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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.

TikTok Developing New U.S. App Version Ahead of Expected Sale, Report Says

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TikTok is reportedly building a new version of its app for U.S. users in anticipation of a planned sale to a group of investors, according to a report by The Information on Sunday citing unnamed sources.

Summary:

  • New U.S. App Launch:
    TikTok aims to launch the new app on U.S. app stores by September 5. Users will eventually need to download this new version to continue accessing the service, although the current app is expected to function until March next year. This timeline may be subject to change.

  • Background on Sale:
    The move comes amid U.S. President Donald Trump’s announcement last Friday that talks with China regarding a possible TikTok deal would begin early this week. Trump stated the U.S. “pretty much” has a deal in place for the sale of TikTok’s U.S. operations.

  • Deadline Extension:
    Trump had extended ByteDance’s deadline to divest TikTok’s U.S. assets to September 17. Earlier efforts to spin off TikTok’s U.S. operations into a U.S.-based company majority-owned by American investors stalled after China expressed disapproval, partly due to escalating U.S. tariffs on Chinese goods.

  • Approval Needed:
    Trump acknowledged that any deal would likely require approval from China. TikTok and ByteDance have not commented on the report, and Reuters could not independently verify the information.

Trump Announces Upcoming Talks with China on TikTok Deal

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U.S. President Donald Trump stated on Friday that talks with China regarding a possible TikTok deal will begin early next week, with discussions likely on Monday or Tuesday.

Summary:

  • Trump said the U.S. “pretty much” has a deal for the sale of TikTok’s U.S. operations.

  • The talks could involve Chinese President Xi Jinping or his representatives.

  • Last month, Trump extended the deadline for ByteDance, TikTok’s China-based parent company, to divest its U.S. assets to September 17.

  • Earlier plans to spin off TikTok’s U.S. operations into a majority U.S.-owned company stalled after China indicated it might not approve the deal amid escalating U.S.-China tariff tensions.

  • Trump expressed cautious optimism about the deal being approved by China, citing a positive personal relationship with President Xi.

  • He emphasized that the deal would be beneficial for both countries.