Taiwan ODMs_ Mild 4Q rev upsides across PC_servers; Blackwell ramp behind track. Sun Jan 12 2025

J P M O R G A N Asia Pacific Equity Research 12 January 2025 Taiwan ODMs Mild 4Q rev upsides across PC/servers; Blackwell ramp behind track Taiwan ODMs/OEMs reported better-than-expected server revenue but mixed PC revenue in 4Q24. While there were some tariff-driven rush orders at PC ODM/ components in late 4Q24 , PC brand revenue was below market expectations due to end demand softness. 1Q25 NB ODM build appears slightly above seasonality at 12% QoQ declines, and PC brands also suggest YoY PC growth on a ...