Lenovo Gr에 대한 매도 수량은 투자자에게 Lenovo Gr의 주식 하락에 베팅하는 정도를 알려줍니다. 매도 수량 데이터는 2주마다 업데이트됩니다.

Lenovo Gr (OTC:LNVGY) 주식, 공매도 수량 보고

Lenovo Gr

Lenovo is a global technology hardware company with a leading market share in personal computers. Its operations are divided into three main business segments: PC and smart devices, mobile, and data center, which we expect to account for 60%, 13%, and 17% of sales in the midterm, respectively. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 16% of overall sales in fiscal 2022, from 6% in 2015.

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애플(NASDAQ:AAPL)은 2분기에 개인용 컴퓨터 출하량이 20.8% 증가하여 글로벌 PC 제조업체 중 가장 큰 성장을 기록했다. 어떤 일이 (What Happened): 역사적 불황을 겪었던 PC 산업이 2분기 연속 성장세를 보이며 회복 조짐을 보이고 있다.

애플, 전 세계 PC 제조업체들 중 가장 큰 성장률 기록, 출하량이 20.8% 급증 - IDC

LENOVO GROUP LTD S/ADR by Lenovo Group Ltd.

Lenovo Group Ltd

Lenovo Group Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) has started making artificial intelligence servers at its Puducherry facility in India to diversify its manufacturing facilities away from Taiwan.
Lenovo has also opened a new Research and Development (R&amp;D) lab in Bengaluru, joining its global network of 18 R&amp;D labs.
The facility can produce 50,000 enterprise AI rack servers and 2,400 advanced GPU units annually, the Firstpost <a target="_blank" href="https://www.firstpost.com/tech/lenovo-isg-to-make-ai-servers-with-nvidia-amd-intel-chips-in-india-aims-to-export-60-of-outputs-13816647.html" rel="noreferrer noopener">reports</a>.
Lenovo looks to export over 60% of the servers produced at this facility to Asia-Pacific.
The AI server market was worth $38.3 billion in 2023 and, according to <a target="_blank" href="https://www.gminsights.com/industry-analysis/ai-server-market" rel="noreferrer noopener">Global Market Insights</a>, could report an 18% CAGR between 2024 and 2032, backed by the adoption of AI across various industries. In 2023, Lenovo announced a $1 billion investment between fiscal 2023 and 2025 to accelerate AI deployment.
However, a significant event had a major impact on the AI server market. Critical AI server company Super Micro Computer, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) was scrutinized after a Hindenburg report flagged <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40606308/super-micro-computer-short-report-shows-limited-evidence-of-accounting-wrongdoing-a" target="_blank" rel="noreferrer noopener">accounting malpractices, sanctions evasion</a>, and more.
The stock plunged 30% in the last 30 days as multiple <a target="_blank" href="https://www.benzinga.com/quote/SMCI/analyst-ratings" rel="noreferrer noopener">analysts downgraded the rating</a>. Earlier in 2024, KeyBanc&nbsp;analyst Thomas Blakey expected Super Micro Computer to reach a 23% share of the AI server market <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38413805/ai-server-market-is-expanding-rapidly-analysts-highlight-super-micro-computers-impo" rel="noreferrer noopener">in calendar 2024</a>.
Goldman Sachs analyst Michael Ng and JP Morgan analyst Samik Chatterjee called out Dell Technologies Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) AI server margins, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40658465/dells-ai-server-margins-and-pc-market-recovery-signal-earnings-growth-say-analysts" target="_blank" rel="noreferrer noopener">signaling the upside thereof</a>.
Photo by Robert Way via Shutterstock

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Lenovo Expands AI Server Production in India, Targets Major Exports to Asia-Pacific

Multi-year deal will bring SentinelOne's Singularity Platform and Purple AI to millions of new Lenovo PCs
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sentinelone.com%2F&amp;esheet=54121970&amp;newsitemid=20240916836771&amp;lan=en-US&amp;anchor=SentinelOne&amp;index=1&amp;md5=40b98070c47abd74bd3a48b6f7b89a43">SentinelOne</a>&#xAE; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) and <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.lenovo.com%2Fus&amp;esheet=54121970&amp;newsitemid=20240916836771&amp;lan=en-US&amp;anchor=Lenovo&amp;index=2&amp;md5=32817731036e9084fca5d07c5934cdc2">Lenovo</a> (HKSE: 992) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) today announced a multi-year collaboration to bring AI-powered endpoint security to millions of Lenovo devices across the globe. Lenovo will include SentinelOne's industry-leading <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sentinelone.com%2Fplatform%2F&amp;esheet=54121970&amp;newsitemid=20240916836771&amp;lan=en-US&amp;anchor=Singularity%26%238482%3B+Platform&amp;index=3&amp;md5=86691903627fac5dc0df7e50d57a2910">Singularity&#x2122; Platform</a> and generative AI capabilities (<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sentinelone.com%2Fplatform%2Fpurple%2F&amp;esheet=54121970&amp;newsitemid=20240916836771&amp;lan=en-US&amp;anchor=Purple+AI&amp;index=4&amp;md5=eab8d45925421a2f1965a8e4960271f7">Purple AI</a>) in new PC shipments, as well as offer upgrades to existing customers to expand its ThinkShield security portfolio and autonomously protect devices from modern attacks.

SentinelOne And Lenovo Collaborate To Protect Lenovo PCs With Embedded AI Security

Earnings

Lenovo Group Q1 EPS $1.92 Up From $1.43 YoY, Revenue $15.447B Up From $12.9B YoY

<a href="https://www.usitc.gov/press_room/news_release/2024/er0808_65743.htm">https://www.usitc.gov/press_room/news_release/2024/er0808_65743.htm</a>
&nbsp;
The U.S. International Trade Commission (USITC) voted to institute an investigation of certain NAND memory devices and electronic devices containing the same. The products at issue in the investigation are described in the Commission's <a href="https://www.usitc.gov/sites/default/files/secretary/fed_reg_notices/337/337_1412_notice08082024sgl.pdf">notice of investigation</a>.
The investigation is based on a complaint filed by MimirIP LLC, of Dallas, TX, on July 8, 2024, and supplemented on July 26, 2024. The complaint alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain NAND memory devices and electronic devices containing the same that infringe patents asserted by the complainant. The complainant requests that the USITC issue a limited exclusion order and cease and desist orders.&nbsp;
The USITC has identified the following respondents in this investigation:
<ul>
<li>Micon Technology Inc., Boise, ID&nbsp;</li>
<li>Acer Inc., New Taipei City 221, Taiwan</li>
<li>Acer America Corp., San Jose, CA&nbsp;</li>
<li>HP, Inc., Palo Alto, CA&nbsp;</li>
<li>Kingston Technology Company, Inc., Fountain Valley, CA&nbsp;</li>
<li>Lenovo Group Limited, Quarry Bay, Hong Kong&nbsp;</li>
<li>Lenovo (United States) Inc., Morrisville, NC&nbsp;</li>
</ul>
By instituting this investigation (337-TA-1412), the USITC has not yet made any decision on the merits of the case. The USITC's Chief Administrative Law Judge will assign the case to one of the USITC's administrative law judges (ALJ), who will schedule and hold an evidentiary hearing. The ALJ will make an initial determination as to whether there is a violation of section 337; that initial determination is subject to review by the Commission.&nbsp;
The USITC will make a final determination in the investigation at the earliest practicable time. Within 45 days after institution of the investigation, the USITC will set a target date for completing the investigation. USITC remedial orders in section 337 cases are effective when issued and become final 60 days after issuance unless disapproved for policy reasons by the U.S. Trade Representative within that 60-day period.

