Core Viewpoint - The article discusses the AI industry chain, focusing on infrastructure, algorithms, and applications, while providing insights from recent reports by Morgan Stanley and JP Morgan regarding ODM manufacturers' performance and shipment forecasts. ODM Manufacturers' Performance and Shipment Analysis - Morgan Stanley ranks ODM manufacturers for GPU AI servers as Wistron > Hon Hai > Quanta [2][18] - Morgan Stanley's latest forecast for GB200/300 rack shipments is adjusted to 27,300 units, down from 28,000 units, primarily due to updates following Quanta's Q3 earnings call [2] - Quanta's management indicates a conservative outlook for AI revenue growth in Q1 2026, leading to a downward adjustment of their Q4 2025 rack shipment forecast from approximately 3,500 to 2,500 units [7] - Despite Quanta's adjustment, Wistron shows strong growth, leading to a slight increase in overall rack shipment forecasts for Q4 2025, from 8,000-8,500 to 13,500-14,000 units [7] Company-Specific Revenue Insights - Quanta reported November revenue of approximately NT$193 billion, with a month-on-month increase of 11% and a year-on-year increase of 36%, driven by GB200/300 rack shipments expected to reach 1,000-1,100 units [13] - Wistron achieved a record revenue of NT$281 billion in November, with a month-on-month increase of 52% and a year-on-year increase of 195%, attributed to significant increases in L10 computing tray shipments [14] - Hon Hai's November GB200 rack shipments remained stable at approximately 2,600 units, with expectations of a decline in December due to year-end holidays, maintaining a forecast of 7,200 units for Q4 2025 [15] 2026 Preliminary Outlook - The forecast for rack shipments in 2026 is challenging, but Morgan Stanley has adjusted its estimate to 70,000-80,000 units, up from 60,000-70,000 units, based on anticipated inventory carryover of approximately 2 million Blackwell chips [17] - Morgan Stanley maintains the ranking of ODM manufacturers as Wistron > Hon Hai > Quanta, noting that actual deliveries may be lower than predicted due to assembly and testing times for L11 racks not being included in the estimates [18]

Core Viewpoint - The report from Morgan Stanley highlights a significant increase in the global production of GB200 NVL72 racks, driven by the surging demand for AI computing, particularly in cloud computing and data center sectors [1][2]. Group 1: Production Forecast - The global total production of GB200 NVL72 racks is estimated to reach 2,000 to 2,500 units by May 2025, a notable increase from the previous estimate of 1,000 to 1,500 units in April [1]. - The overall production for the second quarter is expected to reach 5,000 to 6,000 units, indicating a robust supply chain response to market demand [1]. Group 2: Company Performance - Quanta shipped approximately 400 GB200 racks in May, a slight increase from 300 to 400 units in April, with monthly revenue reaching about 160 billion New Taiwan Dollars, a year-on-year increase of 58% [2]. - Wistron demonstrated a strong growth trajectory, shipping around 900 to 1,000 GB200 computing trays in May, a nearly sixfold increase from 150 units in April, with revenue growth of 162%, reaching 208.406 billion New Taiwan Dollars [2]. - Hon Hai shipped nearly 1,000 GB200 racks in May, with a forecast of delivering 3,000 to 4,000 racks in the second quarter, despite some decline in its cloud and networking business due to traditional server shipment slowdowns [2]. Group 3: Market Dynamics - The actual delivery volume of GB200 racks may be lower than the reported shipment figures due to the need for further assembly of Wistron's L10 computing trays into complete L11 racks, which involves additional testing and integration time [3]. - Morgan Stanley ranks the preference for downstream AI server manufacturers as Giga-Byte, Hon Hai, Quanta, Wistron, and Wiwynn, with Giga-Byte being favored for its potential in GPU demand and the server market [3]. - A report from Tianfeng Securities indicates that major hyperscale cloud providers are deploying nearly 1,000 NVL72 cabinets weekly, with the shipment pace continuing to accelerate [3].