Server Market Bulletin - Dec. 26, 2025

Last Modified

2025-12-26

Update Frequency

Biweekly

Format

PDF

Looking to 2026, sustained AI infrastructure build-outs will drive server demand. High CAPEX from North American CSPs supports NVIDIA's new platforms and ASICs. While Tier-2 risks exist, robust major CSP demand boosts ODM AI revenues and cements the critical role of liquid cooling solutions.

Key Highlights

Market Momentum: Continuous AI build-outs in 2026, driven by North American CSPs' high CAPEX, will boost demand for NVIDIA's rack-scale solutions and self-developed ASICs, supporting overall shipment growth.
Divergent Demand: Major cloud providers remain strong due to integration synergies. However, Tier-2 datacenters or government projects face potential delays due to power infrastructure or funding issues.
Supply Chain: ODMs expect significantly higher AI revenue shares from new platform ramps. Meanwhile, cooling suppliers are strengthening their positions with CSPs through comprehensive liquid cooling modules.