TECH - Lenovo's Stock Jumps 60% Rally Expected To Continue With Global PC Demand And AI Enthusiasm | Benzinga
A recent rally in the shares of Hong Kong-listed Lenovo Group Ltd. (OTC:LNVGY) is expected to continue, largely driven by the global recovery of personal computer demand and excitement over the company’s AI-related products.
What Happened: The Chinese tech giant’s stock in Hong Kong has seen an impressive rise of over 30% since mid-October, making it the best performer in the Hang Seng Tech Index during this period. The surge has also resulted in a 60% jump this year, setting the company on course for its most robust annual performance since 2009, according to a report by Bloomberg on Monday.
The rally is partly due to indications of an end to the post-pandemic industry slump, spurred by cyclical demand for PC replacement and upgrades. Anticipation for new products benefiting from ongoing AI investments also fuels optimism for the stock’s continued bull run well into 2024.