Core Viewpoint - The AI server market narrative has shifted from a GPU-centric focus to a more balanced approach, emphasizing the importance of CPU in AI data centers as the demand for computational power evolves with the rise of Agentic AI [1][3][14]. Group 1: Changes in AI Workflows - The transition from simple chatbots to Agentic AI has fundamentally altered the computational requirements of data centers, necessitating a shift in how tasks are processed [2][5]. - Agentic AI workflows require not only content generation but also complex task management, which involves multiple logical branches and multi-threaded processing, diminishing the parallel advantages of GPUs [5][6]. Group 2: Server Demand and Supply Dynamics - HSBC Securities has significantly raised its forecast for global server shipments in 2026 to a year-on-year growth of 20%, up from a previous estimate of 4%, indicating a strong demand that exceeds market expectations [7]. - The supply chain is currently facing a significant shortfall, with CPU and DRAM memory supply gaps estimated at 30%-40%, and shortages in SSDs and power chips ranging from 10%-30% [8]. Group 3: Financial Incentives and Capital Expenditure - The implementation of the One Big Beautiful Bill Act in the U.S. provides strong financial incentives for cloud service providers (CSPs) to invest in data center assets, including servers, through 100% accelerated depreciation and immediate R&D expense deductions [10]. - CSPs' capital expenditures are projected to reach $743 billion by 2026, representing an 81% increase, with a significant shift in spending from land acquisition to purchasing computational equipment [11]. Group 4: Beneficiaries of the Shift - The market is transitioning from a GPU-centric logic to a more balanced value chain for computing nodes, with ODMs and key component suppliers poised to benefit from the rising importance of CPUs in server architecture [12][13]. - The demand for CPUs driven by Agentic AI is expected to provide long-term certainty to the server market and outline a clear hardware upgrade path for investors [15].