2025年第三季度AI服务器与边缘AI动态：稳步前行

3Q255AlServerEEdgeAl Pulse:Marchingahead Buiding on our 2Q25 Af trscker, th/s 3Q25 Trscker continues to focus on the suoply-demanddynsmics of A/ servers 6nd eoge A(, covering four key Brses: I) updatss on.Af capex 6/nd datscontor prqjects; 2) shipment pragress o GFU and AS/C servers; 3) the financia/ performanceof supplicrs in the Af supply chain, ard 4) invesfor sentimont Alex Wang, CFA+852 215S 2618alexwsngbemsteinsg.cem Mark Li+862 2123 2545 Total investment in upcoming and under-construction data centers stands at -USS770B. There are increasing confirmed projects including Oracle's numerous multi-biicr-cellar cloud contracts, a 4.5Gw investment for Stargate in the U.5., and xAl's ColossusSupercomouter, ASIC adoption also increases, eviclent by Anthroplc's adoption of Amazon'sdatscenter with Treinium servers since Jul-2025. Post-2Q25 earnings, consensus raised2026 capex estimates for the major CSPs by neerly 20% vs. 2-month ego, and model totalcRpex to grow 26% CAGR in 2024-27 to c.US$500B by 2027. Stacy A. Rasgon, Ph.D.2169 e59 612 1+stacyrasgengabemsteirsg.cem Mark L. Moerdler, Ph.D.605 46mark.moerclerzbemsteinsg.cem We lifted global server/high-end GPU AI server shipment CAGRs to 4%/45% in2024-2B, and expect total server market to hit USS450B next year. We expect high-end GPU servers (8-GPU equivalent) to grow c.55% in 2025 and c.35%s niext year (Model).Near term, we model GB rack shipments climb to 10K in 3Q and 12K in 4Q, including 6Krack of GB300 in 4Q25, Total rack shipment is modelecl to increese from 30K this year to56K next year (Exhibit 10). We currently project ASICs to comprise neerly 4O% of the tote)CoWoS besed Al chip shipment in 2026 but see an upside risk to it as ASIC user base isgradually extending beyond internal use to external custoerstoo. The engagement on TPUs& possibly projects with other customers is alsp why our Asia Semis tearn rates MediaTek(apou uodau) uojladino Merk Shmulik+1917 344 8609 Firoz Valliji, CFA+1 817 344 83151irozvalljberrsteinsg.com Shirley Yarg, CFA+862 2123 26e0sifeqcnasbemstcirsg.ccm ciespite the tariff uncertsinties, a record yeer for DRAM & TSMC in 2026. EthenXu1852.2128 2684 Edward Hsu, CFA+862 2123 2623eiwardiougterslninsgcam ASIC supply chain stock outperformed GPU supply chains recently (Exhibit 26), drivenby Broad:om's $10B+ new orders. With recert Al optimism, GB200/300 prcgress, andconlent increase narratives far seclors like PCB, power & thermal, over half of our siarnplecdstocks saw an expansion onvaluation and a lift for consensus 2C25 EP5 estimates vs. Jan-25.Among Asia hardware coverage, we stllsee upsice for Chroma and Unimicron post recentstock rally. Yipin Cai, CFA8986 86. 6 69+Yipin.caigbarngtasinsa.com Alricx Shew+1 917 344 8454alrick.shswgte'nsteinsg.com Edge Al innovations continue across different devices types. Android phones arekeeping adding Al capelbilities, end Apple has enabled live translation with AirPods Pro 3. AlPC penetration increases rapidly and Gartner forecasts the penetration rete to increase from15% last ycar to c. BC% by 2027. Lenovo leads in this segment, and management expects a5% ASP premium vs. nori-AI PC. IDC projects AI glasses to triple this year. Shelly Tang, CFA+1917 344 8342ahkily.tangabemsteirsg.ccm We model Quanta to grow revenue/EPS at 30%/14% CAGR in 2024-27. AI server willpressure withiouy-sellmocel. We settargetP/E st 12.5x(old13X] and apply thaton 2026 EPSof NT$19.5 (vs. previous 2025-26 avg. NT$18.7). PT remains at NT$240, Underperform. Burei uBnt,uam+1 917 344 8548wcEsupueq@Sue2erqusm BERNSTEINTICKERTABLE ESTIMATE CHANGEIN BOLD O - Outperferm MI - Market-Perform. U - Underperferm, NR - Not Rated CS - Coverage SuspendedNVDA, AMD,AVGO, INTC, OCOM, MU,MSFT, ORCLestimsteisAdusted EFS; NVDA,AMD,AWGO,INTC, CCCM, MU, MSFT, CRCL velustionisAdjusted P/E (Xt 2330.TT, TSV valustion is P/B (X: NVDA, MSFT, ORCL tase year s 2025;Source: Bloombsrg, Bernstein eslina'ss ard srelysis. INVESTMENT IMPLICATIONS Chroma: We rate Chrorma Outperferm, wiln PT = NT$57O. Delta: We rate Delta Outperform, with PT = NT$630. Unimicron: We rate Unimicron Outperform, with PT NT$17O Quanta: We rate Qusnte Computer Underperform, with PT NT$240 Google: We rete Google Merket-Perform with PT = $210. Meta: We rete Meta Outperform with PT = S900. Amazon: We rate Amazon Outperform witn PT = $250. Microsoft: We rate Micrbsoft Cutperform with PT = $637 as Cloud [non-Al and Al] continues to putperforn and growthprospects are so strong for the future. AMD (Market-Perform, $140.00): Al expectaftians remain high, and shares remain expnnsive. AVGO (Outperform, $400.00): A strang 2025 AI trajectory sees set to accelerate into 2026, bolstered by software, cashCeployment, and superb margins & FCF. INTC (Market-Perform, $21.o0): Intefs problems have broken through to the forefront NVDA (Outperform, $225.00): The datacenter opportunity ls enormous, and still early, wilth material uosicie stll possible. QcoM (Outperfo