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The report highlights AI data center expansion by U.S. and Chinese CSPs. U.S. firms scale globally and invest more at home, while Chinese firms expand with self-developed chips, but both prioritize energy stability going forward.
Robust AI server demand, driven by NVIDIA, AMD, and CSP custom ASICs, propels market growth. DDR5 is mainstream, yet DDR4 sees extended life and price rebound from storage needs. AMD and ARM challenge Intel in CPUs. 2Q25 server DRAM revenue increased, with high-capacity modules boosting average prices, forecasting continued strong AI server growth.
Analyst summary: Samsung completed NVIDIA certification for HBM3e and began limited shipments; HBM3e will be the near‑term mainstream. Supplier competition is intensifying while HBM4 upgrades are expected to raise costs and premiums; certification timing will shape prices.
This bulletin covers CSP and OEM trends; North CSPs expand AI buildout, China faces headwinds and uncertain demand.
Geopolitical constraints and import controls curb RTX PRO in China, with a special edition awaiting broader demand; CPX adopts GDDR7 memory with increased capacity, complementing Rubin GPUs that rely on HBMs, while near-term momentum remains with current solutions.
NVIDIA Rubin platform plans mid-to-late year packaging and server assembly, with HBM4 sampling, certification and mass production have to be completed beforehand. To counter AMD, NVIDIA raises HBM4 specs and speed.
2Q25 server DRAM revenue increased by 11% QoQ, driven by DDR5 shipments and DDR4 price recovery. CSPs shifted from destocking to restocking, and DDR4, due to strong demand for storage server applications, became a highlight and a long-tail product. Samsung led in market share, SK hynix had the largest revenue growth, and Micron benefited from high-capacity modules.
AI servers remain higher than general-purpose servers regarding shipment dynamics among ODMs in 2H25, thus triggering growths for liquid-cooling suppliers. Liquid-cooling solutions are likely to penetrate the cloud market continuously, with focuses placed on cold plates and dividers. Supply chain players are cultivating their partnerships with major US CSPs to stabilize shipment and upgrades. Growth momentum would mostly stem from expanded deployments among CSPs and high-power servers.
The comprehensive quarterly reports detailing market trends, supplier comparisons, and forecast data. It provides the critical analysis on HBM production overview, Spec. outlook, and shipment forecast, etc.
Server DRAM prices (DDR4 & DDR5) saw further gains in August 2025, propelled by robust CSP demand and supply issues. Order visibility now extends to Q4, anticipating continued price increases and a positive 2026 demand outlook.
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