BofA: AI Compute

> Total Market Size: The total Data Center Systems TAM is projected to reach $2.2Tn in 2030E.

> AI vs. Non-AI Split:

AI Data Center Systems TAM accounts for the vast majority at $1.8Tn.

Non-AI DC Systems TAM accounts for $384bn (with Trad'l Cloud CPU representing ~$30bn of that value).

> AI Servers & Infrastructure Breakdown: Within the $1.8Tn AI Data Center TAM, AI Servers make up $1.4Tn, alongside $310bn for AI Networking and $85bn for Storage.

> AI Server Component Breakdown ($1.4Tn Total):

AI Accelerators: $1.1Tn

HBM (High-Bandwidth Memory): $277bn

AI CPUs: $180bn total value, which splits roughly 50/50 between AI Cluster Compute/Head Nodes ($90bn) and AI Agentic Standalone Nodes ($90bn).

Other: $53bn

$NVIDIA(NVDA.US) $AMD(AMD.US) $Alphabet - C(GOOG.US) $Amazon(AMZN.US) $Meta Platforms(META.US) $Dell Tech(DELL.US) $Super Micro Computer(SMCI.US)