Goldman Sachs Bullish on Wiwynn as AI Server Shipments Ramp Up

Wiwynn is a key supplier of servers for hyperscale data centers, tying its growth outlook closely to capital spending by major cloud service providers. Goldman Sachs expects continued investment in artificial intelligence infrastructure, alongside rising computing needs from agentic AI, to drive stronger-than-anticipated server demand and improve the Taiwanese company’s medium-term earnings visibility.

Goldman Sachs maintained its buy rating on Wiwynn in its latest report and sharply raised its 12-month price target to NT$10,000 per share. The bank forecast that revenue would post a compound annual growth rate of 32% from 2026 through 2028, supported by a richer mix of AI server products and expansion into new customers.

Wiwynn is a major supplier of servers to global cloud data-center operators, making its outlook closely tied to hyperscaler capital spending and the buildout of artificial-intelligence infrastructure. Unlike general-purpose GPU systems, ASIC servers are optimized for specific workloads. A production ramp for custom silicon platforms such as Trainium could therefore add a significant growth engine alongside Wiwynn’s established general-purpose server business.

UBS said in its latest report that Wiwynn’s ASIC AI server shipments are set to reach an inflection point in the second half of 2026, while demand for general-purpose servers remains robust. The brokerage expects revenue growth to accelerate during the period and operations to strengthen quarter by quarter. UBS maintained its “Buy” rating and raised its price target on Wiwynn to NT$7,000.

Wistron is a major global server original design manufacturer benefiting from cloud providers’ increased spending on generative AI infrastructure. Rack-scale AI servers have become a key growth driver. Goldman Sachs is upbeat about Wistron’s design, manufacturing and delivery capabilities, as well as its capacity expansion in the United States and Vietnam, which it believes will help consolidate the company’s market leadership and support medium- to long-term order momentum.

Wistron’s May revenue, boosted by demand for rack-scale AI servers, exceeded Goldman Sachs’ expectations. Monthly revenue could decline sequentially from June through August, however, as the company transitions between old and new models. Goldman Sachs maintained its “Buy” rating. The available event data did not disclose Wistron’s May revenue or Goldman’s price target, but growth is expected to regain momentum once the product transition is complete.

Wiwynn, a Wistron Group supplier of cloud data-center servers, is benefiting as hyperscalers expand AI infrastructure. Consolidated revenue reached NT$950.66 billion in 2025, up 163.7% from a year earlier, while net profit totaled NT$51.12 billion. AI products generated more than half of revenue, with ASIC systems accounting for 90% of that business, showing that operations have evolved from a reliance on general-purpose servers to a dual-engine model.

Following its February 26 earnings call, Goldman Sachs, Nomura Securities, UBS and Daiwa Capital all offered positive assessments. Institutional investors forecast revenue growth of 37% in 2026 and 20% in 2027, with EPS of about NT$330 and NT$400, respectively. On May 11, a U.S. brokerage raised its 2026–2028 EPS forecasts to NT$357.5, NT$466.8 and NT$539.4, named the stock a Top Pick, and cited expected second-half mass production of AWS Trainium 3 systems and new GPU products.