Americas Technology: Hardware: Server 2Q26 market share and outlook update

We update our industry server model to reflect the latest available 2Q26 data from 650 Group & IDC. 2Q26 traditional server market growth accelerated sequentially, driven by pricing: 650 Group estimates the industry traditional compute market grew +91% in 2Q26 (v. +24% in 1Q26), with -9% decrease in units offset by +111% growth in ASPs. IDC estimates industry traditional (non-accelerated) server revenue was +81% year-over-year driven by +17% growth in units and +56% growth in ASPs. 2Q26 AI server growth was more balanced across units and ASPs: 650 Group estimates the industry AI server market grew +94% in 2Q26, with +20% increase in units and +62% growth in ASPs; IDC estimates industry AI (accelerated) server revenue was +43% year-over-year. DELL gained market share in both traditional and AI servers year-over-year (29% traditional vs. 15% in 2Q25;