18 October 2026 | 3:20PM HKT Equity Research Global Server: Raising both AI and General servers; better mix and higher memory costs drive CSP spending We raise our global servers TAM by 31% / 45% in 2027 / 28E across general servers and AI servers to reflect the ongoing generative AI infrastructure investments and specification upgrades: (1) General servers: raised value by 17% / 11% in 2027 / 28E with both shipment and ASP raised. We expect general servers shipment to grow at 20% / 12% / 8% YoY in 2026-28E ...