Lenovo is on track to hit its $100 billion annual revenue goal ahead of schedule despite the squeeze from the worldwide memory shortage, the PC maker's chief executive said.

Chairman and CEO Yuanqing Yang made the remarks after the company kicked off its fiscal year with consensus-beating revenue and adjusted net profit. A standout was its infrastructure-solutions business, which includes data-center and cloud tech, and which posted a near-doubling in revenue thanks to a surge in AI server demand.

"This business is flying as fast as Boeing 777," Yang said.

The world's largest personal-computer maker is increasingly being viewed as both an AI infrastructure and AI-device play as it branches out beyond computers.

Lenovo's chief financial officer, Winston Cheng, added that strict adherence to global compliance standards initially cost the PC and server giant significant revenue as it stopped using some Western chips.

However, the company still almost doubled revenue in its ISG business, Cheng said.

Responding to concerns about the memory crunch squeezing electronics makers' margins, Yang said Lenovo has diversified its memory sourcing, including suppliers from the U.S., South Korea and China.

In practice, this means hedging across established Western and South Korean giants like Samsung Electronics, SK Hynix, and Micron while scaling up procurement from Chinese players like CXMT.

"We will try our best to get more memory to meet our customer's requirement and drive strong growth," Yang said.