Group 1 - Analyst Ming-Chi Kuo predicts that Apple will release multiple new head-mounted devices starting in 2027, with no new products expected in 2026 [1] - Apple is currently developing at least seven projects, including three Vision series products and four smart glasses, with five products having confirmed timelines [1] - The company views head-mounted devices as the next major trend in consumer electronics, but faces challenges related to pricing, application ecosystem, and user habits [1] Group 2 - The global server market is projected to reach $366 billion in 2025, representing a year-on-year growth of 44.6% [2] - The "x86" server market is expected to grow by 39.9% to $283.9 billion, while non-"x86" servers will see a 63.7% increase, reaching $82 billion [2] - The "Arm" architecture servers are anticipated to grow by 70.0%, accounting for 21.1% of total shipments, indicating a shift in demand driven by cloud computing giants [2] Group 3 - The Shanghai Stock Exchange has accepted 30 IPO applications in the first half of the year, with over 70% from the Sci-Tech Innovation Board [3] - This trend supports a positive cycle of technology, capital, and industry, accelerating the integration of technological and industrial innovation [3] - The focus on domestic chip companies provides a dedicated financing channel and establishes a protective barrier for strategic industries amid global technological competition [3]

Core Insights - The global server market is projected to reach $366 billion by 2025, representing a year-on-year growth of 44.6% [1] Market Segmentation - The x86 server market is expected to grow by 39.9%, reaching $283.9 billion [1] - The non-x86 server market is forecasted to grow by 63.7%, reaching $82 billion [1] - Within the non-x86 segment, Arm architecture servers are anticipated to grow at a rate of 70.0%, accounting for 21.1% of total shipments [1]

Core Viewpoint - The report highlights the transformative impact of the AI boom on the global server market, with Nvidia GPUs being a key driver of this growth, leading to a significant increase in server revenue in Q4 2024 compared to the previous year [1][5]. Market Overview - The global server market revenue reached $77.321 billion in Q4 2024, marking a 91% year-over-year increase, the second-largest growth since 2019 [5][7]. - Non-x86 server revenue surged by 262.1% to $22.5 billion, while x86 server revenue grew by 59.5% to $54.8 billion [1][5]. - Embedded GPU servers accounted for over half of the market revenue growth, with a 192.6% increase year-over-year [1][5]. Company Performance - Nvidia dominated the embedded GPU market, capturing 90% of the total shipments in Q4 2024 [2][5]. - Dell Technologies and Super Micro tied for the top position in market share at 7.2% and 6.5% respectively, with revenue growth of 20.6% and 55% [3][7]. - ODM Direct suppliers accounted for 47.3% of total revenue, experiencing a remarkable 155.5% growth [3][7]. Regional Insights - Canada recorded the highest year-over-year growth rate at 118.4%, while the U.S. accounted for 56% of total revenue [6][7]. - China saw a 93.3% increase, representing nearly a quarter of global quarterly revenue [6][7]. - Other regions, including Japan (66.9%), other Asian countries (43.8%), and EMEA (28.2%), also experienced significant growth [6][7].