Traditional & accelerated servers: An industry primer

研报英文原文证据摘录

Traditional & accelerated servers: An industry primer

Equity Research

22 June 2026 | 4:56PM EDT

AMERICAS TECHNOLOGY: HARDWARE

This report serves as a comprehensive primer on the server industry, designed Katherine Murphy

+1(212)902-1151 |

for both seasoned technology investors and those new to the hardware sector. It katherine.a.murphy@gs.com

Goldman Sachs & Co. LLC

provides a foundational analysis of the market’s technological evolution over the last

Michael Ng, CFA70 years, current competitive dynamics, and the financial frameworks governing the +1(212)902-8618 | michael.ng@gs.com

industry. By grounding our analysis in historical trends and current unit economics, Goldman Sachs & Co. LLC

Zorayda Montemayorthis report aims to equip investors with the necessary tools to navigate the +1(212)357-6403 |

near-term volatility and long-term shifts within the global server ecosystem. zorayda.montemayor@gs.comGoldman Sachs & Co. LLC

Key areas of focus in this primer include:

n 2026-30 server market forecast: 650 Group forecasts the global server market

to grow at a +38% 5-yr CAGR to $1.4 tr by 2030, driven by +13% growth in

traditional servers ($164 bn in 2030) and +45% growth in accelerated servers

($1.2 tr in 2030). Both the traditional server and accelerated server markets

should see double digit growth across all customer verticals, with strength in

hyperscaler & neocloud driven by continuous AI infrastructure build outs, while

enterprise demand should benefit from data center modernization efforts in

support of agentic AI adoption & broader technology refresh. Also includes a

summary of the role of a CPU and GPU within AI infrastructure deployments.

n Market structure and vendor dynamics: An examination of the server vendor