Citi Raises Gigabyte Target to NT$385 on Strong AI Server Momentum

Demand for AI infrastructure is shifting from short-term expansion toward long-term “compute inflation,” with cloud providers continuing to increase server purchases. Beyond its personal-computer business, Gigabyte is expanding aggressively into AI servers and the neo-cloud market. Its ability to increase the share of revenue generated by servers has become an important gauge of its medium- to long-term profitability.

As of July 20, 2026, Citi’s latest report said orders from Nebius could boost Gigabyte’s AI server shipments, while the market continued to underestimate the company’s neo-cloud presence and growth potential. Citi therefore raised its earnings estimates for Gigabyte and lifted its target price to NT$385, citing expectations that servers will continue to account for a growing share of revenue.