Lenovo's AI infrastructure revenue up 105%, inference demand set to surpass training

Lenovo CEO Yang Yuanqing said at a earnings call that AI infrastructure is rapidly shifting from training to inference. Currently, 70-80% of GPU servers are used for training, but in the future, inference will account for 70%. Lenovo reported FY2026 revenue of $83.075 billion, up 20% YoY, with net profit up 38%. AI-related revenue grew 105% and now makes up 33% of total revenue. Yang noted that inference growth won't reduce training demand, and cloud giants alone can't meet all needs.