Server: JPM proprietary server CPU shipment model

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Server: JPM proprietary server CPU shipment model

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

12 July 2026

Server

JPM proprietary server CPU shipment model

In this note, we introduce a JPM proprietary server CPU shipment model and Technology - Hardware

ACforecast total server CPU shipments to grow from 26mn units in 2025 to 68mn by Albert Hung

2028 (38% CAGR). We segment server CPU demand into three buckets: (1) AI (886-2) 2725-9875

headnode CPUs, (2) agentic-AI server CPUs, and (3) general-purpose server albert.hung@jpmchase.com

CPUs. With AI accelerator shipments projected to show a ~50% CAGR over J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

FY25–28 based on our CoWoS estimates by the semi team (link), we see a step- Morgan Broking (Hong Kong) Limited

function increase in AI headnode CPU demand, reinforced by a rising CPU-to- Gokul Hariharan AC

accelerator attachment trend. While general-purpose server CPUs should continue (852) 2800-8564

to show a steady ~5% CAGR, agentic-AI CPUs are the breakout growth vector, gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

with 155% CAGR expected over 2025–28. Net-net, we believe overall general Morgan Broking (Hong Kong) Limited

server shipments can sustain 20%+ growth in the coming years. This super-cycle Anthony Leng

is positive for TSMC, Unimicron, ASPEED, Lotes, Wiwynn, Tripod, (886-2) 2725-9240

GUC,ASE, and memory vendors, such as SK Hynix and Samsung Electronics, anthony.leng@jpmorgan.com

across Asia Technology. J.P. Morgan Securities (Taiwan) Limited

Jennifer Hsieh

• Server CPU landscape reshaped by AI-led demand. We forecast AI (886-2) 2725-9868

accelerator shipments to rise from 7.6mn units in 2024 to 32.5mn by 2028, with jennifer.hsieh@jpmorgan.com