Lenovo’s Record Rally: Nvidia’s RTX Spark Deal and Goldman Sachs Upgrade Propel Shares to New Highs

Lenovo shares hit all-time high after Nvidia RTX Spark chip debut; Goldman Sachs raises target to HK$31 backed by strong AI notebook pipeline and revenue growth.

Lenovo’s stock stormed to an all-time high of 27.42 Hong Kong dollars on Tuesday, extending a banner year that has already seen the shares gain 175 per cent. The catalyst: Nvidia’s unveiling of its RTX Spark chip platform at Computex in Taipei, with Lenovo confirmed as the first hardware partner. Within hours, Goldman Sachs lifted its price target on the Chinese tech giant from HK$27 to HK$31, maintaining a “buy” rating.

The daily gain of 3.25 per cent, while modest compared with Lenovo’s year-to-date surge, came on heavy turnover equivalent to roughly €3.4 billion. In Frankfurt, the stock closed at €2.91 – just €0.34 above its 50-day moving average, a reminder that the rally still has room to run in the eyes of the bank’s analysts.

RTX Spark: A Superchip for the AI-Native Era

Nvidia’s RTX Spark (N1X) combines a 20-core Arm-based Grace CPU with a Blackwell-architecture GPU, delivering up to a petaflop of AI performance and as much as 128 GB of unified memory. The platform targets local workloads such as large language models, AI video generation, 3D rendering and high-end gaming. Lenovo will be among the first to ship devices, with its Yoga Pro 9n notebook slated for autumn 2026.

“This is an exciting leap for AI-native computing,” said Lenovo CEO Yuanqing Yang, framing the partnership as more than a product launch. The move ties Lenovo’s PC roadmap directly to the premium AI-hardware theme, potentially rewriting the investment narrative that has long pegged the stock to cyclical hardware demand.

Goldman Sachs estimates that Lenovo’s average selling price for AI notebooks could exceed $1,100 by 2028. By then, nearly two-thirds of all Lenovo PCs shipped are expected to be so-called AI notebooks, and the company’s global PC market share could reach 28 per cent.

Strong Financial Backing

The chip news came on the heels of robust quarterly results. In the period ended March 2026, Lenovo’s group revenue jumped 27 per cent to $21.6 billion, while net profit surged to $521 million from just $90 million a year earlier. The devices business alone grew 24 per cent to $14.6 billion – the segment where RTX Spark will first make its mark. For the full fiscal year 2025/2026, Lenovo posted revenue of $83 billion, up 20 per cent.

AI-related revenue, a growing pillar, climbed 105 per cent over the full year and now accounts for one-third of total sales. In the fourth quarter, AI revenue rose 84 per cent. The infrastructure solutions group (ISG) also swung back to profitability, powered by demand for AI servers.

Competition and Caution

Lenovo is not alone on Nvidia’s RTX Spark partner list. ASUS, Dell, HP, Microsoft Surface and MSI are all slated for autumn launches, with Acer and Gigabyte following later. That gives Lenovo a seat at the premium AI-PC table but also pits it against formidable rivals – all on the same chip.

Technical indicators flash a note of caution: the relative strength index (RSI) stands at 86.6, firmly in overbought territory. The stock has more than tripled from its January low and now trades at a 52-week peak in euros of €2.94.

Goldman Sachs projects annual earnings growth of 25 per cent for Lenovo in fiscal 2027 and 2028, betting that the AI transition will lift margins and sustain the current momentum. For now, the market is betting alongside the bank. The real test will come this autumn, when Lenovo must deliver concrete products, pricing and regional availability – and prove that AI-native PCs can indeed command a premium over conventional laptops.