Hardware & Networking AI Demand Expanding Outside the DC with Scale- Across and Multi-Rail Opportunities; Estimate $10 bn+ TAM J P M O R G A N North America Equity Research 05 December 2025 The advent of AI data centers and large training clusters has introduced new terminology around the AI networking fabric, including "Scale-Up," which generally refers to XPU-to-XPU connectivity within a tightly coupled node or local cluster, and "Scale-Out," which refers to the fabric that links many of these nodes acros ...