Since 2H25, accelerated AI infrastructure buildouts by CSPs have surged HBM demand and crowded out conventional DRAM capacity, pushing the broader DRAM market into shortage. Constrained by annual pricing mechanisms, HBM per-wafer output value and margins fell below DDR5 RDIMM in 1Q26. As 2027 HBM4 supply negotiations launch in 2Q26, TrendForce expects suppliers to push through substantial contract price hikes, reflecting acute supply-demand imbalance and rising next-generation manufacturing costs.
NVIDIA FY1Q27 hit a record high with Data Center share above 92%，with GB/VR Rack rollout boosting liquid cooling and HBM supply chains.
2026 server market accelerates on AI demand; CSPs expand CAPEX while OEMs compete via rack-scale and liquid cooling solutions.
AI server demand surges on hyperscale and inference workloads, lifting CSP rack-scale buildout amid grid constraints.
As NVIDIA and ASIC platforms expand, AI data center power and liquid cooling capacities face tightening supplies. Chinese firms Megmeet and Honor have successfully entered global supply chains, achieving breakthroughs in high-power sectors. In thermal management, liquid cooling is shifting toward system-level integration, with Vertiv and AVC benefiting from dual GPU/ASIC demand, driving significant long-term value growth.
The three major HBM suppliers highlighted HBM4 mass production and HBM4e development, as competition shifts toward pricing power and next-generation specs. Suppliers also remain positive on long-term HBM pricing despite stronger conventional DRAM profitability.
CSP Capex fuels AI server growth; GPU and ASIC engines drive market upgrades as liquid cooling adoption accelerates.
AI server market expands robustly in 2026 amid hyperscaler capex, NVIDIA racks, and tight HBM-CoWoS supply chains.
NA CSPs raised Capex sharply, cementing AI infra as core strategy and powering AI server and data center growth.
HBM grows strongly in 2026 as CSP/ASIC demand lifts HBM3e prices; SK hynix leads, Samsung rebounds, Micron expands TSV.
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