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Goldman Sachs significantly lowered the Global AI Server shipment volume, and simultaneously adjusted the corresponding supply chain stock price expectations downward.

Goldman Sachs believes that factors such as the impact of the product transition period, supply and demand uncertainty, and production complexity challenges will lead to a slowdown in market growth, reducing the shipment volume of rack-level AI servers in 2025 and 2026 from 0.031 million units and 66,000 units to 0.019 million units and 57,000 units (calculated as 144-GPU equivalent).

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