⼤摩：2026将是AI科技硬件之年

Core Insights - Morgan Stanley predicts that 2026 will be a pivotal year for explosive growth in AI hardware, primarily driven by strong demand for AI server hardware [6][7] - The report highlights a significant redesign upgrade in AI servers driven by GPUs and ASICs, with new platforms from NVIDIA and AMD expected to enhance computing power and cabinet density [6][7] AI Server Rack Demand Surge - AI server cabinet demand is projected to surge from approximately 28,000 units in 2025 to at least 60,000 units in 2026, representing over 100% growth [7][13] - The transition from single GPU designs to integrated rack systems is expected to benefit ODM manufacturers like Quanta, Foxconn, Wistron, and Wiwynn [13] Power and Cooling Solutions - The report emphasizes that the challenges of power consumption and cooling due to hardware upgrades present significant opportunities for power and cooling suppliers [18][19] - A shift to 800V high-voltage direct current (HVDC) power solutions is anticipated, with the value of power solutions for Rubin Ultra cabinets projected to exceed ten times that of current GB200 cabinets by 2027 [20][22] Liquid Cooling Necessity - Liquid cooling has transitioned from an optional solution to a necessity, with the total value of cooling components for a GB300 cabinet estimated at approximately $49,860, expected to increase by 17% for the next-generation Vera Rubin platform [23][26] Value Chain Upgrades - The report indicates that the upgrade of AI platforms will have profound impacts on printed circuit boards (PCBs) and interconnect components, with increasing requirements for layer counts and material grades [30][31] - The evolution of NVIDIA's GPUs shows a trend towards more complex and higher-value PCB manufacturing processes, creating structural growth opportunities for PCB and upstream material suppliers [32][33]