Nomura: It is too early to judge the peak of chip stocks at present, as the demand for AI servers and supply chain bottlenecks still force cloud vendors to continue investing BlockBeats News: On July 2nd, Nomura recently stated in a semiconductor in-depth report that cloud vendors will still find it difficult to stop expanding in 2027. The iteration of AI models, the growth in inference demand, the expansion of data center construction plans, and the tight supply of storage and advanced packaging will all continue to drive cloud vendors to lock in chip, packaging, substrate, storage, and server resources. Nomura's logic is that AI capital expenditure is not a short-term choice for a single company, but rather a competitive pressure among large cloud platforms. As long as Microsoft Google、 Companies such as Amazon and Meta are still competing for AI models, enterprise customers, and inference traffic, making it difficult for them to proactively slow down infrastructure construction. Even if costs rise, stopping may mean losing a competitive position on the platform. The report specifically mentioned that although TSMC is expanding CoWoS advanced packaging capacity, small substrate suppliers may become a new bottleneck. In other words, the bottleneck is not only in GPU, but also in advanced packaging, ABF/substrate HBM、 Server assembly and power infrastructure. Nomura is therefore optimistic TSMC、ASE、Aspeed、MediaTek、GlobalWafers、KYEC、Elite Material、Zhen Ding Waiting for the supply chain company. Its judgment contrasts with concerns about "AI overheating": the real problem is not the disappearance of demand, but that the supply chain is still insufficient; As long as bottlenecks exist, cloud providers will continue to pay for scarce production capacity.