Nomura raises target prices for nine semiconductor companies, projecting a new AI cycle peak in 2028

According to Chaoxiang Research, Nomura Securities has extended the AI cycle peak to 2028. The number of global data center projects has increased from 240 to 280, and gigawatt-level projects have risen from 40 to 50, with deployment peaking after 2027. The global server market growth rate has been adjusted upward to 74% (2026) and 65% (2027), while the AI server growth rate has been raised to 78% (2026) and 76% (2027). There is a bottleneck in wafer-level substrate (WoS) capacity, with TSMC’s capacity target at 2 million units and Nomura Securities estimating actual output at 1.8 million units. AMD, Arm, and Nvidia are expanding CPU market scale.