Recently, Lenovo Group announced its financial report for the second quarter of the 2023 fiscal year, showing that the company continues to maintain growth momentum supported by strong sales of smart devices. For the three months ending in September, Lenovo's net profit increased by 44% year-on-year to $359 million, slightly surpassing analysts' expectations of $355 million. As the world's largest personal computer manufacturer, Lenovo's ongoing investments in artificial intelligence technology are gradually showing results. Company executives stated that they are committed to launching AI-powered personal computers.

According to the latest forecast from research firm IDC, global spending on artificial intelligence (AI) technologies is expected to reach $337 billion by 2025, and this figure is projected to double to $749 billion by 2028. As IT leaders across industries continue to drive the implementation of AI strategies, future application scenarios will be increasingly diverse. Image source credit: Image generated by AI, image provided by licensing service provider Midjourney. In line with this trend, more and more companies are starting to experiment with generative AI.

In the fourth quarter of 2023, global spending on cloud infrastructure services grew by 19% year-over-year, reaching $78.1 billion. The top three cloud providers, AWS, Microsoft Azure, and Google Cloud, accounted for 66% of total spending. Global spending on cloud infrastructure services is expected to grow by 20% in 2024. Leading cloud providers are increasing investments in generative AI to meet the rising demand.

Investment in AI is becoming increasingly significant for the S&P 500. Microsoft and Nvidia have driven much of the index's rise, and many companies need to meet market expectations for their profit outlook. Nvidia is the primary engine driving profit growth, with stock price increases outpacing earnings expectations.