Asia AI Server: Upsides from neoc clouds in the late GB300 cycle

研报英文原文证据摘录

Asia AI Server: Upsides from neoc clouds in the late GB300 cycle

Global Markets Research

24 July 2026Asia AI Server

EQUITY: TECHNOLOGY

Upsides from neoclouds in the late GB300 cycle Research Analysts

Asia Technology

More aggressive capex from neoclouds, with moderate Anne Lee, CFA - NITB

anne.lee@nomura.comupsides from CSPs and more announcements from AMD

+886(2) 21769966

Near-term upsides from neoclouds will mitigate GB-VR transition impact in 2H26F Donnie Teng - NIHK

In ourprioranchorreportonAsiaAISemi&ServerinJune2026, we forecasted a donnie.teng@nomura.com

product transition impact on AI server rack shipments during 2Q-3Q26F for nVidia’s +852 2252 1439

(NVDA US, Not rated) GB300 migration to VR200, as we observed that top CSPs would Aaron Jeng, CFA - NITB

prefer to wait for new generation products, such as VR200, for better cost/performance, aaron.jeng@nomura.com

and we expected neoclouds will play a more important role to supply/lease more +886(2) 21769962

computing power to CSPs during this transitional period. Eric Chen, CFA - NITB

eric.chen@nomura.comWhile we were right about neoclouds’ capex upside on GB300, we underestimated the

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purchasing power from neoclouds, especially xAI (unlisted), which is now under SpaceX

(SPCX US, Not rated). SpaceX listed on 12 June and raised a total of USD85.7bn. In late-

June, SpaceX further announced to raise USD25bn in a debt sales. As shown in our

Anchor Report – Globalsatellites–Fusionofsatellites,connectivity,andAI, dated 13

June, SpaceX estimates a total addressable market (TAM) of USD28.5tn, with USD370bn

from space, USD1.6tn from connectivity, and a majority USD26.5tn from AI. SpaceX plans

to prioritize growth and investment to capture the opportunities in AI applications and

compute infrastructure.