Lenovo's CEO Yang Yuanqing discusses the "bubble or no bubble" in AI: Personal intelligence and enterprise intelligence are the trend.

Is there a bubble in AI? At the Lenovo Group's 2025/26 fiscal year third quarter performance exchange meeting held on February 12th, Lenovo Group Chairman and CEO Yang Yuanqing responded that there is over-investment and overweight in some areas, and it is still unclear which path will lead to AGI. However, AI is a big direction. As a whole industry, there is no bubble. The essence of AI is based on historical data, large computing power, good models, and using private data from individuals, enterprises, and organizations to generate personal intelligence and enterprise intelligence. This is the trend, which will drive the development of more intelligent terminals and infrastructure.