摩根大通：台湾 ODM 厂商英伟达 Blackwell GPU 模块供应状况改善，RTX50 系列产品提价

J P M O R G A N Asia Pacific Equity Research 11 February 2025 Taiwan ODMs Improving Blackwell GPU module supply, RTX50 price hike Taiwan ODMs/OEMs reported soft PC system/component revenues in January due to fewer working days and subdued demand before new product launch in Febraury/March. In contrast, server sales were resilient due to tariff-driven rush orders and robust server end demand. 1Q25 NB ODM build appears to be above seasonality at ~11% QoQ decline, indicating stronger NB ODM shipment uptick in ...