Goldman Sachs has revised its global AI server shipment forecasts for 2025 and 2026, reducing expected shipments by up to 35%. The firm now anticipates shipments of 19,000 units in 2025, down from 31,000, and 57,000 units in 2026, reduced from 66,000. The downgrade is attributed to weaker-than-expected demand and production bottlenecks. Additionally, there are concerns regarding PSU inventory risks for Delta Electronics starting in late 2025, as well as lower profitability for Taiwanese suppliers. Meanwhile, Morgan Stanley has reiterated its overweight rating on Dell Technologies (ticker: DELL), maintaining a price target of $128, citing an increase in AI server orders from its core T2 cloud service provider customers. This follows a significant rise in Dell's GB200 rack shipments, which have been raised from 2,500 to approximately 4,000 units, driven by demand from major U.S. enterprise customers.