The Goldman Sachs global server team released a report, raising the expected total addressable market (TAM) for the global server market in 2027 and 2028 by 31% and 45%, respectively, with increases for both AI servers and general-purpose servers. The report points out that increased investment in AI infrastructure, along with two major factors—optimized product portfolios and rising memory costs—has significantly driven up spending by cloud service providers (CSPs) and the growth of the overall server market size. Among them, rack-based designs have increased the value of individual units, while the widespread adoption of ASIC chips has fostered a dual-track landscape for AI computing power supply, featuring both GPUs and self-developed ASICs. Memory prices have shifted from a cost factor to an expenditure item driving the growth of the overall market size. The report also lists a roster of beneficiary companies categorized by their positions in the value chain.