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CSPs' AI push fuels HBM shortages and price hikes. Strong conventional DRAM dilutes HBM share; base die production shifts to TSMC.
North American CSP CAPEX expansion drives dual demand for NVIDIA and custom chips. ODMs like Foxconn benefit from rack solutions and are expanding US/Mexico production. Power leaders Delta and LiteOn are shifting toward high-voltage, liquid cooling, and system-level integration to support high-density computing.
NVIDIA achieved record revenue driven by cloud AI and data center dominance. North American CSPs lead demand, establishing the GB series as mainstream and accelerating liquid cooling. However, HBM4 delays impact Rubin's ramp-up, and China exports face geopolitical uncertainty.
Driven by robust AI demand and supply shortages, Korean makers raised quotes, triggering a sharp rise in Server DRAM contract prices. Supply growth lags behind demand despite capacity shifts. Consequently, buyers are accepting price floors in long-term agreements to secure future allocation.
Driven by the proliferation of inference applications and the recovery in general server demand, the market is undergoing a structural transformation. Demand for high-capacity storage solutions is exhibiting linear growth, propelling the industry out of its cyclical trough and into an expansionary phase. As technical standards evolve, bit shipments are set to climb continuously, driving total revenue to historic new heights.
As AIDC enters a high-power era, competition shifts to power and cooling infrastructure. Power architectures move toward HVDC, while cooling upgrades to liquid systems. Leading firms are integrating "Gray" and "White" space technologies, pivoting CapEx toward advanced power modules and liquid cooling, marking the next critical frontier in AI hardware.
Samsung currently leads HBM4 validation due to process improvements enhancing stability. SK hynix retains volume leadership despite re-sampling, while Micron trails slightly. Given robust AI demand and tight capacity, NVIDIA is expected to engage all three suppliers to secure the Rubin platform's supply chain.
Driven by AI adoption and Nvidia's new architecture, Enterprise SSD demand is skyrocketing. With suppliers prioritizing DRAM, NAND capacity remains constrained, pushing contract prices to record highs. Buyers are locking in long-term deals despite soaring costs, cementing SSDs as critical components.
Looking ahead to 2026, major global CSPs are significantly increasing capital expenditures on AI infrastructure, focusing on high-density GPU racks and self-developed ASICs to optimize costs. North American giants are leading the adoption of NVIDIA solutions and proprietary chips, driving the share of AI servers and ASICs. Meanwhile, OEMs like Dell and IEIT are aggressively deploying AI solutions amidst intense competition and geopolitical challenges.
In 2026, the HBM market continues to grow, with SK hynix maintaining its lead and Samsung recovering significantly via HBM3e and HBM4 contributions. Micron also expands aggressively. While HBM3e dominates and HBM4 adoption begins, overall growth momentum slows due to chip upgrade delays and inventory buildup, leading to a converging supply-demand scenario.
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