云厂需求太强，高盛大幅上调AI服务器市场预测

华尔街见闻2025-09-10

AI淘金热远未结束，卖“铲子”的供应商正在迎来新一轮的泼天富贵。根据高盛9月9日发布的一份研报，其援引行业研究机构650 Group的最新数据，对AI数据中心设备的市场前景进行了重大更新。报告的核心结论是：由于超大规模云厂商（Hyperscalers）和二线云服务商（Tier 2 Cloud & SP）的需求比预期更为强劲，AI硬件市场的增长曲线将变得异常陡峭。市场预测大修：AI服务器2029年...

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href=https://wallstreetcn.com/articles/3755298><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AI淘金热远未结束，卖“铲子”的供应商正在迎来新一轮的泼天富贵。根据高盛9月9日发布的一份研报，其援引行业研究机构650 Group的最新数据，对AI数据中心设备的市场前景进行了重大更新。报告的核心结论是：由于超大规模云厂商（Hyperscalers）和二线云服务商（Tier 2 Cloud & SP）的需求比预期更为强劲，AI硬件市场的增长曲线将变得异常陡峭。市场预测大修：AI服务器2029年...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3755298\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0061475181.USD","symbol_name":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) 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市场则以36%的五年CAGR增长。显然，二线云厂商已成为AI硬件需求增长最快的部分，这为能够有效服务该客户群的供应商打开了巨大的增长空间。市场份额洗牌：戴尔成最大赢家，超微失速需求的剧增也伴随着激烈的市场竞争和份额洗牌。根据报告披露的2025年第二季度数据，戴尔无疑是本轮竞争中的一匹黑马。尤其在增长最快的二线云及服务提供商领域，戴尔的市场份额环比激增22个百分点，达到46%，占据了近半壁江山。与此同时，此前表现强势的超微电脑份额则环比下滑7个百分点至29%。英伟达和白牌厂商的份额也分别出现5个和15个百分点的下滑。戴尔（Dell）份额环比增加22个百分点，至46%。超微电脑（Super Micro） 份额环比下降7个百分点，至29%。英伟达（Nvidia） 份额环比下降5个百分点，至6%。白牌（White box） 厂商份额则大幅下滑15个百分点，仅剩2%。在企业市场，戴尔同样表现出色，份额环比增加13个百分点至30%，与惠普企业（HPE）并驾齐驱。这一系列数据清晰地表明，戴尔凭借其强大的供应链和客户关系，正在AI服务器市场，尤其是在非超大规模客户中，迅速确立其领导地位。高盛在报告中维持对戴尔的“买入”评级，认为其多元化的产品组合使其能充分受益于AI服务器的需求。相反，高盛对超微电脑给予“卖出”评级，理由是AI服务器市场正变得日益商品化和竞争激烈，最终可能挤压其盈利能力。AI网络设备同步增长，资本开支前景乐观AI服务器的蓬勃发展也带动了整个数据中心生态系统的扩张。报告预测，AI数据中心交换机市场将以36%的五年CAGR增长，到2029年市场规模达到约260亿美元。在后端以太网交换机市场，Arista（ANET）表现强势，份额环比大增11个百分点至26%。而英伟达则失去了4个百分点的份额。在前端以太网交换机市场，Celestica成为黑马，份额环比飙升18个百分点至34%。而该领域的传统强者Arista则失去了6个百分点的份额，降至35%。更宏观的数据显示，云提供商的资本支出正全面提速。据650 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