以下文章来源于AI产业链研究 ，作者研究 AI产业链研究 . 围绕人工智能展开研究，涵盖基础设施、算法及应用等多个方面，同时也会分享研究过程中的一些心得 体会 大摩（Morgan Stanley）每月会提供各 ODM 厂商的月度及季度机架出货量预测，其于12月 8日发布最新报告。在主流 GPU AI 服务器 ODM 厂商中，大摩的优先排序为纬创 （Wistron）＞鸿海（Hon Hai）＞广达（Quanta）。 小摩（JP Morg an）也有类似的预测数 据，之前我们也写过 小摩2025年AI芯片市场预测：英伟达550万张，AMD 55万，ASIC 417万，国产芯片呢？ 大摩对 GB200/300 机架的最新预测为 2.73 万个，较此前的 2.8 万个小幅下调。这一调整主要源于广达 2025 年第三季度财报电话会议后，大摩更新了其 2025 年第四季度机架预测。 广达管理层表示，2025 年第四季度 AI 业务将实现环比增长，但 AI 营收增速有望在 2026 年第一季度加 快，这一表述较之大摩此前的预期更为保守。因此，大摩将广达 2025 年第四季度机架产量从此前的约 3500 个下调至 2500 个 ...

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].