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Lenovo Views U.S.-China Tariff Pause as Positive Amid AI Growth

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Chinese PC maker Lenovo (0992.HK) said Thursday that the recent tariff pause between the U.S. and China is a positive development and highlighted strong growth in China’s AI infrastructure despite ongoing tech tensions.

“The truce is a positive situation,” Lenovo CEO Yang Yuanqing told Reuters following the release of the company’s fiscal first-quarter results. “We feel better than the previous quarter — it brings more certainty rather than uncertainty.”

The U.S. and China have extended a tariff pause for another 90 days until November, avoiding triple-digit duties on each other’s goods and providing temporary relief to businesses.

Lenovo reported total revenue of $18.8 billion for the three months ending June 30, up 22% year-on-year and surpassing analysts’ forecast of $17.4 billion, according to LSEG data. Yang attributed the growth to strong AI demand across the company’s three main business segments, each of which achieved double-digit growth.

Despite a 30% U.S. levy on Chinese exports, including PCs, Lenovo’s CEO noted that the U.S. represents less than 20% of the company’s total revenue, and tariffs have so far had minimal impact thanks to Lenovo’s global manufacturing network. Net profit attributable to shareholders more than doubled year-on-year to $505 million, exceeding the consensus estimate of $307.7 million.

AI PCs represented over 30% of Lenovo’s PC shipments in the first quarter, while the AI server business surged 150% amid strong domestic demand. “We see a strong pipeline in AI servers,” Yang said.

China has recently advised major internet firms to be cautious when purchasing Nvidia H20 chips and to consider domestic alternatives, following the U.S. approval to resume H20 chip sales to China. Yang highlighted Lenovo’s investment in diversifying its supply chain and developing local component products to meet varied customer needs.

Lenovo shares dropped more than 3% in early trading Thursday, underperforming the Hang Seng Index, which rose 0.4%. However, the stock has gained 15% over the past three months, outpacing the benchmark.

U.S. Secretly Embeds Trackers in AI Chip Shipments to Detect Diversions to China

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U.S. authorities have placed hidden location trackers in select shipments of advanced AI chips to monitor potential illegal diversions to China. The tactic, previously unreported, targets high-risk shipments and aims to enforce export restrictions on companies like Nvidia, AMD, Dell, and Super Micro. Trackers are embedded in packaging and sometimes inside the servers themselves, enabling investigators to track products and build cases against violators. The Department of Commerce, FBI, and Homeland Security Investigations may all be involved. While U.S. officials see it as a law enforcement tool, Chinese authorities have criticized such measures as attempts to control technology access.

CoreWeave Shares Fall Despite Strong AI Demand as Losses Mount

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Shares of CoreWeave, the Nvidia-backed AI infrastructure firm, dropped 11% after the company reported a larger-than-expected loss for Q2. Operating expenses surged nearly fourfold to $1.19 billion, highlighting tension between rapid revenue growth and rising financial strain.

Analysts expressed concern over CoreWeave’s heavy reliance on key customers, such as OpenAI, and questioned its ability to grow profitably given widening losses, high capital needs, and deteriorating debt coverage. The company, which went public in March, had about $8 billion in debt last year and planned to use roughly $1 billion of IPO proceeds for debt repayment.

With the IPO lock-up period expiring soon, analysts expect volatility as insiders can sell shares for the first time. CoreWeave operates 33 AI data centers in the U.S. and Europe, providing access to Nvidia GPUs. Despite losses, surging demand helped the firm beat quarterly revenue estimates, and its stock has nearly tripled since its IPO.