Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-10-30 05:52Group 1 - The global AI Server shipment is expected to grow by over 20% annually by 2026, driven by steady demand from cloud service providers (CSP) and sovereign cloud, with AI applications flourishing [1] - In 2025, AI Server shipment growth rate has been slightly revised down to around 24% due to delays in NVIDIA's GB300 and B300, while the market value is projected to grow nearly 48% due to high-value integrated AI solutions [3] - By 2026, AI Server revenue is anticipated to increase by over 30% compared to 2025, with revenue accounting for 74% of the overall server market [3] Group 2 - HBM consumption is projected to grow by over 70% annually in 2026, driven by high demand for AI chips and increasing HBM capacity in individual chips [4] - HBM demand is expected to increase by over 130% in 2025, with significant contributions from new products like B300, GB300, and advancements in HBM3e technology [4] - HBM3e sales price is anticipated to rise by 5-10% in 2025 due to strong demand, but may face downward pressure in 2026 as competition among suppliers intensifies [4][5] Group 3 - HBM4 is entering the sampling phase, with expectations for higher sales prices in 2026 compared to HBM3e, providing suppliers with significant profit margins [5] - If all three major suppliers complete validation next year, there may be renewed negotiations on pricing between buyers and sellers [5]