Legal

'U.S. International Trade Commission Institutes Section 337 Investigation Of Certain NAND Memory Devices And Electronic Devices Containing The Same'

Intel Capital, the venture arm of Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), is standing out as a notable foreign investor in <a target="_blank" href="https://www.benzinga.com/topic/artificial-intelligence" rel="noreferrer noopener">Chinese AI and semiconductor startups</a>.
This comes as the $147 billion chipmaker is receiving major funding from Washington to compete technologically with Beijing.
Intel's involvement in Chinese tech, particularly AI, has raised national security concerns in the U.S.
Globally, the venture arm has deployed over $20 billion since the 1990s under the leadership of Anthony Lin in San Francisco.
Intel Capital has stakes in 43 China-based tech startups. Since its formation, the venture fund has invested in over 120 Chinese companies, reported <a target="_blank" href="https://www.ft.com/content/0217cab2-c9a3-4ffa-993a-39874d6d803f" rel="noreferrer noopener">Financial Times</a>.
Earlier this year, Intel Capital participated in a $20 million fundraising for Shenzhen-based AI-Link, a 5G and cloud infrastructure firm and had led a $91 million funding round for Shanghai's micro-optics hardware producer, North Ocean Photonics, in 2022.
In June, the Biden administration announced new rules to limit <a target="_blank" href="https://www.benzinga.com/markets/asia/24/06/39279319/biden-mulls-new-restrictions-on-chinas-advanced-ai-chips-access-report" rel="noreferrer noopener">U.S. financing for Chinese technology</a> with potential military applications. The rules, whose primary target is AI and quantum computing, are expected to be sealed this year.
The company has notably slowed its Chinese investments, completing only three deals since early 2023, FT report says.
Intel Capital's portfolio in China includes 16 AI startups and 15 semiconductor companies, among others, according to the report.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39746962/chip-maker-intel-aims-for-1b-in-software-revenue-by-2027" rel="noreferrer noopener">Chip Maker Intel Aims For $1B In Software Revenue By 2027</a>
With the new U.S. regulations, Intel might be compelled to divest from some investments, although exemptions for certain venture transactions are being considered.
Meanwhile, Intel secured a <a target="_blank" href="https://www.benzinga.com/general/politics/24/03/37852118/intels-chips-act-funding-could-mean-profits-for-3-congress-members" rel="noreferrer noopener">substantial $20 billion in U.S. government</a> grants and loans in March to expand its domestic semiconductor production, reflecting the significant support for the U.S. chip industry under the 2022 Chips and Science Act.
Intel's large-scale operations in China, employing around 12,000 people and contributing 27% of its global revenue in 2023, illustrate the intricate ties between the U.S. tech giant and the Chinese market.
Intel stock has lost 0.08% in the last 12 months.
Investors can access the stock via the First Trust Nasdaq Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXL#NASDAQ">FTXL</a>) and Strive&nbsp;U.S.&nbsp;Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>).
Price Action: At the last check on Wednesday, INTC shares were trading higher by 2.76% at $35.29.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39734145/intel-invests-in-israeli-ai-construction-startup-buildots-whats-on-the-cards" target="_blank" rel="noreferrer noopener">Intel Invests In Israeli AI Construction Startup Buildots &#8211; What's On The Cards?</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Fahroni via Shutterstock

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Intel Capital's China Play A Concern For Washington: FT

<h4>Key Takeaways:</h4>
<ul>
<li>JinkoSolar is forming a $1 billion joint venture with two local partners in Saudia Arabia with annual capacity of 10 GW of solar cells and 10 GW of solar modules</li>
<li>The tie-up comes as Chinese solar companies expand their manufacturing globally, and as Saudi Arabia diversifies its economy beyond energy</li>
</ul>
By Doug Young
Solar panel giant&nbsp;JinkoSolar Holding Co. Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jks#NYSE">JKS</a>) has become the latest to jump on a Chinese export train that&rsquo;s increasingly passing through the Middle East with a stop in Saudi Arabia, the region&rsquo;s richest country that also has big clean energy ambitions.
The leading Chinese solar panel maker&nbsp;<a href="https://www.prnewswire.com/news-releases/jinkosolar-to-form-a-joint-venture-with-relc-and-vi-in-saudi-arabia-for-production-of-10-gw-of-high-efficiency-solar-cells-and-solar-modules-302197981.html">on Tuesday announced</a>&nbsp;its formation of a $1 billion Saudi joint venture making cutting-edge solar products with two local partners. One of those,&nbsp;Renewable Energy Localization Co., is billed as the country&rsquo;s &ldquo;national champion in the manufacturing of renewable and green energy technologies,&rdquo; and is wholly owned by Public Investment Fund, the country&rsquo;s sovereign wealth fund. The other is&nbsp;Vision Industries Co.,&nbsp;a Saudi investor focused on green energy technologies.
The tie-up ticks a number of boxes for both JinkoSolar and the Saudis and is part of a recent growing love affair between Chinese manufacturing and Saudi Arabian money.
From Jinko&rsquo;s perspective, the new plant will add to its global network of manufacturing facilities whose solar panels would steer clear of growing Western protectionism against Chinese products. For Saudi Arabia, the massive facility will help it achieve its own aims for green energy production, and also vault it into the global leagues for solar manufacturing by leveraging Jinko&rsquo;s cutting-edge N-type solar cell technology.
The announcement comes as China&rsquo;s solar sector, which supplies more than 80% of the world&rsquo;s panels, gets burned by a bloody global price war that&rsquo;s the direct result of overcapacity built up in China over the last decade. Both the U.S. and EU have called on China to scale back or end the strong government support behind the buildup, which they say distorts global markets and puts their own manufacturers at a disadvantage.
The U.S. has gone one step further by raising tariffs on imported Chinese solar cells to 50% from the previous 25% starting next month. The EU has yet to take any similar action, though it recently launched anti-dumping tariffs against Chinese electric vehicles (EVs) for similar reasons.&nbsp;
JinkoSolar&rsquo;s new joint venture announcement breathed some much-needed life into its embattled U.S.-traded stock. The shares rose 7.3% in Tuesday trade, though they remain near a four-year low on concerns about the price war and protective tariffs. Analysts are also quite bearish on the company &ndash; a rarity for firms from this kind of high-growth emerging sector. None of the four polled by Yahoo Finance recommend the stock, with one rating it a &ldquo;hold,&rdquo; while two rate it &ldquo;underperform&rdquo; and one calls it a &ldquo;sell.&rdquo;
That kind of bearishness is reflected in JinkoSolar&rsquo;s price-to-earnings (P/E) ratio that stands at just 3.3 &ndash; the kind of multiple you&rsquo;d expect from an old industry category like textiles or steel with low margins and limited growth potential. That ratio is at the bottom of the solar heap, trailing the 5.8 for&nbsp;Canadian Solar&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csiq#NASDAQ">CSIQ</a>) and well behind multiples of 23 for both China&rsquo;s&nbsp;Longi Green Energy(601012.SH) and U.S.-based&nbsp;First Solar&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fslr#NASDAQ">FSLR</a>).
<h3>Major New Capacity</h3>
The new Saudi plant looks quite large, based on its $1 billion investment and planned annual capacity for 10 GW of solar cells and another 10 GW of solar modules. That would substantially boost JinkoSolar&rsquo;s current capacity that stood at about 70 GW at the end of last year for N-type cells, considered the industry&rsquo;s most advanced and the new joint venture&rsquo;s main focus.
&ldquo;This partnership is another major milestone in the execution of our globalization strategy, and will further help us optimize our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness,&rdquo; said JinkoSolar Chairman Li Xiande.
The Saudi plant will complement JinkoSolar&rsquo;s other overseas manufacturing facilities in the U.S., Malaysia and Vietnam, and is part of a broader trend by Chinese solar companies to do more manufacturing offshore. Jinko is the first major company to come to Saudi Arabia, though Longi, which has plants in Vietnam and Malaysia, has said it could consider building facilities in the Middle Eastern nation as well as the U.S. Rival&nbsp;Trina Solar&nbsp;(688599.SH) has plants in Thailand and Vietnam, while&nbsp;JA Solar&nbsp;(002459.SZ) manufactures in Malaysia.
While Southeast Asia has become popular among Chinese manufacturers in general, Saudi Arabia&rsquo;s nascent rise is much more recent. That owes in no small part to the country&rsquo;s use of its huge cash reserves to diversify its economy beyond oil and gas into emerging industries like new energy and gaming. Chinese PC giant&nbsp;Lenovo&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgy#OTC">LNVGY</a>) announced&nbsp;<a href="https://thebambooworks.com/lenovo-makes-critical-calculation-with-middle-east-pivot/">a similar tie-up</a>&nbsp;in May to build a major manufacturing facility in Saudi Arabia in partnership with Alat, another entity managed under Public Investment Fund.
While the latest news brought some much-needed relief to JinkoSolar&rsquo;s shares, it&rsquo;s hard to see investors getting too excited about the company anytime soon, at least based on its financials. Its revenue rose 43% last year to 119 billion yuan ($16.4 billion) on booming global demand and a near doubling in its annual shipments. That growth is expected to grind to a halt this year due to the overcapacity and price wars we&rsquo;ve previously mentioned, with analysts expecting revenue to actually fall slightly from last year&rsquo;s levels.
The company&rsquo;s margin and profit trends don&rsquo;t look too encouraging either, again, due to the price wars. JinkoSolar reported a gross margin of 11.9% in this year&rsquo;s first quarter, down more than 5 percentage points from 17.3% in the year-ago period. The company&rsquo;s first-quarter profit also sank to 609 million yuan from 789 million yuan a year earlier, and analysts expect its annual profit this year to fall by more than half from 2023.
At the end of the day, this new joint venture is a small bright spot for JinkoSolar, though it won&rsquo;t make any meaningful contribution to its business for at least a year until new production begins. The company&rsquo;s ultra-low valuation could also provide some incentive for investors who think its shares are oversold. But from a business perspective, we&rsquo;ll probably need to wait at least another year or more before the company has a more positive story to tell.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Small Cap

