以下文章来源于笔记财经晨会 ，作者笔记小助手 笔记财经晨会 . 有观点的财经晨会 Ai赛道如火如荼，但大家似乎都忽略了Cpu这个赛道 今天来给大家讲讲 CPU ，先说消息 由于超大规模云服务商"扫货"，英特尔与 AMD 在 2026 全年的服务器 CPU 产能已基本售完。为了应对 供需极端失衡并确保后续供应稳定，两家公司均计划将服务器 CPU 价格上调 10—15% 。 这服务器 CPU 市场简直像热门餐厅的 " 限定套餐 " 被抢购一空，英特尔和 AMD 这两位 " 主厨 " 一看 这架势，直接宣布 " 食材升级，价格上调 10%-15%" ！这背后可不是简单的 " 生意好 " ，而是一场精彩 的供需失衡大戏。我来帮你用几个生动的比喻拆解一下核心投资逻辑。 需求爆发：三股燃料同时点火 想象一下，服务器 CPU 的需求就像突然被同时踩下三脚油门的跑车： " 硬件换血 " 周期到了 ：全球云服务巨头（如谷歌、亚马逊、阿里）的数据中心，正集体进入 " 装修升级 " 阶段。它们急着淘汰老旧 CPU ，换上 AMD 第五代 EPYC"Turin" 和英特尔 Xeon "Granite Rapids" 这类新品。这些新 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The demand for server CPUs is increasing due to the upgrade of data center architectures and the continuous rise in AI inference computing power, leading to sustained growth in demand [2][3] - Intel and AMD are raising server CPU prices by 10%-15% to address supply-demand imbalances and ensure stable future supply, with their server CPU capacity for 2026 nearly sold out [1][2] - The general server market is recovering, with a projected global server shipment growth of over 9% year-on-year, driven by data center architecture upgrades and the replacement of existing server CPUs [1][2] Summary by Sections Section 1: Price Adjustments and Market Dynamics - Intel and AMD are increasing server CPU prices by 10%-15% due to supply-demand imbalances [1] - The global server shipment is expected to grow by over 9% year-on-year, influenced by the launch of new CPU products and data center upgrades [1][2] Section 2: AI Influence and Capital Expenditure - The rise of generative AI is driving an increase in AI server procurement, which is affecting the budget for general servers [2] - Cloud vendors are expanding capital expenditures to meet the growing demand for AI inference servers, with global AI server shipments projected to grow over 20% year-on-year by 2026 [2] Section 3: Domestic CPU Developments - Domestic next-generation server CPUs are accelerating deployment in various scenarios, with improvements in stability and compatibility [2][3] - Companies such as Loongson Technology, Haiguang Information, and China Great Wall are highlighted as key players in the domestic CPU market [3]