ANCHOR REPORT Global Markets Research 13 August 2025 Asia AI Semi & Server Stay positive on AI, but also monitor risk factors In late 2024, our tech team published multiple reports flagging our contrarian cautious view on the AI semi and server supply chain given the overly-optimistic Street sentiment and the widening gap between upstream CoWoS and downstream GB rack shipments. That said, in April/May 2025, we started calling for "revisit AI" following market expectation reset, given our view that AI could ...