J P M O R G A N Asia Pacific Equity Research 12 July 2026 Server JPM proprietary server CPU shipment model Jennifer Hsieh In this note, we introduce a JPM proprietary server CPU shipment model and forecast total server CPU shipments to grow from 26mn units in 2025 to 68mn by 2028 (38% CAGR). We segment server CPU demand into three buckets: (1) AI headnode CPUs, (2) agentic-AI server CPUs, and (3) general-purpose server CPUs. With AI accelerator shipments projected to show a ~50% CAGR over FY25–28 based on o ...