In 2026, benefiting from strong capital expenditure by North American CSPs, AI server shipments and revenue share are expected to rise significantly, driving supply chain expansion and the development of liquid cooling technologies. Industry players such as Foxconn, Quanta, Wistron, and MGCooling are actively deploying rack-level and data center system liquid cooling solutions as well as overseas production capacities. Despite lingering geopolitical variables, overall market momentum remains robust.

Key Highlights

• Market Outlook: Major CSPs maintain high CAPEX, driving dual growth in AI and general servers, with rack-level AI systems becoming the primary revenue driver.
• Supply Chain: ODMs like Quanta and Wistron focus on new platforms and rack solutions, significantly increasing CAPEX to expand production in the US, Mexico, and Thailand.
• Technology Trends: High-power AI computing accelerates liquid cooling demand; providers like MGCooling are ramping up CDU production, seeking NVIDIA certification, and enhancing US local services.
• Potential Risks: While high-end chip supply improves, geopolitics and export controls may still constrain shipments in specific markets.

Table of Contents

1. TrendForce's View
2. ODM Dynamics
   • Latest Revisions to ODMs' Server Shipment Growth Rates for 2026
3. CPU, GPU and ASIC Dynamics
4. Thermal/Power Related Updates

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