Hold onto your hats people, Lenovo to invest $1B in AI as hardware sales falter
The Intelligent Devices Group - which houses PCs and smartphones - accounted for $10.26 billion of the $12.9 billion in total sales, and although Lenovo is forecasting an uplift in PC orders, it is trying to spin up revenues generated by its other biz units - server and storage, and services - to diversify its revenue streams.
The challenge is that in addition to struggles in the device market, Lenovo reckons the infrastructure tech market is also facing headwinds as customers deal with a post-pandemic economy. What to do? Step up AI, seen by some vendors as a panacea, an area Lenovo is to plough more money into. “Over the next three years, we will invest an additional $1 billion to accelerate AI deployment for businesses around the world, focusing on AI devices, AI infrastructure and AI solutions,” said Yanqing Yang, Lenovo boss, on last week’s conference call.
“We will continue to invest in developing AI-ready and AI-optimized infrastructure, such as AI Edge, AI Hybrid Cloud as well as server and storage that support AI-centric workloads,” he added. Lenovo recently made public a fresh line of AI server products for Chinese customers, designed to tap into demand from local businesses wanting to develop AI services including generative AI.
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