Lenovo plans to invest over $1bn in AI and IoT - TechNode

Chinese PC maker Lenovo plans to pour over US$ 1.2 billion into artificial intelligence, Internet of Things and big data in the next four years, as part of its efforts to diversify their operations amid the stalled growth of its PC and smartphone business, local media is reporting (in Chinese). Lenovo CEO Yang Yuanqing said the annual investment in the above three areas will represent over one-fifth of the company's total annual R&D expenditure by March 2021. Lenovo remained the top PC vendor in the first quarter of 2017, garnering a 19.9% share in the global market by shipping 12.377 million units, IT research firm Gartner noted. Yet its rival HP has narrowed Lenovo's lead with shipments of 12.118 million. Among the company's three main lines of business, namely data centers, mobile devices, and PCs and smart devices (PCSD), revenue from PCSD business accounted for around 70% of its total revenue for the three months ended Dec. 31, 2016, according to the firm's Q3 FY 2016/17 results released this February.