According to Zhitong Finance APP, Lenovo Group (00992) saw its shares plunge more than 15% this morning, falling 14.54% as of press time to HK$25.98, with turnover of HK$3.564 billion.
On the news front, overnight AI server stocks Dell and Hewlett Packard Enterprise plummeted 11% and 8.28% respectively.
Barclays analysts stated that for Dell, Hewlett Packard Enterprise, and NetApp, they have yet to see a "meaningful AI inflection point" in enterprise spending, and downgraded all three from "Buy" to a rating equivalent to "Hold."
They believe revenue growth should be attributed to the global memory chip shortage, and noted that infrastructure companies have passed on higher memory chip prices to customers.
Additionally, recent IDC data shows that global traditional PC shipments for the third quarter of 2026 reached 62.7 million units, down 20.1% year-over-year and 9.1% quarter-over-quarter, marking the second consecutive quarter of year-over-year contraction, with the decline significantly widening compared to the second quarter.
Omdia statistics for the same period show global desktop, notebook, and workstation shipments fell 21.2% year-over-year, with most leading manufacturers experiencing double-digit declines.
Among them, Lenovo ranked first globally in the third quarter with shipments of 14.9 million units, down 22.6% year-over-year.
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Hong Kong Stock Movement: Lenovo Group (00992) Plunges Over 15% as Q3 PC Shipments Drop by a Fifth, "Timing of Enterprise-Level AI Implementation" Sparks Concerns
Stock News10-15
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