全球数据中心设备_深度分析 4.0：热度未减-Global Data Centre Equipment_ Deep dive 4.0. No signs of cooling down

ab 5 December 2025 Powered by YES UBS Evidence Lab Global Research Global Data Centre Equipment Deep dive 4.0. No signs of cooling down AI penetration / monetisation. We see clear evidence of rapid (arguably exponential) GenAI adoption as a technology and some initial evidence of monetisation ($17bn ARR, 6-7% of current total SaaS market). Hyperscalers Capex/Sales more than doubling vs 2023 to 25-30% clearly begs the question of sustainability but we highlight that even on 2026 estimates, capex represents c ...