In an interview with CNBC’s Jim Cramer on Tuesday, HP Inc CEO Enrique Lores said his company’s new computers with artificial intelligence capabilities will help accelerate and grow the PC market.
“This is going to drive significant momentum in the category, some in ’24, more in ’25, more in ’26,” Lores said of PCs with AI capabilities. “As we’ve said before, we think this will double the growth of the PC category starting next year.”
Lores said the new technology will allow users to access the cloud with their PCs, allowing them to receive analysis from a complex language model “locally”. He also claimed that the new computers will not be significantly more expensive than other models, estimating an average price increase of between 5% and 10%.
He added that the PC market has started to recover, and said that growth will also be boosted by the transition from Windows 10 to Windows 11.
“We really think the PC market has started to recover,” Lores said. “The second half was stronger than the first half, and we expect the market to grow in 2024 compared to ’23.”
The company released its results after the close on Tuesday, reporting slightly lower quarterly revenue than LSEG estimates, but maintaining its full-year earnings outlook. HP shares were down more than 3% in after-hours trading.
