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The world's largest PC manufacturer needs to expand its mobile phone business! Yang Yuanqing: AI is definitely not a bubble, Lenovo's bet on this direction must be good

2024-08-16

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According to Fast Technology on August 16, Yang Yuanqing said in a recent public interview that AI is by no means a bubble and Lenovo will not be wrong to bet in this direction.

Lenovo Group announced its first quarter results for the 2024/25 fiscal year ending June 30, 2024: revenue of RMB 111.9 billion, a year-on-year increase of 20%; net profit in accordance with non-Hong Kong financial reporting standards was nearly RMB 2.3 billion, a significant year-on-year increase of 65%; businesses other than PC accounted for nearly 47%.

When talking about the topic of AI bubble, Yang Yuanqing, chairman and CEO of Lenovo Group, said that AI is by no means a bubble and AI will definitely penetrate into all walks of life in the future.

He emphasized that the so-called AI bubble is caused by many manufacturers "blocking" on large models, "but don't rush to walk on a single-plank bridge, there is more than one path for AI."

He believes that public AI alone is not enough, and the future must be a hybrid intelligence consisting of public intelligence and private intelligence. Hybrid intelligence can make AI better implemented. "Lenovo is betting in this direction and it will definitely not be wrong."

Lenovo CEO Yang Yuanqing said he was satisfied with the group's revenue performance, emphasizing that all of Lenovo's businesses were growing, "but the PC business, which everyone is most concerned about, had the lowest growth (8%)."

According to Yang Yuanqing, Lenovo's goal is to achieve 10% of AI PC shipments in the Chinese market by the end of this year, 25% in the global market next year, and ultimately more than half of the global market by 2027.

Yang Yuanqing said that he was not surprised by the high growth rate of the mobile phone business, and Lenovo's strategy is still to take the high-end product route. He also mentioned that Lenovo Razr foldable screen mobile phone ranked first in the US market share, while Samsung ranked second.

Regarding the future strategy of the smartphone business, Yang Yuanqing said Lenovo needs to continue to consolidate its existing market share overseas, especially in North America, and then step up its offensive in Europe and the Asia-Pacific market.