CSIQ

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JinkoSolar Finds Rare Bright Spot In New Saudi Tie-Up

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) had a 20.8% increase in personal computer shipments for the second quarter, marking the largest growth among global PC manufacturers.
What Happened: The PC industry, <a href="https://in.benzinga.com/content/31737169/apple-emerges-as-biggest-loser-with-mac-as-global-pc-sales-slump-30-in-q1">which faced&nbsp;historic declines</a>, is showing signs of recovery with two consecutive quarters of growth. 
According to the latest report by IDC that was made public on Tuesday, the worldwide&nbsp;shipments of desktops and laptops&nbsp;saw a 3% rise from the same period last year. Apple and Acer Inc. experienced the most substantial&nbsp;shipment growth among major&nbsp;manufacturers, with the latter posting a 14% increase.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Despite the overall growth, Dell Technologies Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) shipments decreased by&nbsp;2.4% in the quarter, making it the only major company&nbsp;to see a decline. 
Lenovo Group Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) held&nbsp;the highest market share at&nbsp;nearly 23%, while HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) saw a 1.8% increase from a year earlier, securing its position as the second-largest&nbsp;PC maker with 21% of&nbsp;the market.
Excluding China, where demand was weak, worldwide shipments grew by more than 5%, according to IDC.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09231915/Screenshot-2024-07-10-at-8.49.05%E2%80%AFAM-1024x389.png" alt="" class="wp-image-427620" /><figcaption class="wp-element-caption">Source: IDC </figcaption></figure>
Why It Matters: This surge in Apple&#8217;s PC shipments is particularly noteworthy given the company&#8217;s recent struggles. Last year, Apple was hit hardest by a global PC shipment decline of 29% in Q1 2023, with its MacBook shipments falling by 40.5%. 
The PC industry has faced significant declines after consumers, businesses, and schools purchased new machines during the pandemic in 2020 and 2021, and then delayed replacements.
In January this year,&nbsp;Intel CFO&nbsp;David Zinsner&nbsp;in a post-earnings conference call said that the company is<a href="https://www.benzinga.com/markets/equities/24/01/36799805/intel-is-banking-on-the-year-of-ai-pc-and-record-notebook-shipments-as-its-consumer-chips-stage-"> banking on the rise of AI to drive consumers</a> to purchase new PCs in the future. The &#8220;age of AI PC further enhances the value of device refresh,&#8221; he stated at the time.
His sentiments were echoed by the analyst firm Counterpoint Research, which noted that the <a href="https://bztechtrends.beehiiv.com/p/will-new-ipads-reignite-tablet-market">global PC industry</a> is showing &#8220;early signs of recovery.&#8221;
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39659526/elon-musk-admits-private-messages-on-x-are-not-encrypted-by-default-after-accusing-metas-whatsapp-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Admits Private Messages On X Are Not Encrypted By Default After Accusing Meta&#8217;s WhatsApp Of Being &#8216;Spyware,&#8217; Blames It On &#8216;Clunky&#8217; Implementation</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Apple Registers Largest Growth Among Global PC Makers, Shipments Surge 20.8% — Report

