全球服务器 -推出 2027 年预期；随着 ASIC 渗透率上升，上调基于基板的 AI 服务器预期-Global Server_ 2027E estimates introduced; Raising baseboard-based AI servers with rising ASIC penetration

Summary of Global Server Market and AI Server Insights Industry Overview - The report focuses on the global server market, particularly the AI server segment, with projections extending to 2027E. The analysis includes various types of servers such as ASIC AI servers, AI training servers, AI inferencing servers, general servers, and HPC servers [1][14]. Key Insights Market Projections - The global server market is projected to grow significantly, with total revenues expected to reach US$359 billion, US$474 billion, and US$563 billion in 2025E, 2026E, and 2027E respectively, reflecting year-over-year growth rates of 42%, 32%, and 19% [14][30]. - AI server shipments are expected to increase, with 10 million, 14 million, and 17 million AI chips required in 2025E, 2026E, and 2027E, respectively. The contribution of ASIC shipments is projected to rise from 38% in 2025E to 45% in 2027E [1][8]. AI Server Segment Growth - High power AI servers (powered by 500 TFlops+ ASIC and GPUs) are forecasted to see a 21% and 39% increase in volume estimates for 2025E and 2026E, respectively. Inferencing AI servers are expected to grow by 3% and 5% in the same years [3][11]. - Full rack AI servers are estimated to ship 19,000 units in 2025E, increasing to 67,000 units by 2027E, with a total addressable market (TAM) of US$54 billion, US$157 billion, and US$232 billion for 2025E, 2026E, and 2027E respectively [11][30]. Cloud Service Provider (CSP) Capital Expenditure - Leading US CSPs are projected to increase their capital expenditure (capex) by 67%, 23%, and 15% year-over-year from 2025E to 2027E. In contrast, leading Chinese CSPs are expected to grow their capex by 55%, 8%, and 6% in the same period [8][24][27]. AI Chip Demand - The demand for AI chips is expected to reach 9,990 thousand, 13,631 thousand, and 16,551 thousand units for training and inferencing combined in 2025E, 2026E, and 2027E, respectively. The mix of GPU and ASIC chips is projected to shift, with GPUs making up 62% in 2025E and decreasing to 55% by 2027E, while ASICs will increase from 38% to 45% [3][20]. Additional Insights Revenue Breakdown - The revenue breakdown for AI servers indicates that training servers will generate US$189.6 billion, US$294.6 billion, and US$370.6 billion in 2025E, 2026E, and 2027E, respectively. High power AI servers are expected to generate US$135.9 billion, US$137.9 billion, and US$139 billion in the same years [30]. - General servers are projected to see revenues of US$133.7 billion, US$140.2 billion, and US$146.5 billion from 2025E to 2027E, indicating a recovery in the general server market [30]. Market Dynamics - The growth in AI applications and increased cloud capex are driving the demand for AI servers. OpenAI's user base has quadrupled to 700 million weekly active users, indicating a broader adoption of AI technologies [3][11]. Competitive Landscape - The report highlights key players in the AI server market, including ODMs like Wiwynn, Wistron, and Hon Hai, as well as companies involved in silicon photonics and liquid cooling technologies [2]. This comprehensive analysis provides a detailed outlook on the global server market, emphasizing the significant growth potential in the AI server segment driven by technological advancements and increased cloud investments.