General servers seeing order increase: We previously expected a more front-loaded general servers demand in 1H25 but now we have been seeing order increases from the US CSPs into 3Q25e. According to a recent statement made by a few Taiwan server ODMs and component suppliers, we are seeing a potential upside for 2H25's general servers' demand, driven by AWS and Microsoft. Meta hasn't seen upward revision for 2H25 but we expect potential order increases supported by a more backend loaded capex outlook (exhibi ...

June 15, 2025 10:57 PM GMT Hardware Technology | Asia Pacific Datacenter Market Insights, Part 1 – Overall Servers Total server shipments grew 22% y/y in 1Q25, with cloud the main driver for both AI and general server. We expect AI server shipments to grow sequentially throughout 2025. Stock implications: We prefer ODMs/OEMs over components. We like Giga-Byte (2376.TW), Hon Hai (2317.TW), FII (601138.SS), Quanta (2382.TW), Wistron (3231.TW), Wiwynn (6669.TW). We also still like Delta (2308.TW), AVC (3017.TW ...

V i e w p o i n t | Taiwan Technology Sector Monthly Tracking – April Sales Largely on Track, AI Supply Chain Continues Showing Strength CITI'S TAKE Despite robust April sales, due to significant NTD appreciation in May, we would expect monthly sales revenue to peak out in April and 2H outlook to be bumpier given some early order pull-in in 1H25 as well as the tariff uncertainty. We understand investors' concerns on upstream and downstream shipment mismatch in AI GPU/accelerator and the rack shipment. With ...