Nvidia invests 5 billion in Intel: Lenovo (00992) receives triple dividends, AI PC and server business will accelerate outbreak.

On September 18, 2025, the live stream connection between Huang Renxun and Chen Liwu ignited the global technology circle - Nvidia strategically invested $5 billion in Intel, and the two sides will engage in "multi-generational" deep collaboration in AI PCs, data centers, accelerated computing, and other fields. After this transaction, Nvidia will hold over 4% of Intel's shares, becoming one of the latter's largest shareholders. This century-long collaboration not only caused Intel's stock to soar by 22.77% in a single day (the largest increase since 1987), but also propelled downstream hardware leader Lenovo Group (00992) into an industry dividend windfall. As a company deeply aligned with both Intel's x86 ecosystem and Nvidia's AI technology, Lenovo is fulfilling the strategic value of the AI era through supply chain security, product upgrades, and ecological positioning. Supply chain "double insurance": Lenovo prioritizes locking in AI chip production capacity Global chip supply fluctuations persist, and the collaboration between Nvidia and Intel has directly built a production safety barrier for Lenovo. According to the agreement, Nvidia will become a major customer of Intel CPUs, and Intel's advanced packaging technology will support joint development of products by both parties - this means that, as important partners of both companies, Lenovo will receive "preferential treatment" in the allocation of production capacity for AI chips, x86 processors, and other core components. This advantage is especially critical during times of high demand: Gartner predicts that global spending on AI-optimized servers will reach $140 billion by 2025 (doubling from 2022), with 80% going to hardware, and the gap between supply and demand for core chips continuing to widen. Through the double binding of "Intel + Nvidia", Lenovo can not only avoid the production capacity risks of a single supplier, but also balance global production capacity layout through the cooperation of both parties - the U.S. government previously invested $5.7 billion in Intel, and this collaboration aligns well with the U.S. domestic chip manufacturing strategy. As a multinational enterprise, Lenovo can further reduce the risk of supply chain interruptions caused by geopolitical factors. Ipek Ozkardeskaya, Senior Analyst at Swiss bank Banque Pictet, pointed out, "Intel needs a partner to stabilize the situation, and Nvidia is the best choice." Because Nvidia's investment will enhance credibility in its foundry business, amidst the backdrop of global supply chain restructuring, Lenovo, as a multinational enterprise, can leverage this collaboration to balance production capacity layout in different regions and mitigate the risk of supply chain interruptions caused by geopolitical factors, ensuring stable supply of critical components for Lenovo. Dual-product power eruption: AI PC + servers vie for a $500 billion market The technological integration between Nvidia and Intel is injecting a "doubled" upgrade momentum into Lenovo's two core businesses (PCs, servers). The two parties plan to seamlessly connect CPUs and GPUs through NVIDIA NVLink technology, combining the universality of Intel's x86 ecosystem with the computational power advantage of Nvidia's AI - this breakthrough directly allows Lenovo's AI PC and server products to experience a "generational leap". In the PC domain, Guo Mingchi, an analyst at Tianfeng International, believes that the collaboration between Nvidia and Intel is expected to redefine AI PCs and accelerate their development. The deep cooperation between the two companies in CPUs and GPUs will bring strong synergies and competitive advantages to the PC ecosystem. With its advanced market positioning, Lenovo has already established a global leading position in the AI PC field, and is poised to benefit from this trend. In the second quarter, Lenovo's AI PC shipments in the Chinese market with "five major AI features" accounted for 27% of total notebook shipments; globally, Lenovo's AI PC shipments account for over 30% of total PC shipments, and the market share of Windows AI PCs is expected to surpass that of overall Windows PCs, securing its position as the leader in the global Windows AI PC market. Intel has announced that it will launch an x86 system-on-chip (SoC) integrated with Nvidia RTX GPU chips, which will power PC products. This move will undoubtedly enhance the local inference capabilities of Lenovo's AI PC. The dividend in the server business is even more significant. Guo Mingchi's analysis indicates, "Self-built x86, mid-to-low-end, and inference AI servers are key trends for enterprises in the future. Intel has x86 server enterprise customers and distribution channels, while Nvidia has technical advantages, and the integration of both parties will significantly benefit from potential demand." As Nvidia's and Intel's most important OEM partners globally, Lenovo's cooperation with the two covers multiple product lines such as PCs, servers, and edge computing, offering the advantages of a dual ecosystem and making it undoubtedly one of the biggest beneficiaries of this trend. According to IDC data, Lenovo has jumped to the global top three and China top three in the x86 server market in the first quarter. Of further note is that the target market size covered by Nvidia's and Intel's collaboration is $500 billion. Leveraging its global sales network, Lenovo can quickly convert its technological advantages into performance: in the liquid-cooled data center field (Gartner predicts a market size of $5.544 billion in 2028, penetration increasing from 13% to 33%), Lenovo has been strategically positioned for years, and the injection of new technologies will elevate its solution competitiveness. Eco-positioning: Building barriers for the AI era The collaboration between Nvidia and Intel not only allows Lenovo to "sell products", but also gives it the "standard discourse power" of the AI era - a strategic value that far surpasses short-term performance growth. The core of the collaboration is the construction of a mixed computing platform of "x86 ecosystem + AI acceleration", and as a core participant in the ecosystem, Lenovo is transitioning from a "hardware assembler" to a "standard setter", with its technological integration capabilities serving as a key barrier. On the market level, Lenovo can leverage resources from both sides to seize high-growth tracks. Gartner predicts that global spending on generative AI will reach $644 billion by 2025, driving demand for inference servers, and Lenovo, through the tripartite collaboration of "Intel + Nvidia + itself", can quickly launch scenario solutions for specific segments. "Intel is transitioning from a lagging AI player to a critical infrastructure provider," said eMarketer analyst Gadjo Sevilla, highlighting Lenovo's dividend: Intel's channels combined with Nvidia's technology will open up broader market space for Lenovo. Financially, the benefits on the financial front are gradually manifesting. The increased proportions of high-value AI PCs and AI servers will optimize Lenovo's revenue structure; stable supply chains will lower inventory costs and production interruption risks. With the announcement of the collaboration, Lenovo's stock market valuation has also received positive feedback from the market. In the long term, the dual improvement of product power and market share will further enhance its profit margin. At the tipping point of industrial transformation, the collaboration between Nvidia and Intel is the beginning of the standardization of "CPU + GPU" heterogeneous computing. For Lenovo, this is not just a business upgrade, but an opportunity to reshape the global tech landscape - from supply chain priorities to product leadership, and then to eco-positioning, Lenovo is solidifying its leadership position in the AI era with threefold dividends, and the outcome of this positioning battle will determine the new order in the global PC and server market for the next decade.