2024Week10：Technology AI Server and AI PC smartphone supply chain set to continue strong momentum into 1H24E

We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook (link). In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations. For edge
AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). Overall, we see stronger demand for AI server /PC/smartphone than we expected, as more enterprises are investing into AI applications/models/products and chip supply constraints will start to ease into1H24E. For AI servers, we believe server ODM/brands will benefit such as FII, SMCI, Lenovo, Dell, Inspur and Huaqin, while edge AI adoption will extend from smartphone, PC/NB to AR/VR devices, benefiting Xiaomi, Apple, Transsion, BYDE and Luxshare.

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