Total server shipments grew 16% y/y in 2Q25, as cloud remains the main driver for both AI and general server. We expect AI server shipments to grow sequentially throughout 2025. Global server shipments totaled 4.2mn units in 2Q25 (+7% q/q, +16% y/y): The sequential increase is mainly driven by cloud, with some pull-ins driven by tariffs. However, we see incremental demand on top of pull-ins as well, with demand remaining strong in 2H, as we continue to strong numbers from some hyperscalers, such as Microsof ...