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HP CEO says AI capabilities will ‘double the growth of the PC category’

In a Tuesday interview with CNBC’s Jim Cramer, HP Inc CEO Enrique Lores said his company’s new computers with artificial intelligence capabilities will help accelerate and grow the PC market.

“This 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 have said before, we think this is going to double the growth of the PC category starting next year.”

Lores said the new technology will enable users to gain access to 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 between 5% and 10%.

He added that the PC market has begun to recover, saying growth will also be bolstered by the transition from Windows 10 to Windows 11.

“We really think that 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 earnings after Tuesday’s close, reporting slightly lower quarterly revenue than LSEG estimates, but maintaining its annual earnings outlook. HP’s stock declined over 3% in after hours trading.

HP Inc. CEO Enrique Lores goes one-on-one with Jim Cramer

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