<h4>Key Takeaways:</h4>
<ul>
<li>Saudi Arabia&rsquo;s Alat subscribed to $2 billion worth convertible bonds from Lenovo, which the PC giant will use to help strengthen its financial position</li>
<li>Lenovo is stepping up its development efforts in the Middle East and Africa to reduce its exposure to the U.S.&nbsp;</li>
</ul>
By Lau Chi Hang
Hong Kong is a favorite destination for Saudi princes, who have traditionally descended on the Asian city as a relatively safe financial haven for opening family trusts. But a major new tie-up between Hong Kong-listed PC giant&nbsp;Lenovo Group Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgf#OTC">LNVGF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgy#OTC">LNVGY</a>) and a unit of Saudi Arabia&rsquo;s sovereign wealth fund breaks that mold, and instead looks more like a joining-of-giants with their own bigger agendas.
Foreign investors have been scaling back or leaving China outright these last few years as tensions mount between Beijing and Washington. Data from the Institute of International Finance shows foreigners withdrew a total of $82.2 billion from Chinese equity markets in 2023 alone. But that Western flight has been partly offset by rising inflows of Middle Eastern money, bringing with it some new life and vitality for China&rsquo;s financial markets and companies.
In the latest inflow from that tide, Lenovo recently&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0529/2024052900029.pdf">announced</a>&nbsp;a major new strategic cooperation agreement with Alat, an entity managed under Saudi Arabia&rsquo;s Public Investment Fund. With a mouth-watering $100 billion in funds to invest, Alat has been tasked with transforming Saudi Arabia into a global hub for electronics and other advanced industries.&nbsp;
Under their agreement, Lenovo will set up a regional headquarters for the Middle East and Africa in the Saudi capital of Riyadh, consisting of region-facing client and research centers. At the same time, the company plans to build a PC and server manufacturing base in the country to expand its global footprint. Alat will assist Levono to ensure the strategic tie-up&rsquo;s smooth implementation.
Alat also purchased $2 billion worth of Lenovo three-year zero coupon convertible bonds. Those can be exchanged later for about 1.5 billion Lenovo shares at a conversion price of HK$10.42 per share, which would equal about 10.8% of Lenovo&rsquo;s enlarged share capital if Alat makes the conversion. The conversion price represented a 10% premium to Lenovo&rsquo;s average share price in the 30 days before the announcement.
Separately, Lenovo&rsquo;s board&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0529/2024052900033.pdf">also approved</a>&nbsp;another major new fundraising with the issue of 1.15 billion three-year warrants at an issue price of HK$1.43, which could raise up to HK$1.64 billion ($210 million). The exercise price of the warrants is HK$12.31 per share, representing a 5.9% premium to the closing price on the day before the announcement.
<h3>Muted Market Reaction</h3>
&ldquo;Through this strong strategic partnership, Lenovo Group will have more resources and greater financial flexibility to further accelerate its transformation and expand its business to capture the tremendous growth opportunities in the Middle East and Africa region,&rdquo; Chairman and CEO Yang Yuanqing said in a statement with the Saudia Arabia announcement.&nbsp;
Lenovo shares rallied sharply just before the announcement, suggesting rumors of the tie-up were already in the market. That may at least partly explain the muted reception by investors the day of the actual news, when Lenovo&rsquo;s shares fell by nearly 1% to close at HK$11.52. More broadly, Lenovo&rsquo;s shares have performed quite well so far this year, rising from a low of HK$7.80 in February to their latest close of HK$10.64 last Friday, representing a gain of 36%.
The company&rsquo;s latest quarterly report for the three months to March shows its revenue and profit increased by 9% and 118% year-on-year, respectively, though they fell by 12% and 26% quarter-on-quarter, and were also down 4% and 0.4% from the quarter before that. Most investment banks currently have price targets for the company between HK$12 and HK$14, which is close to the current price. Any potential for price target upgrades will depend on the company&rsquo;s business trends over the next two quarters, which will present a clearer picture of where it&rsquo;s heading in a global PC market with limited growth potential.
<h3>Killing Many Birds With One Stone&nbsp;</h3>
Against that backdrop of limited potential, the Alat partnership could provide some new excitement for Lenovo shareholders by plotting out a future path for stronger growth and a hedge against risk.&nbsp;
One of the biggest risks for Lenovo is rising tensions between China and the West, reflected by recent voices in the U.S. arguing for a ban on the use of Lenovo PCs in government offices. That threat has yet to result in any definitive actions, though uncertainties continue to persist. At a time when China is facing growing sanctions and restrictions from European and U.S. governments in sectors as varied as semiconductors, solar panels, pharmaceuticals and electric vehicles, the possibility of Lenovo becoming the next target can&rsquo;t be ruled out.&nbsp;
With that in mind, Lenovo&rsquo;s Middle Eastern expansion with the setting up of a major new regional base will help to reduce its geopolitical risk. Its products made locally in the region and exported to the West will be less likely to get scrutinized by U.S. and European governments, which have becoming increasingly sensitive to the country of origin for products sold by Chinese companies.
The Americas is currently Lenovo&rsquo;s biggest market by revenue, accounting for 34% of the total in its latest fiscal year. Europe, the Middle East and Africa accounted for 28% last year, though Lenovo did not break out data for just the Middle East and Africa.&nbsp;
We should note that the Middle East has been trying to develop its science and technology sectors in recent years in a bid to diversify beyond its reliance on oil. At the same time, African economies have also been advancing, making this broader region a promising market. A report by the Economist Intelligence Unit projected Africa&rsquo;s growth rate would rise from 2.6% in 2023 to 3.2% in 2024, making it the world&rsquo;s second fastest-growing region. Thus, Lenovo&rsquo;s new partnership with Saudi Arabia could position it well to benefit from the region&rsquo;s future development.
Strategic cooperation aside, the partnership will also provide Lenovo with a $2 billion cash infusion to replenish its coffers. The company said it will use the funds to pay off existing debt, and to support its other general business activities. According to its latest annual financial report, the company will have nearly $3.6 billion worth of bonds coming due this fiscal year, which its cash on hand can comfortably cover. But funds from the new convertible bond issue could also provide additional funding for its future expansion and R&amp;D efforts, in addition to their use for debt servicing.&nbsp;
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Lenovo Makes Critical Calculation With Middle East Pivot

Cisco Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csco#NASDAQ">CSCO</a>) is expanding its footprint into the realm of integrated infrastructure and networking solutions through its recent collaboration with Lenovo Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgy#OTC">LNVGY</a>) to accelerate digital transformation for businesses worldwide. 
The partnership between Cisco and Lenovo aims to deliver fully-integrated solutions designed to streamline and expedite the digital transformation journey for organizations of all sizes. 
By combining Lenovo&#39;s edge-to-cloud portfolio with the Cisco Nexus networking ecosystem, the collaboration aims to provide customers with best-in-class network performance, enhanced security and unparalleled scalability. 
With a focus on accelerating time-to-innovation, simplifying management, and ensuring vendor simplicity, this partnership is poised to empower businesses with turnkey solutions that optimize operational excellence, AI/ML networking, sustainability and advanced automation analytics practices.
<div class="chart_embed">
<h3>Cisco Systems, Inc. Price and Consensus</h3>
<a href="https://www.zacks.com/stock/chart/CSCO/price-consensus-chart?icid=chart-CSCO-price-consensus-chart"><img alt="Cisco Systems, Inc. Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/2a/1717424694.png" style="height:285px; width:620px" title="" /> </a>
Cisco Systems, Inc. price-consensus-chart | Cisco Systems, Inc. Quote
</div>
<h3>Expanding Clientele Boosts Portfolio</h3>
The latest move bodes well with Cisco&#39;s commitment to driving digital transformation through its latest partnership and integrated infrastructure solutions for enhanced business outcomes. 
Expanding clientele has been noteworthy. In addition to Lenovo, Cisco also collaborated with AT&amp;T (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/t#NYSE">T</a>) and Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) to enhance its portfolio further. 
Cisco recently collaborated with AT&amp;T to introduce a seamless digital buying experience for businesses, offering 5G Fixed Wireless Access through the Meraki MG52 and MG52E gateways, simplifying deployment and management while ensuring scalable, resilient and secure connectivity nationwide. 
The company also collaborated with Ford Motor Company in March to announce the integration of the Webex app into select Ford and Lincon vehicles, providing immersive meeting experiences and seamless connectivity for remote work on the go. 
Acquisitions have played a significant role in shaping the company&#39;s growth trajectory. In April, it announced the completion of its acquisition of Isovalent, enhancing its position in cloud-native networking and security. 
In March, Cisco announced the completion of its acquisition of Splunk, aiming to deliver full visibility and insights across enterprises&#39; digital footprints, enhancing security, observability, networking and enabling AI adoption. 
Adding Splunk and Isovalent will help expand its footprint in the cybersecurity domain and accelerate its strategy of securely connecting everything.
<h3>Cisco&#39;s Q4 Forecast Cloudy</h3>
Despite Cisco&#39;s robust portfolio and expanding clientele its top-line growth was adversely impacted by the increasing macroeconomic uncertainty and weakness in networking revenues. In third-quarter fiscal 2024, networking revenues declined 27% year over year to $6.52 billion. 
The stock has declined 8% against the Zacks Computer &amp; Technology sector&#39;s growth of 15.3% year to date. 
This Zacks Rank #3 (Hold) company&#39;s fourth-quarter fiscal 2024 revenues are expected to be between $13.4 billion and $13.6 billion. The Zacks Consensus Estimate for revenues is pegged at $13.52 billion, indicating an 11.1% decline from the year-ago quarter&#39;s levels.
Non-GAAP earnings per share are anticipated to be between 84 cents and 86 cents. The Zacks Consensus Estimate is currently pegged at 86 cents, which remained unchanged in the past 30 days.
<a href="https://www.zacks.com/stock/news/2282922/cisco-csco-aids-digital-transformation-with-lenovo-tie-up?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2282922">To read this article on Zacks.com click here.</a>

