Morgan Stanley Sees Agentic AI Boosting Non-GPU Server Demand, Raises ASPEED Target to NT$15,555
Agentic AI can independently break down and execute tasks, with inference workflows requiring CPUs, memory and server-management chips alongside GPUs. Morgan Stanley expects this to expand capital spending on non-GPU servers. It sees ASPEED, with its leading position in baseboard management controllers, as a major beneficiary of expansion in general-purpose servers and custom AI chips.
As of July 20, 2026, Morgan Stanley’s latest report raised its price target for ASPEED to NT$15,555 per share, citing simultaneous growth in the CPU, memory and BMC chip requirements of non-GPU systems. The report also expressed confidence in ASPEED’s market-share advantage in general-purpose servers and custom AI chip platforms, saying related capital spending would drive future growth.
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The history behind this eventGoldman Sachs Sees AI Demand Boosting ASPEED, Raises Price Target to NT$20,000
ASPEED Technology is a leading global supplier of baseboard management controller chips, which are used to monitor and maintain data-center servers remotely. Agentic AI is driving expansion in CPU-based servers, while AI ASICs are increasing demand for custom computing. The size of the BMC market and the penetration of high-end products are therefore central to ASPEED’s medium- and long-term growth.
Goldman Sachs reiterated its “Buy” rating on ASPEED on April 21, 2026, and raised its 12-month price target to NT$20,000, citing expectations that earnings upgrades would gather pace from 2026 through 2028. On May 6, it raised the target again to NT$22,000 after first-quarter results beat expectations and the BMC market expanded.
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