TechFlow News, according to Chaoxiang Research, Nomura Securities confirmed the AI cycle peak is extended to 2028. Global data center construction is just beginning to scale up, with the number of projects increasing from 240 to 280, and gigawatt-level projects increasing from 40 to 50. The deployment peak will not begin to decline until after 2027, pushing back the entire cycle. The server market growth rate has been significantly upwardly revised, with global growth rising from 43% to 74%/65% (2026/2027), and AI servers rising from 58% to 78%/76% (2026/2027), indicating that capacity demand far exceeds previous expectations. However, there are real bottlenecks on the capacity side: Wafer-level Substrate (WoS) has become a constraint, with TSMC's capacity target at 2,000kpcs, while Nomura estimates actual output at only 1,800kpcs. Additionally, CPU demand has been systematically underestimated; AMD, Arm, and NVIDIA are all expanding the CPU market scale, which will further extend the cycle.
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