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Cisco Aids Digital Transformation With Lenovo Tie-Up

Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) boasts that its new chips will allow customers to operate their laptops extensively without concerns about battery life.
San Diego-based Qualcomm is supplying the semiconductors for Microsoft Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) latest <a href="https://www.benzinga.com/news/24/05/38931937/microsoft-touts-ai-capable-surface-notebooks-58-faster-than-m3-macbook-air-we-have-essentially-the-b">Copilot+ PCs, which incorporate advanced AI features. </a>
Both companies highlighted the importance of Qualcomm's hardware in enabling these AI enhancements while maintaining long battery life, reported Bloomberg.
Qualcomm CEO Cristiano Amon remarked at the Computex trade show that the collaboration is groundbreaking. He compared it to the significance of Windows 95.
Amon emphasized that Windows laptops powered by Qualcomm's Snapdragon X Elite systems will boast up to twice the battery life of traditional models and will be over 100 times more power-efficient in running certain AI features.
Qualcomm, along with its industry peers, has been working for more than a decade to reduce the PC sector's reliance on Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) by introducing key components based on Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) technology, which is predominant in smartphones.
Also Read: <a href="https://www.benzinga.com/top-stories/24/05/39095275/exclusive-on-device-ai-revolution-is-fundamental-says-qualcomm-cfo">&#8216;On-Device AI Revolution Is Fundamental,&#8217; Says Qualcomm CFO</a>
The strategy aims to diversify Qualcomm's revenue sources beyond its dominant position in mobile chips.
Amon is optimistic that the enhanced efficiency and connectivity of Qualcomm's products will help the company gain market share in new areas such as automotive and computing. 
Last month, Microsoft unveiled its AI-enhanced Copilot+ computers, which claim superior performance compared to Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) top MacBook Air.
Microsoft's Surface line, along with products from partners like Lenovo Group Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>), Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), and Asustek Computer Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ASUUY#OTC">ASUUY</a>) will feature Qualcomm-powered Copilot+ laptops. 
Despite the promising AI-driven innovations, Qualcomm faces the challenge of breaking Intel's longstanding dominance in the PC market. 
Qualcomm stock has gained 81% in the last 12 months. Investors can gain exposure to the stock via First Trust Nasdaq Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXL#NASDAQ">FTXL</a>) and VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>).
Price Action: QCOM shares are trading higher by 1.64% at $207.47 in premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="http://Arm Holdings Gears Up for AI Foray with New Chip Division Launching Next Year">Arm Holdings Gears Up for AI Foray with New Chip Division Launching Next Year</a>
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Qualcomm Promises New Chips Will Power Unprecedented PC Battery Life

Lenovo And Cisco Announce Global Partnership To Provide Integrated Infrastructure And Networking Solutions For Accelerating Digital Transformation

Lenovo Group Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) has decided to issue $2 billion worth of zero-coupon convertible bonds to Saudi Arabia Crown Prince Mohammed Bin Salman&#8216;s sovereign wealth fund. This is part of a broader agreement with the tech-friendly kingdom.
What Happened: The convertible bonds will be issued to Alat, an investment firm backed by the Public Investment Fund of Saudi Arabia, at an initial conversion price of HK$10.42 per share, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-28/lenovo-to-issue-2-billion-of-convertibles-to-saudi-arabia-fund">reported</a> on Wednesday. This price represents a 12% discount on the closing price of Lenovo shares the previous day.
As part of the agreement, Lenovo, a Beijing-based manufacturer of PCs and AI servers, plans to establish a research and development center in Riyadh and expand its production capacity in the region.
Upon maturity, the converted notes would represent about 12% of Lenovo&#8217;s current capital, or nearly 11% of the enlarged capital post-conversion.
Lenovo reported its third consecutive quarter of net income, driven by a recovery in PC sales and significant investments in servers and other networking equipment to support artificial intelligence. However, the company posted an operating loss due to a shortage of AI accelerators, according to the report.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38993436/vix-spikes-dow-sinks-as-inflation-jitters-slaughter-fed-easing-hopes-traders-now-price-in-only-o?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">VIX Spikes, Dow Sinks As Inflation Jitters Slaughter Fed Easing Hopes: Traders Now Price In Only One Rate</a>
Why It Matters: The move comes as the PIF has been ramping up its investments in Asian tech companies over the past decade. The fund recently set up a $100 billion <a href="https://www.benzinga.com/markets/24/03/37796083/saudi-arabias-ai-revolution-unleashing-risk-appetite-and-financial-power">AI and chips fund</a> and is in talks to back the payments startup Airwallex. This has drawn the attention of the U.S., which sees the Middle East as a potential channel for technology transfer from the U.S. to China.
Lenovo&#8217;s decision to issue convertible bonds follows similar moves by other Chinese tech firms. Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) recently <a href="https://www.benzinga.com/markets/asia/24/05/39008256/alibabas-4-5b-bold-move-bonds-buybacks-bullish-bets">sold $4.5 billion in debt</a> that can be turned into equity, a record for convertibles denominated in dollars by an Asian company, with part of the proceeds to be used to buy back shares. This came just days after rival online retailer JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) sold a total of about $2 billion of such notes.
The PIF&#8217;s increasing investments in Asian tech firms are part of a broader <a href="https://www.benzinga.com/news/24/05/39034474/saudi-arabias-wealth-fund-pitches-in-250m-for-healthcare-fund-aiding-kingdoms-economic-diversificati">strategy to diversify</a> Saudi Arabia&#8217;s economy. The fund has also been eyeing acquisitions in other sectors, such as the national airline Saudia, to shift the kingdom&#8217;s economy away from oil dependency and boost tourism.
Read Next: <a href="https://www.benzinga.com/news/24/05/39021814/ray-dalio-warns-us-on-the-brink-of-civil-war-fed-minutes-indicate-risk-of-prolonged-high-interest-ra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ray Dalio Warns US &#8216;On The Brink&#8217; Of Civil War, Fed Minutes Indicate Risk Of Prolonged High-Interest Rate And More</a>
Image Generated Using AI Via Midjourney
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Lenovo To Issue $2B In Zero-Coupon Convertible Bonds To Saudi Crown Prince's Sovereign Wealth Fund

Lenovo Group Q4 EPS $1.95 Up From $0.93 YoY, Revenue $13.833B Up From $12.635B YoY

