C$2,699 [16]

Core Insights - Berkshire Hathaway has significantly reduced its stake in Apple, selling 677,347,618 shares over two years, which is a 74% reduction, including 41,787,236 shares sold in Q3 2023 [1][3][5] - Warren Buffett's investment strategy is rooted in value investing, and he is known for selling stocks when he believes they are no longer a good deal, despite being a long-term optimist [2][4] - The latest 13F filing revealed that while Apple was a major holding, Berkshire has introduced Alphabet as a borderline core holding, purchasing 17,846,142 shares valued at over $4.3 billion [3][11][12] Apple Inc. Insights - Apple's growth has stagnated, particularly in physical device sales, with subscription services being the only bright spot [7] - The company's valuation has reached a trailing-12-month P/E ratio of nearly 37, which is a 22% premium compared to its average over the past five years [8] - Buffett's selling of Apple shares suggests that it is no longer perceived as a bargain, indicating a shift in investment sentiment towards the company [9] Alphabet Inc. Insights - Alphabet has a sustainable competitive advantage, holding 89% to 93% of the global internet search market, which supports its advertising pricing power [13] - The company is experiencing significant growth in its Google Cloud segment, with a 25% increase in sales year-over-year, and a revenue run rate exceeding $60 billion [15] - Alphabet's financial health is strong, with $98.5 billion in cash and cash equivalents, allowing for aggressive investments and shareholder returns [16] - The projected annual sales growth rate for Alphabet is 13% to 14%, suggesting better long-term upside compared to Apple, despite a TTM P/E ratio of 27 [17]

Core Insights - vivo Communication Technology Co., Ltd. has announced the launch of the vivo S50 Pro mini smartphone, which will be the first globally to feature the fifth-generation Snapdragon 8 mobile platform [1] - The new device is positioned as "SSS-level Battle Angel" and utilizes a performance combination of "Snapdragon 8 Gen5 + LPDDR5X + UFS4.1," achieving benchmark scores exceeding 3 million under normal room temperature conditions [1] Summary by Sections - **Product Launch**: The vivo S50 series is set to be released in December, with the internal code name "Battle Angel" and a design focus on simplicity and lightweight [3] - **Specifications**: The model V2528A has passed 3C certification on November 5, supporting 90W fast charging, which is expected to be part of the vivo S50 series [3] - **Upcoming Technology**: Qualcomm has officially announced that the fifth-generation Snapdragon 8 (Snapdragon 8 Gen5) mobile platform will be unveiled on November 26 [3]

Core Insights - Apple's first foldable smartphone, iPhone Fold, has made significant progress with its core "no crease" screen officially finalized [1] - Foxconn, a key supply chain partner, has established a dedicated production line for the iPhone Fold [1] - However, challenges remain as the hinge and battery components have not yet met mass production requirements, posing major obstacles to product launch [1]

Core Insights - Apple Inc. is considered one of the most profitable stocks to buy currently, with a price target raised from $180 to $230 by Barclays, although they maintain a Sell rating [1] - KeyBanc's analysis indicates a 4% month-over-month decrease in October, which is better than the three-year average decline of 8%, but still reflects a 12% year-over-year decline [2] - Apple reported fiscal Q4 2025 results with a revenue growth of 7.94% year-over-year to $102.47 billion, surpassing expectations, driven by record iPhone and Service revenues [3] Financial Performance - Fiscal Q4 2025 revenue reached $102.47 billion, exceeding expectations by $215.52 million, marking a record for the September quarter [3] - Earnings per share (EPS) for the quarter was $1.85, which was $0.08 above expectations [3] - Record iPhone revenue was $49.025 billion, and Service revenue reached an all-time high of $28.750 billion [3] Market Analysis - Despite the weak data from Key First Look Data, hardware revenue for fiscal Q1 2026 is expected to align with expectations, although iPhone revenue may fall slightly below [2] - The company's performance continues to exceed historical averages, indicating resilience in its business model [2]