TechFlow news, according to TechFlow Research, JPMorgan's July 15 report significantly raised server shipment expectations, with the 2026 growth rate revised up from 15% to 22%, and 2027 from 8% to 25%. AI inference is the core driver, as enterprises deploying AI models require a large number of inference servers. JPMorgan estimates that by 2028, server CPU shipments will increase from 26 million to 68 million units, of which Agentic AI-related demand accounts for 53 million units. On the PC side, it is suppressed by rising memory prices; brands raise prices to maintain gross margins, at the cost of sales volume. 2026 PC shipments are expected to decline by 8%, with consumer PCs down 14%. Supply bottlenecks remain a constraint; CPU, substrates, memory, PCB, power devices, there is no slack in any segment.
In terms of US stocks, Dell Technologies, Hewlett Packard Enterprise, Super Micro Computer and other AI server vendors continue to benefit, while in the component sector, Arista Networks, Amphenol, Corning, Lumentum, Micron Technology, etc. benefit from the structural trend of value shifting towards components. JPMorgan recommends: server components are preferred over contract manufacturing, avoid PC overall.
