We attended the Open Compute Project APAC Summit in Taipei and are more positive on cloud semis. Reiterate OW on Aspeed. Key Takeaways Industry View Attractive AI demand continued to be solid, shifting to inference: Microsoft (covered by Keith Weiss) highlighted the AI computing capacity expansion, quoting our estimate of hyperscalers capex of over USD300bn in 2025. Meta mentioned the 1GW cluster (Prometheus) in 2026 and a future 5GW in Hyperion. The AI market is shifting to inference-dominated applications ...