HP CEO says AI will ‘double PC category growth’

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.

“That will 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 believe 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 of a complex language model “locally.” He also said the new computers would not be significantly more expensive than other models, estimating an average price increase of between 5 and 10 percent.

He added that the PC market had started to recover, saying growth would also be driven 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 and we expect the market to grow in 2024 compared to 2023.”

The company released its results after Tuesday’s close, reporting quarterly revenue slightly below LSEG estimates but maintaining its full-year profit outlook. HP stock fell more than 3% in after-hours trading.

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