Jeff Pu
Technology Equity Analyst at GF Securities
Lenovo is a Buy as a major server OEM for Akamai, which just signed an $11.6 billion, seven-year CPU agreement with Anthropic. The deal, with a potential $9 billion expansion, has Anthropic using Akamai's distributed AI infrastructure for growing CPU workloads, with Nvidia Vera CPUs expected for agentic tasks. Agentic AI needs more compute and memory, lifting server CPU, DRAM and NAND demand, with 2030 server CPU TAM seen at $215 billion. x.comÂ
Arm collects royalties across the CPUs that AI workloads increasingly need, including AWS Graviton5, Google Axion, Azure Cobalt 200, Nvidia Grace and Vera, Qualcomm's Dragonfly C1000 and nearly all leading DPUs and SmartNICs. Anthropic locked in $11.6B over seven years with Akamai, expandable to about $20B, specifically for CPU workloads. x.com x.comÂ
Lenovo's strong results answer the two biggest worries about AI servers, demand and profitability, which lifted Dell, HPE and Super Micro. Lenovo's Q1 revenue rose 43% to $26.94B, above the $22.3B expected, and adjusted net profit rose 176%. Its infrastructure group nearly doubled revenue with about $777M of operating profit, and its AI server pipeline reached $54B, up 157% from $21B last quarter, showing no cooling in demand and that AI servers become profitable at scale. x.comÂ
Akamai's 7-year, $11.6B cloud deal with Anthropic turns it from an old CDN into an AI inference cloud for one of the biggest AI labs. The deal, expandable to about $20B, is six times May's $1.8B Anthropic contract, previously its biggest ever. Management sees about a $1.7B annual run rate by end-2028, versus $99M for the whole cloud unit last quarter. Anthropic's warrants for up to 5% of Akamai at $111.33 vest only if it spends more. If a fifth wave is underway, the June highs are back in play. … Show more
Anthropic's compute commitments point to future revenue for Alphabet, Amazon, Microsoft, Broadcom and Nvidia. Its S-1 reports 14-fold revenue growth, positive second-quarter 2026 EBIT and more than $600 billion committed to compute through 2045. The AI trade is alive and well, more than expected, provided demand keeps pace with those commitments. x.comÂ
Anthropic's customer growth gives AI compute suppliers firmer demand evidence than capacity plans. Its S-1 reports $16.3B in H1 2026 revenue and about 900% net retention as of September 30, the strongest evidence yet of adoption. Over $500B in commitments include a roughly $125B five-year Broadcom equipment lease plus Amazon, Google and Microsoft arrangements; Nvidia GPUs are in its mix. Long-term obligations could outlast usage revenue. x.comÂ
Enterprise and neocloud demand is creating a second wave of AI infrastructure spending, with tailwinds for Nvidia and Super Micro. Dell forecasts 200 GW of AI data center growth through 2030, half driven by these customers, and estimates a $1 trillion AI infrastructure opportunity over the next four years. AI servers could enter a new growth phase in 2027, with higher shipment volumes and more revenue per deployment. x.comÂ
Enterprise data centers and AI racks are competing for limited parts, benefiting data-center OEMs, ODMs, CPU, memory and storage suppliers. Even a modest AI slowdown would not clear the shortages; customers will order ahead to secure allocation. Dell, HPE, Lenovo, Foxconn, Micron, SK hynix, Samsung, SanDisk, AMD and Intel are named beneficiaries. x.comÂ
AI data-center spending should reach chips first, then racks, power and cooling, benefiting Nvidia, AMD, Vertiv, Bloom Energy, Credo, Marvell, Lumentum and Micron. BofA forecasts the global data-center market at about $1T in 2026, $2.1T in 2028 and nearly $3T by 2030, a 37% annual rise; roughly 80% of a new AI site's $57M per MW cost goes to servers, networking and storage. x.comÂ
Akamai is an overlooked AI inference play because its 4,400 points of presence already have power contracts while power is the bottleneck. Seen as a legacy CDN, Akamai can quickly install Nvidia workstation-level GPUs across that network, offering low-latency edge compute cheaper than hyperscalers and suited to enterprise agentic workflows. CDN pricing is also rising as Limelight/Edgio, Lumen and Stackpath exit, yet the stock trades at 12.5 times forward EPS amid a compute shortage. x.com x.com … Show more
Anthropic's customer spending and compute buildout show AI monetizing at scale, a bullish read-through for Nvidia, Broadcom, Alphabet, Amazon, Microsoft, Nebius, CoreWeave and Hut 8. Its IPO filing reports H1 revenue up 14-fold to $16.3B, 11,900+ customers spending $100K+ annually and 1,900+ spending $1M+, alongside $9B in H1 infrastructure spending and about $430B in future compute commitments. x.comÂ