Closing arguments for <a href="https://www.benzinga.com/news/large-cap/23/09/34973000/googles-antitrust-trial-struggle-between-secrecy-and-public-access">the largest antitrust trial</a> to date against Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), also known as Google, wrapped up last week.
Now, it's up to Judge Amit Mehta to decide on a ruling that could change the fate of the company and others in the big tech space.
Mehta, of the U.S. District Court for the District of Columbia, is expected to come up with a decision before the end of the year. 
The case was put forth by the Justice Department in 2020, together with attorneys general from 11 states, who are arguing that Google has engaged in anti-competitive practices in order to maintain its dominance in the internet search space.
Specifically, they're looking at the billions of dollars Google pays monthly to other tech companies in order to secure its place as the default search engine in Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Samsung, LG, Motorola owned by Lenovo Group Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) and other devices as well as in browsers like Mozilla Firefox and Opera. The plaintiffs argue that this practice prevents other companies from succeeding with their own search engine products, giving Google disproportionate market share in the search engine space.
Last week, court documents revealed that <a href="https://www.benzinga.com/markets/equities/24/05/38573998/how-much-is-google-really-paying-apple-to-be-default-search-engine-on-iphones-unsealed-court-pap">Google paid Apple $20 billion in 2022 to be the default search engine on Safari</a>, the web browser used on iPhone, iPad and Mac devices. In 2021, the figure amounted to $26.3 billion when including other browsers like Firefox.
Google is estimated to account for about 90% of all internet searches, widely outpacing competitors like Microsoft Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Bing, Yahoo Search or DuckDuckGo, a search engine that is privately owned and focused on user privacy.
The final arguments from Google's attorneys as well as DOJ lawyer David Dahlquist followed a 10-week trial between September and November 2023.
Read also: <a href="https://www.benzinga.com//node/38613007">Google Fights Fortnite Maker&#8217;s Play Store Changes Amid Antitrust Battle: What&#8217;s at Stake?</a>
The case, however, was three years in the making for the Justice Department. The central argument of the lawsuit is that Google&#8217;s control of today&#8217;s internet is extensive enough to be considered a monopoly, and that it violated antitrust laws by paying competitor firms, cell phone manufacturers, and wireless internet providers to maintain its position as the default search engine.
The company then benefitted from the extra traffic via its ad business.&nbsp;
For its part, Google has argued that its market dominance is merely a result of the superior quality of its products in a fair competition game. While the company has admitted to paying partners and competitors to give its search engine a prime position, it has argued (both in an <a href="https://blog.google/outreach-initiatives/public-policy/response-us-v-google/">open letter</a> from September 2023 and in the trial) that web browser developers choose to showcase Google by their own will.
The company has also argued that competitors like Yahoo or Bing also pay browser developers to receive a preferential position in their software and that it's very easy for users to change the default search engine on any device.
The importance of the trial is hard to overstate. This case marks the first time the Federal Government has brought a big technology company to court on antitrust charges in over two decades, since a U.S. judge ruled that Microsoft had violated the nation&#8217;s antitrust laws in 2000, in a lawsuit initiated by the Justice Department and 19 states in 1998.
The consequences of the decision could also ripple across several other antitrust lawsuits currently shaking up Big Tech companies, including <a href="http://amazon.com">an ongoing antitrust probe by the Federal Trade Commission </a>into Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) as well as a probe by the same agency into Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), <a href="https://www.benzinga.com/news/24/04/38104016/mark-zuckerbergs-meta-draws-line-against-ftcs-planned-privacy-accord-update-cites-compliance-efforts">parent company of Facebook, Whatsapp and Instagram</a>.
Google is also under fire in Europe, where the EU&#8217;s Court of Justice <a href="https://www.benzinga.com/news/24/01/36590820/google-dealt-a-blow-in-2-6b-eu-antitrust-fine-as-court-advisor-suggests-dismissing-appeal">is fining it $2.6 billion over antitrust penalties</a>.
<h3 class="wp-block-heading">What's At Stake For Google?</h3>
In a press release, the Justice Department has compared this lawsuit with other landmark antitrust actions including Microsoft in 1998 and AT&amp;T Inc's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) 1974 trial which eventually broke the Bell system into several companies nationwide in 1982.
By the end of last week's arguments, Mehta said he has not arrived at a decision yet. <a href="https://edition.cnn.com/2024/05/03/tech/google-antitrust-case/index.html">According</a> to CNN, the judge proposed that in order to be able to compete with Google's dominant position, a hypothetical competitor would need to invest billions, not just in developing the complex search tool itself, but also in competing with Google on its billion-dollar exclusivity contracts with web browser developers and device manufacturers.
"I can't conceive of a world in which some other competitor, particularly a new competitor, could do that. Microsoft couldn't do it," Mehta said.
If Mehta rules in favor of the Justice Department, the trial would move to a second stage, wherein the court would determine which penalties Google should face. In these separate proceedings, plaintiffs and the company would present different ways in which Google should respond in order to relinquish some of its alleged monopolistic power.
Possible avenues would be to break up the company into several units, including a separate one for the Android operating system, which is currently owned by Google, <a href="https://www.bloomberg.com/news/articles/2024-05-06/google-antitrust-trial-what-s-at-stake-in-search-monopoly-case?sref=TBDibEcD">according</a> to Bloomberg. Another possible penalty would be forcing Google to disclose its search data to competitors in order to level the playing field, or forcing the company to give up its exclusivity agreements with other companies.
Bill Baer, a former head of the Justice Department's antitrust division <a href="https://www.nytimes.com/2024/05/02/technology/google-antitrust-trial-closing-arguments.html">told</a> the New York Times that it's unlikely that DOJ. will seek some sort of breakup for the company.
"It's more likely there will be some sort of restrictions on Google's behavior going forward," he said.
Now read: <a href="https://www.benzinga.com//node/38031117">Has Chrome Been Tracking You During &#8216;Incognito&#8217; Mode? The Answer Is Yes, And Now Google Says It Will Delete The Data</a>
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Google Stares Down Largest Tech Antitrust Ruling In 2 Decades — Is AT&T-Style Breakup Next?

The Regional Court in Munich held that Lenovo infringes InterDigital&#39;s patent-in-suit covering 4G and 5G devices, that InterDigital has acted in a FRAND manner at all times, and that Lenovo is an unwilling licensee who has not acted in line with widely recognized FRAND principles. This is a first instance decision which can be appealed.

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InterDigital Says Awarded An Injunction Against Lenovo By A Court In Germany

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) have <a href="https://www.meta.com/en-gb/blog/quest/meta-horizon-os-open-hardware-ecosystem-asus-republic-gamers-lenovo-xbox/">announced</a> a collaboration to produce a limited edition Meta Quest VR headset<a href="https://www.benzinga.com/general/gaming/24/04/38150420/good-news-for-gamers-xboxs-sarah-bond-commits-to-game-preservation-creates-dedicated-team-for-futu"> &#8220;inspired by Xbox.&#8221; </a>
Although specific details remain scarce, it appears to be a customized version of the Meta Quest 3, bundled with an Xbox controller.
See Also: <a href="https://www.benzinga.com/general/gaming/24/03/37924898/phil-spencers-xbox-handheld-vision-unveiled-seamless-integration-full-screen-app-and-what-else-to-">Phil Spencer&#8217;s Xbox Handheld Vision Unveiled: &#8216;Seamless Integration, Full-Screen App&#8217; And What Else To Expect</a>
Mark Zuckerberg, CEO of Meta, confirmed the partnership, stating: &#8220;We're working together again [with Microsoft] to create a limited-edition Meta Quest, inspired by Xbox.&#8221; 
This move aligns with Meta&#8217;s strategy to open its operating system, which powers Quest VR headsets, to third-party hardware manufacturers. 
While companies like Asustek Computer (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ASUUY#OTC">ASUUY</a>) and Lenovo Group Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) are developing dedicated headsets running Meta&#8217;s Horizon OS, Microsoft&#8217;s involvement seems confined to this limited edition collaboration, reminiscent of their previous special edition Xbox consoles.
Zuckerberg revealed in an Instagram post that the special edition headset will come preloaded with Xbox controllers and Game Pass, offering immediate access to gaming on a large screen from anywhere.
Microsoft&#8217;s involvement in VR has been inconsistent, with previous endeavors like Project Fortaleza never materializing. Although the Xbox One X was positioned as VR-capable, it never received VR headset support, even though it was shipped with Oculus Rift-compatible controllers.
Despite Microsoft&#8217;s earlier failures in VR, the company has shifted its focus towards closer collaboration with Meta. This partnership has resulted in practical integrations, such as allowing Quest users to access Microsoft Office applications in VR and bringing Xbox Cloud Gaming to Quest headsets.
Read Next: <a href="https://www.benzinga.com/general/gaming/24/04/38342816/meta-quest-2-price-permanently-cut-in-half-concerns-linger-about-long-term-support">Meta Quest 2 Price Permanently Cut In Half, Concerns Linger About Long-Term Support</a>
Image courtesy of Meta.

