Taiwan ODMs In-line May sales with initial ramp of Amazon T3 servers

研报英文原文证据摘录

Taiwan ODMs In-line May sales with initial ramp of Amazon T3 servers

J P M O R G A N Asia Pacific Equity Research

10 June 2026

Taiwan ODMs

In-line May sales with initial ramp of Amazon T3 servers

Most Taiwan ODMs reported largely in-line revenue in May with sustained server Technology - Hardware

ACmomentum and flattish NB shipment trends. General server demand remains Albert Hung

resilient with likely double-digit QoQ shipment growth in 2Q26. For AI servers, (886-2) 2725-9875

we expect double-digit NVL72 rack shipment growth in 2Q26. We also saw albert.hung@jpmchase.com

resumed component momentum for AWS ASIC in May, implying an uptick in J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

Trianium 3 system shipments in the coming months. For PCs, 2Q26 NB ODM Morgan Broking (Hong Kong) Limited

outlook appears to be largely flattish QoQ. We expect a declining trend into 2H26, Anthony Leng

dragged by price elasticity impact. VGA/MB shipments appear to be down double (886-2) 2725-9240

digit % QoQ/YoY in 2Q26 and likely to see continued weakness into 2H26, due to anthony.leng@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

a lack of new product and end demand weakness. iPhone EMS revenues were

resilient in May driven by m/s gains and inventory preparation ahead of the China Gokul Hariharan

(852) 2800-8564

618 sales season, but we are cautious on the 2H26 iPhone demand on the potential gokul.hariharan@jpmorgan.com

memory-led price elasticity impact. In the server ODM space, we prefer Wiwynn J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

> Quanta > Hon Hai > Wistron. We stay OW on Delta given the growing AI Morgan Broking (Hong Kong) Limited

datacenter power/thermal TAM and potential product price hikes. ASPEED and