Google's capital expenditure has increased significantly, and the AI server supply chain has fully benefited. Wiwynn (J.P. Morgan) is the first choice
The J.P.
The J.P. Cloud revenue and backlog increased significantly, and third-party capacity usage increased due to supply constraints. This trend provides strong support to the general-purpose, AI ASIC and GPU server industry chains, benefiting brands, components and ODM manufacturers. The report highlights giving priority to Taiwan ODM factory Wiwynn, and is optimistic about component suppliers such as Delta, ASPEED, and Unimicron, and brand manufacturers such as Lenovo and ASUSTek. One sentence conclusion: Google's huge capital expenditure has injected strong growth momentum into the AI server supply chain, and ODM manufacturers and core component suppliers will benefit the most. Positive/negative: Positive for the AI server supply chain, including Wiwynn, Delta, ASPEED, Unimicron, Lenovo, ASUSTek, etc. The market may have partially anticipated the growth in AI demand, but Google's large-scale capital expenditure guidance still exceeds expectations, and the stock prices of related companies are expected to be further boosted. Catalysts: 1) Quarterly capital expenditure outlook of other cloud giants (such as Microsoft, Amazon); 2) AI server shipments and average selling price (ASP) data; 3) Monthly revenue reports of supply chain companies.