[Nomura Securities Raises Target Prices for Nine Semiconductor Companies, 2028 Becomes New AI Cycle Peak] According to Trend Research, Nomura Securities has extended the AI cycle peak to 2028. The number of global data center projects has increased from 240 to 280, with gigawatt-level projects rising from 40 to 50, and deployment peaking after 2027. The global server market growth rate has been revised upward to 74% (2026) and 65% (2027), while AI server growth rates have been adjusted to 78% (2026) and 76% (2027). There are capacity bottlenecks in wafer-level substrates (WoS), with TSMC's capacity target set at 2 million wafers, but Nomura Securities estimates actual output at 1.8 million wafers. AMD, Arm, and NVIDIA are expanding the CPU market scale.