Gaming

Microsoft, Meta Reveal Limited Edition Meta Quest VR Headset With Game Pass Bundle

<h4>Key Takeaways:</h4>
<ul>
<li>Lenovo&rsquo;s profit fell 23% in its third fiscal quarter to $340 million&nbsp;</li>
<li>The PC maker expects its new AI PC models to fuel its next revenue boom</li>
</ul>
By Lau Chi Hang
Shares of&nbsp;Lenovo Group Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgf#OTC">LNVGF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgy#OTC">LNVGY</a>) were under fire last month after it announced its latest results for its third fiscal quarter through December. The stock fell as much as 9.3% at one point in the next trading day, though it later pared some of those losses and ultimately closed down 3.3% at HK$8.55 for the day. Still, the loss made Lenovo a blue-chip dog for the day, behind only local developer Wharf Real Estate (1997.HK).
So, why all the jitters? After all, the PC giant pointed out its revenue of $15.7 billion for the three months to December was up sequentially for a third consecutive quarter, while its $337 million profit was up 35% from the previous quarter.&nbsp;
But the picture wasn&rsquo;t quite as rosy on a year-over-year basis, with the latest revenue figure up just 3% from the year-ago quarter. Profit looked even worse, falling 23% on a year-on-year basis. Cumulatively, the company&rsquo;s revenue was down 13% year-on-year during the first nine months of its fiscal year, while its profit slumped 49%.
<h4>Losing Investor Favor</h4>
The sequential revenue gains over the last three quarters may reflect some improvement in its performance, but Lenovo has yet to convince an analyst community worried about its longer-term prospects. A number of those analysts lowered their price targets for the company anywhere from 4% and 19%. Bank of America made one of the biggest cuts, dropping its target from HK$11.20 to HK$9.10. CLSA cut its target by a smaller amount from HK$10.90 to HK$9.60, but also downgraded the stock from a &ldquo;buy&rdquo; to &ldquo;outperform.&rdquo; UBS maintained a &ldquo;sell&rdquo; rating on the company.
The chilly attitude stems from a generally bearish view on Lenovo&rsquo;s server business, which is expected to remain in the red over the coming quarters on heavy spending for new product development. At the same time, no one was too excited about the company&rsquo;s generally weak guidance.
But Lenovo still has at least one fan in the analyst community, as HSBC took the contrarian step of raising its target price on the company from HK$11.40 to HK$11.70 and maintained its &ldquo;buy&rdquo; rating. HSBC also pointed out that Lenovo&rsquo;s operating margins have beat its own and the market&rsquo;s expectations, and expects the company&rsquo;s global server business to break even in 2025.
<h3>High Hopes For AI PCs</h3>
The market may not be bullish on Lenovo&rsquo;s stock over the short-term, but many have higher hopes over the longer term depending on how it progresses in the emerging area of PCs using artificial intelligence, or AI PCs. Excitement about the potential for AI in PCs has powered many related company stocks these days, including a 32% rise for rival&nbsp;Dell&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dell#NYSE">DELL</a>) last Friday after the company reported stronger-than-expected server sales due to high demand for its AI-optimized models.
The rise of hybrid AI PCs will drive a new wave of demand for PC upgrades, putting sales back on a stronger growth track, said Lenovo Chairman and CEO Yang Yuanqing. He added the company expects that more than half of all PCs will be equipped with AI functions by 2026.
With so much at stake, Lenovo &ndash; like all of its rivals &ndash; is sparing no expense to strengthen its hand in the upcoming AI era. The company said it plans to boost its investment in product innovation until R&amp;D staff make up more than a quarter of its total employees. It also expects the R&amp;D spending ratio for its current fiscal year to reach a record high.
In a conference call with investors following the release of its latest report, executive vice president and Lenovo China President Liu Jun discussed the upcoming launch of two AI PCs in the $1,000 to $1,500 price range at the company&rsquo;s Innovation Technology Conference in April. That means all eyes will turn to the company again next month to see what it has to offer in this critical area.
<h4>PC Skeptics&nbsp;</h4>
But there&rsquo;s also no lack of skeptics who doubt whether demand for AI PCs will lead to a sales renaissance for the mature industry. The global PC market is still posting weak growth in the post-Covid period, with data tracking firm IDC forecasting only 3.1% average annual growth through 2027. Put differently, IDC doesn&rsquo;t seem to expect that AI PCs will breathe major new life into overall sales even if they become the next big thing.
At the same time, there&rsquo;s no guarantee that Lenovo will profit handsomely from AI PCs, and that the big profits may instead go to other players in its supply chain. A similar case is new energy technology, where lithium suppliers are emerging as some of the biggest winners while manufacturers struggle to stay in business. Similarly, other companies that supply high-tech components for PCs, such as chip manufacturers like&nbsp;Nvidia&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) and&nbsp;AMD&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>), could end up the biggest winners in the move to AI PCs.
Then there are also rising concerns over whether the U.S might prohibit or limit American companies from selling cutting-edge chips to China, which could set back players from related Chinese industries.
The potential for such action surfaced in a Newsweek article a year ago, in which an expert recommended a U.S. ban on the use of Lenovo computers over suspicions the company illegally obtained PC users&rsquo; information. Bloomberg Businessweek later exposed that the organization behind the recommendation, China Tech Threat (CTT), had close relations with Dell, implying the move was an instance of one rival attacking another rather than a case of a real security threat.
Still, concerns will inevitably remain. After all, Washington is quite wary of China&rsquo;s rise, taking regular steps to stymie Chinese tech companies in certain areas like AI and cutting-edge microchips. So, Lenovo, as a leader in the industry, could easily fall into Washington&rsquo;s crosshairs. With so many question marks hanging over the company, it&rsquo;s no wonder investors are cautious.&nbsp;
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

NVDA

Lenovo Future Hinges On Four Letters: AI PC

In a bid to innovate, Chinese tech giant Lenovo Group Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGF#OTC">LNVGF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) has revealed a prototype laptop with a see-through screen. The company showcased the device at the Mobile World Congress in Barcelona.
What Happened: The prototype laptop, displayed at the world&#8217;s largest mobile industry trade show, features a see-through screen, a touch keyboard, and a stylus for drawing or navigation, <a href="https://www.cnbc.com/2024/02/25/chinas-lenovo-shows-off-a-laptop-with-a-see-through-screen.html">CNBC</a> reported. The device&#8217;s camera, powered by artificial intelligence, can identify objects placed behind the screen and provide relevant information.
Lenovo&#8217;s representative demonstrated a potential use case in the construction industry, where architects could use the see-through screen to visualize their designs. Although the laptop is a concept product with no immediate sales plans, it showcases Lenovo&#8217;s commitment to innovation in the face of a challenging PC market.
See Also: <a href="https://www.benzinga.com/general/gaming/24/02/37248807/xboxs-phil-spencer-announces-day-one-release-of-all-activision-games-on-xbox-game-pass-is-call-of-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Xbox&#8217;s Phil Spencer Announces Day-One Release Of All Activision Games On Xbox Game Pass: Is Call Of Duty Included?</a>
Lenovo&#8217;s PC sales saw a surge during the COVID-19 pandemic but have since declined as people returned to work. The company&#8217;s unveiling of the see-through screen laptop follows a history of teasing concept devices to demonstrate its innovative capabilities.
Why It Matters: Lenovo&#8217;s unveiling of the see-through screen laptop comes amid a series of strategic moves to stay ahead in the tech industry. Earlier in the month, the company <a href="https://www.benzinga.com/news/24/02/37038502/baidu-partners-with-lenovo-brings-advanced-ai-to-smartphone">partnered with Baidu</a> to integrate advanced AI technology into its smartphones, a move aimed at finding practical uses for AI models.
However, Lenovo has also faced challenges, with its shares plummeting after an article suggested that the U.S. should ban the company&#8217;s computers. This raised concerns about the impact of <a href="https://www.benzinga.com/24/02/36955294/lenovo-caught-in-a-thucydides-trap-between-an-old-power-and-a-rising-one">weak Lenovo sales</a> on Intel&#8216;s worse-than-expected first-quarter revenue forecast.
Despite these challenges, Lenovo has continued to innovate, as seen in its recent unveiling of the see-through screen laptop, demonstrating the company&#8217;s determination to stay at the forefront of the tech industry.
Read Next: <a href="https://www.benzinga.com/news/24/02/37298023/mark-cuban-take-a-dig-at-elon-musk-on-equal-pay-would-you-adjust-salaries-for-historically-under-pai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Takes A Dig At Elon Musk On Equal Pay: Would You Adjust Salaries For &#8216;Historically&#8217; Under Paid Demographic At Tesla And Other Companies?</a>
Courtesy: Lenovo
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See-Through Laptop: Lenovo Reveals Transparent Screen Device With AI Capabilities

