Lenovo Shares Hit Record High as AI Revenue Surges and World Cup Deal Fuels Hardware Narrative

Lenovo shares soar 5.31% to record HK$27.42 as AI revenue doubles, World Cup contract fuels growth, and Nvidia partnership boosts outlook.

Lenovo stormed to an all-time high of 27.42 Hong Kong dollars on Tuesday, powered by a dramatic acceleration in AI-related sales and a high-profile contract to supply more than 17,000 devices for the 2026 FIFA World Cup television production. The stock jumped 5.31% in Hong Kong, outpacing the Hang Seng Tech Index’s 4.72% gain, as investors priced in a string of catalysts that have reshaped the company’s investment case.

Behind the rally lies a fundamental shift: AI revenue more than doubled over the past fiscal year, climbing 105% to now represent 33% of total group turnover. In the fourth quarter of the 2025/26 financial year, Lenovo reported revenue of $21.6 billion — up 27% from the same period a year earlier — and net profit of $521 million. The infrastructure solutions group, long a drag on margins, is approaching a profitability inflection point, according to analysts at Macquarie, who lifted their price target to HK$37.40 with an outperform rating.

The World Cup contract places Lenovo’s technology at the heart of the global broadcast operation. Host Broadcast Services will deploy Lenovo’s AI-powered distribution platform, including more than 17,000 devices from both the Lenovo and Motorola brands. Over 200 technicians will be stationed in stadiums and team camps across the tournament. The technical hub will sit in the International Broadcast Centre in Dallas, where Lenovo will install ThinkSystem servers to power a ten-channel IPTV system feeding more than 1,000 screens.

Beyond hardware, Lenovo is introducing novel AI features to the broadcast: 3D player avatars for referee decisions, stabilised referee-camera perspectives and holographic offerings routed through technology centres in Miami. The deal gives the company live-event credibility at a moment when it is trying to pivot from PC maker to provider of mission-critical AI infrastructure.

That narrative was reinforced at Computex 2026, where Nvidia unveiled its RTX Spark processor line for consumer laptops. Lenovo is among the first partners — alongside Dell and HP — to build systems around the chip, which combines a Grace CPU with Blackwell RTX architecture and delivers one petaflop of AI performance. More than 30 Lenovo devices equipped with up to 20 CPU cores and 6,144 GPU cores are expected to hit the market in autumn 2026.

Goldman Sachs responded by raising its target on Lenovo from HK$27 to HK$31, maintaining a buy rating. The bank expects Lenovo to increase its global laptop market share to 28% by 2028, with AI-capable notebooks reaching a penetration rate of 66%. Lenovo is also pressing ahead in gaming hardware: a second-generation Legion Go handheld is expected to feature an OLED display and AMD Ryzen processors, with an entry price around £900.

The stock’s blistering run — up roughly 175% year-to-date — has pushed its relative strength index to 86.6, a level that technical analysts regard as deeply overbought. At €2.90 in euro terms, the shares trade just 0.17% below the recent annual high, suggesting much of the good news is already discounted. CEO Yang Yuanqing has nonetheless set an ambitious target: a market capitalisation of $100 billion within two years, a goal that would require Lenovo’s valuation to more than double from current levels.

Macquarie’s updated forecasts for fiscal 2027 through 2029 have been raised by 4% to 6%, underpinned by an AI-server pipeline it estimates at $21 billion. The World Cup deal and the Nvidia partnership provide near-term visibility, but the real test will come in the autumn 2026 cycle, when the first RTX Spark systems begin shipping. Until then, the share price remains hostage to the delicate balance between operational momentum and already-lofty expectations.