Enrique Lores

Enrique Lores serves as President and CEO of HP Inc, the world's second-largest personal computer maker (behind Lenovo) and the world's largest printer manufacturer. HP Inc was created in the 2015 split of the original Hewlett-Packard Company, inheriting the personal systems (PCs, laptops, workstations) and printing businesses. The PC industry experienced a massive demand surge during COVID-19 (remote work and education drove a global hardware upgrade cycle), followed by a prolonged post-pandemic hangover as the installed base was refreshed and consumer spending shifted back to services. Lores is now positioning HP for the next growth cycle: AI PCs — personal computers with dedicated neural processing units (NPUs) that can run AI models locally. This AI PC upgrade cycle could drive a significant replacement wave as enterprises refresh their fleets. The printing business generates the majority of HP's profits through the classic "razor-and-blade" model: printers sold at low margins, ink and toner cartridges sold at high margins. HP has been transitioning to subscription-based printing (HP Instant Ink delivers ink cartridges automatically based on usage for a monthly fee) to increase recurring revenue and reduce the impact of third-party ink cartridge competition. Key stock drivers include global PC demand and ASPs, AI PC adoption rates, printing supplies revenue trends, subscription printing growth, share buyback pace, and competition from Lenovo, Dell, and in printing from Epson's tank-based alternative.