高盛：台湾 ODM 品牌_3 个月前瞻_ASIC 人工智能服务器呈上升趋势；2025 年下半年机架级模型转换；关税拉动带来高基数

1 July 2025 | 2:48AM HKT Taiwan ODM/Brands: 3-month Preview: ASIC AI servers rising trend; rack-level model transition in 2H25; tariff pull-in brings high base We preview 3-month revenues for 10 companies in AI servers / AI PCs supply chain and expect the avg. YoY growth of these 10 companies to come in at +37% / +27% / +18% in June / July / Aug 2025, driven by AI servers ramp up, more new product launches in 2H25 for consumer electronics; however, we also note: (1) rack-level AI servers entering model tran ...