# Who are Lenovo's customers? Who does Lenovo earn revenue from?
Canonical: https://valuechain.wiki/lenovo · Facet: customers · Updated: 2026-09-12T00:51:24.212132+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Lenovo's confirmed revenue counterparties include Waters Corporation plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 3 dated sources, 0 of them primary filings (as of 2026-09-12).

### 하이퍼스케일러·엔터프라이즈 (AI 서버) (high)
- note: Supplies AI servers to enterprise and hyperscalers ($21B pipeline).
- [confirms] EBC (EN, news, published 2026-05-01) https://www.ebc.com/forex/lenovo-stock-ai-server-pipeline-record-high: "AI is 38% of revenue; $21B pipeline."

### PC·모바일 (소비자) (mid)
- note: World's No.1 PC and mobile — the stable cash-flow core that offsets thin AI-server margins.
- [confirms] TheElec (KO, news, published 2026-01-01) https://www.thelec.kr/news/articleView.html?idxno=51295: "The world largest PC maker."

### 워터스 (mid)  → /waters.md
- note: Lenovo supplies P5 workstations that Waters customizes for waters_connect under vendor agreements supporting long-life component availability, while Lenovo hardware procurement spending was not disclosed.
- [confirms] Waters Corporation (EN, ir, published 2025-09-19) https://help.waters.com/content/dam/waters/en/support/releasenotes/2025/716014652/716014652RevB.pdf: "We have agreements with the vendor to ensure the components in the computers are available and supported."

Reverse side: https://valuechain.wiki/lenovo/suppliers.md · Ripple: https://valuechain.wiki/lenovo/ripple.md

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Full node: https://valuechain.wiki/lenovo.md · JSON: https://valuechain.wiki/lenovo.json