Just saw a reminder from a friend on Twitter—tonight's AI Server rally might be related to Lenovo's earnings report. I quickly went through the report, and it's indeed impressive. $0992.HK Lenovo Q1 revenue hit $26.94B, up 43% YoY, significantly beating market expectations of $22.3B. Adjusted Net Profit came in at $1.075B, up 176% YoY. On the AI Server front: Lenovo's Infrastructure Solutions Group (ISG) nearly doubled its revenue YoY this quarter and contributed approximately $777M in Operating Profit. AI-related revenue now accounts for 35% of the group's total revenue. Even crazier are the orders: Lenovo's AI Server pipeline has reached $54B, up 157% QoQ, compared to just $21B last quarter. This addresses the two biggest concerns the market has about AI Servers: First, is demand sustainable? Looking at the $54B pipeline, there's absolutely no sign of cooling down. Second, can AI Servers actually make money? This quarter, ISG not only nearly doubled its revenue but also showed significant profit growth. This proves that AI Servers aren't just relying on low margins to drive revenue—once scaled, their profitability starts to shine. Management is also very optimistic about the future, aiming to grow the group's annual revenue to $100B within the next two years. Last fiscal year, it was $83.1B. That's why DELL, HPE, and SMCI—all AI Server-related stocks—are rallying in the night session.