Global server shipments totaled 3.9mn units in 1Q25 (-1% q/q, +22% y/y): Total server shipments decreased slightly q/q on seasonality, but overall general server demand was still well-sustained in 1Q, driven mainly by cloud. Although the GB200 ramp kicked off in late 1Q, hyperscalers' procurement of HGX servers continued, and we believe both architectures will co-exist for some time. On the enterprise side, general server demand remained subdued in 1Q. In 1Q, AI server shipments continued to increase sequen ...