汇丰：全球服务器行业展望：AI需求驱动ASIC服务器增长 GB200量产进度成关键变量-250624（英文版）（18页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities(Taiwan)Corporation Limited View HSBC Global Research at:https:/ Thank you for your supportSe

2、e resultsHSBC in Extel Survey 2025 We expect stronger ASIC server growth into 2026-27e.Meta seeing more significant growth in rack density Orders for Nvidias GB200 and GB300 AI servers increased but the yield rate remains the key swing factor Prefer ASIC server names such as Buy-rated Wiwynn(6669 TT

3、),EMC(2383 TT),TUC(6274 TT)on faster 2026e growth Buy-rated stocks:We are seeing increasing momentum in the server market(including GPU,ASIC,and general servers),while we prefer ASIC names Wiwynn(6669TT),TUC(6274 TT),EMC(2383 TT)given faster growth in 2026e.We also like Quanta(2382 TT)on share gains

4、 in GB racks(exhibit 14).Stronger ASIC servers momentum:We believe ASIC will start contributing more hyperscaler capex see Broadcom(AVGO US):Upgrade to Buy:ASIC potential to knock our socks off,24 June.We expect ASIC revenue(exhibit 3)to grow at a CAGR of 96%compared to AI GPU revenue growing at a C

5、AGR of 47%from 2023-27e.The spec changes for AWS and Meta next 1-2 generation ASIC server rack mainly include the higher compute tray density(from 2 ASIC per tray to 4/8 ASIC per tray).Looking forward,we expect Meta to roll out a high-density server rack with 256 MTIA 2.0 chips per rack from 2027,wh

6、ich might bring more growth for thermal,power,PCB,CCL,and networking sectors.Rising GB200 and GB300 server demand,while assembly yield rate remains to be watched:We are seeing an increase in GB200 orders from some of the CSPs(cloud service providers)and a clearer GB300 order visibility into 2H25.We