IT Hardware – Lateral Reads from Lenovo Investor Day

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IT Hardware – Lateral Reads from Lenovo Investor Day

Technology | IT Hardware & Networking

June 25, 2026

Amit Daryanani IT Hardware – Lateral Reads from Lenovo

415-800-0185

amit.daryanani@evercoreisi.com Investor Day

Irvin Liu ALL YOU NEED TO KNOW: Earlier today, we attended Lenovo’s (Not

415-800-0183 Rated) Investor Day in New York. Key points from the event that have

irvin.liu@evercoreisi.com broad implications to our coverage are as follows: 1) Hybrid AI is the

Victor Santiago Central Strategy: AI is expected to not only live on cloud but spread

212-653-9014 across devices, edge, on-prem, and private data environments. This is

Victor.Santiago@evercoreISI.com driven by privacy, cost, latency, and “tokenomics.” Management

Hannah Liu expects enterprises to care more about cost per token, model choice,

212-812-2905 data location, latency, privacy, and where inference runs. This supports

hannah.liu@evercoreISI.com the case for more AI moving on-prem or to the edge, a positive read-

Caden Dahl through for edge assets (AAPL/DELL/HPQ) and on prem infrastructure

212-653-9034

providers (DELL/ NTAP/HPE/P/CSCO). 2) AI Infrastructure TAM + Caden.Dahl@evercoreisi.com

Execution: Management expects infrastructure TAM to reach $1.3T by

2030 with accelerated compute and enterprise inference as key growth

pools. The strategy is ODM+ for hyperscalers / AI clouds and OEM for

enterprise and SMB AI deployments. 3) Personal AI to Move into AI

Ecosystem: The pitch increasingly becomes “one personal AI and

multiple devices.” Lenovo’s Qira is a personal AI agent that will work

across PCs, smartphones, tablets and other AI native devices with

orchestration between local and cloud depending on cost, privacy and

workload needs. 4) Services to Grow with AI: SSG’s addressable