Lenovo's Liu Jun: Computing power is not only not in excess, but is still in a state of scarcity.

Liu Jun, Executive Vice President of Lenovo Group and President of the China Region, stated that the current competitive logic in the industry has shifted from "peak computing power" to "Token production efficiency," with computing power still in a tight phase. He believes that as the applications of large models and intelligent agents continue to develop, the demand for training and inference will accelerate, and global investment in AI infrastructure will remain sustainable. Data from the National Development and Reform Commission's investment plan of 4 trillion yuan for computing power networks during the 14th Five-Year Plan also indicates that the core contradiction in the computing power industry is not "oversupply," but rather the urgency of "structural upgrades."