Baidu Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) has formed a partnership with&nbsp;Lenovo Group Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGF#OTC">LNVGF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) to integrate its&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/01/36505708/baidu-founder-advocates-shift-to-ai-applications-amid-rising-homegrown-competition" rel="noreferrer noopener">generative AI technology</a>, Ernie large language model (LLM), into Lenovo&#8217;s smartphones.&nbsp;
This collaboration is part of Baidu&#8217;s ongoing effort to find practical uses for its AI models, following similar partnerships with&nbsp;Samsung Electronics Co&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) and Honor.&nbsp;
Lenovo, which also owns&nbsp;Motorola Solutions, Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>), already features Ernie in the browser and app store apps on its PCs and tablets, Reuters reports.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/02/36952740/alibabas-dingtalk-launches-3d-messaging-app-for-apples-vision-pro-headset" rel="noreferrer noopener">Alibaba&#8217;s DingTalk Launches 3D Messaging App for Apple&#8217;s Vision Pro Headset</a>
The move reflects the growing trend of incorporating generative AI features, like chatbots and real-time translation, into smartphones—a trend that gained momentum with the launch of ChatGPT in late 2022.
While&nbsp;Alphabet Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)&nbsp;Google&nbsp;leads in AI smartphone technology with its Pixel phones, and&nbsp;Apple Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly incorporating generative AI into the iPhone, China presents a unique market opportunity. U.S.-based AI services, including those from OpenAI and Google, are unavailable in China, making room for local companies.&nbsp;
Baidu and its competitors&nbsp;Alibaba Group Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and&nbsp;Tencent Holding Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) are capitalizing on this gap, offering over 200 AI models in China.
According to Counterpoint analyst Ivan Lam, this strategic move is crucial for promoting smartphone AI-powered features, which may become essential in the long run. China&#8217;s leading phone brands like Vivo,&nbsp;Xiaomi Corp&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACF#OTC">XIACF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>), and Huawei are also developing their on-device AI models, indicating a broader shift towards AI integration in the smartphone industry.
Previous reports indicated that Baidu founder&nbsp;Robin Li&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/01/36505708/baidu-founder-advocates-shift-to-ai-applications-amid-rising-homegrown-competition" rel="noreferrer noopener">urged Chinese entrepreneurs</a>&nbsp;and officials to stop competing in developing LLMs and instead focus on creating applications for existing models like Baidu&#8217;s &#8220;Ernie.&#8221;
Price Action: BIDU shares traded higher by 1.24% at $104.45 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Baidu Photo by testing on Shutterstock

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Baidu Partners with Lenovo, Brings Advanced AI to Smartphone

Mainland China stocks slumped again on Friday, with the Shanghai Composite having its worst week in five years, while the CSI 300 index <a href="https://www.benzinga.com/topic/shanghai-composite-index">slumped to a five-year low</a>.
Shares listed on Hong Kong&#8217;s blue-chip index fared a little better, but were still down on the week, with the Hang Seng falling 2.6% over the five trading sessions.
But mainland indexes fell more precipitously. The Shenzhen Composite fell 8.1% over the week to a five-year low, while the Shanghai Composite slid 6.2% to a four-year low.
The iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), an exchange-traded fund that tracks the performance of China&#8217;s top stocks, fell 5.5% over the week.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/02113016/newplot-64.png" alt="" class="wp-image-203212" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/02113016/newplot-64.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/02113016/newplot-64-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/asia/24/01/36846859/china-market-collapse-resumes-as-government-fails-to-put-brakes-on-stock-dump">China Market Collapse Resumes As Government Fails To Put Brakes On Stock Dump</a>
<h2 class="wp-block-heading">China Economic Challenges</h2>
Mohamed El-Erian, chief economic adviser at Allianz, <a href="https://twitter.com/elerianm/status/1753353201472905634">said</a> in a post on X: &#8220;This financial volatility amplifies the economic challenges facing China, including efforts both to pivot to a higher &#8216;quality growth&#8217; policy stance and to manage and deflate excess debt bubbles.&#8221;
Growth in China has slowed rapidly from its &#8220;tiger economy&#8221; years in the 1990s to 2010s, when double-digit growth was built upon rapid industrialization and manufacturing, bringing its largely rural population into cities and sparking a two-decades-long property boom.
The government, as El-Erian suggested, is now striving for more balance between manufacturing and services in its economy, while also supporting a property sector on the verge of collapse.
On top of this, it is also adding regular doses of extra liquidity and other monetary stimulus efforts to prop up the sinking equity market as investment cash floods out of the country.
<h2 class="wp-block-heading">Confidence Falling Along With Top Stocks</h2>
These efforts, however, have proved insufficient as investor confidence spirals lower, taking some of China&#8217;s biggest names with it.
Over the week, some of the biggest names in Chinese technology and property were down, with tech company Lenovo (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LNVGY#OTC">LNVGY</a>) down by nearly 14% on the Hang Seng Index. 
Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), which presented its fourth-quarter earnings on February 7, managed to limit its weekly losses to 0.3%, but e-commerce rival JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) fell 6%.
Alibaba&#8217;s shares have fallen by a third over the past year, however, as increased competition from rivals such as JD.com and PDD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) <a href="https://www.benzinga.com/markets/asia/23/12/36046261/pinduoduo-overtakes-alibaba-in-market-cap-for-first-time-jack-ma-declares-the-era-of-ai-e-commerce-h">take market share</a>.
In dollar terms, based on its U.S. listing, Alibaba is expected to report fourth-quarter earnings of $2.73 per share, down 2.2% from the same quarter a year ago.
Also, among the big tech plummets, was SMIC, China&#8217;s biggest semiconductor manufacturer, which fell 9.5% over the week, and BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), the electric vehicle manufacturer.
Longfor Properties (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LGFRY#OTC">LGFRY</a>) saw the biggest faller in the real estate sector, down nearly 8% over the week.
Now Read: <a href="https://www.benzinga.com/markets/asia/23/12/36046261/pinduoduo-overtakes-alibaba-in-market-cap-for-first-time-jack-ma-declares-the-era-of-ai-e-commerce-h">Pinduoduo Overtakes Alibaba In Market Cap For First Time; Jack Ma Declares &#8216;The Era Of AI E-Commerce Has Just Begun&#8217;</a>
Image: Shutterstock

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