摘要
- 人工智慧應用日益普及、推理工作負載增加，加上對數據中心的投資持續，均支撐人工智慧伺服器需求。
- 憑藉深厚製造實力及高度整合的供應鏈，亞洲成為全球人工智慧伺服器生態系統的骨幹。
- 隨着價值轉移，投資人應關注人工智慧產業鏈中定價能力最強的環節，因此主動投資至關重要。
雖然人工智慧熱潮的焦點集中於運算晶片，但其背後涉及的建設更為廣泛，並以基建為根基。近年，人工智慧基建市場一直維持高雙位數成長。國際數據公司（IDC）預測，人工智慧基建市場規模到2029年將達7,580億美元，主要由人工智慧伺服器投資帶動，而伺服器正是整個建設過程的起點。
人工智慧伺服器的成長前景如何？
以中央處理器（CPU）為核心的傳統伺服器最適合執行順序運算工作。相比之下，人工智慧伺服器利用圖像處理器（GPU）同時執行數以千計地運算操作，能夠更快速處理複雜工作負載，並大幅擴大運算規模。
人工智慧伺服器需求將受惠於三大因素：a)人工智慧在醫療、零售、金融及汽車等產業的應用日益普及；b)超大型雲端服務供應商持續投資，以維持市場地位及把握未來成長機會；c)各國政府奉行主權人工智慧策略，並持續增加對人工智慧研發的投資。
隨着人工智慧應用範圍擴大，推理運算預計將成為運算需求越趨重要的推動因素。與定期進行的模型訓練不同，每次使用人工智慧應用均需持續進行推理運算，帶動數據中心的持續投資。
圖1. 全球數據中心容量預測（吉瓦）
資料來源︰貝恩數據中心模型，2026年1月
為何人工智慧基建依賴亞洲？
亞洲在人工智慧伺服器領域的優勢，源於其能夠供應關鍵零部件、具備深厚製造及組裝實力，並擁有高度整合的供應鏈，使生產規模能迅速配合人工智慧需求成長。整個產業的生態系統環環相扣：台灣引領製造及先進封裝領域，韓國主導記憶體市場，日本供應關鍵材料及設備，東南亞支援組裝及部署，中國則供應各種組件，並具備大規模製造能力。
圖2：亞洲在人工智慧伺服器領域的作用 
資料來源：瀚亞投資。2026年6月
美國主導的晶片設計及運算環節往往具有最高經濟價值。然而，亞洲也在人工智慧伺服器產業鏈中佔據相當大的經濟價值。除了在晶圓代工、記憶體及封裝領域具領先優勢外，亞洲也深度融入組裝及系統整合環節，而隨着人工智慧伺服器朝機架級架構、液冷及更高密度互連的方向發展，相關環節的精密程度與日俱增。
重要的是，此生態系統經數十年發展，形成難以複製的規模、專業知識及供應商網絡。雖然美國在晶片設計、軟件及雲端平台方面領先，歐洲則在設備及材料方面保持優勢，但兩者在人工智慧伺服器價值鏈上的廣度均不及亞洲。其他地區或受惠於數據中心投資成長，但在半導體及人工智慧伺服器供應鏈方面的發展仍相對落後。因此，亞洲仍是全球人工智慧基建建設的核心所在。
投資人如何應對人工智慧產業鏈的價值轉移？
伺服器產業鏈各環節的經濟價值會隨時間增減。因此，隨着產業演變，投資人必須密切留意價值如何重新分配。中央處理器的重要性已不及圖像處理器，而定製晶片也開始奪取圖像處理器的市場占比。與此同時，高頻寬記憶體、先進封裝及互連技術正成為關鍵瓶頸。價值不會消失，卻很可能轉移至對提升性能及效率仍然關鍵的環節。
投資人的挑戰在於辨識具定價能力的領域。由於並非所有涉足人工智慧伺服器市場的公司均同等受惠，審慎篩選相當重要。部分公司的銷量可能成長，但淨利率仍然受壓。相比之下，若供應瓶頸持續存在，記憶體、先進晶圓代工及封裝、互連、供電及散熱等領域的訂價能力可能更強。
最終，人工智慧伺服器需求會否持續存在，取決於人工智慧的商業化是否成功。隨着人工智慧應用範圍擴大及推理工作負載增加，基建需求將日益由實際使用帶動，而非建基於投機性投資。與此同時，人工智慧的普及速度越來越受實體基建限制，而電力正成為最關鍵的瓶頸。人工智慧使用率提高及基建限制將共同推動持續多年的建設週期，而亞洲正處於這輪實體基建建設的核心位置。
本文是五篇系列文章的第三篇，該系列探討人工智慧技術週期，以及其在發展及趨向成熟過程中產生的亞洲投資機遇。
請留意下一篇文章《轉向邊緣人工智慧的趨勢為何利多亞洲》，該文將探討亞洲在邊緣人工智慧領域的優勢。
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