Goldman Sachs: Server Market Seen at $1.5 Trillion, Dell's Share Rises to 29%

According to Chaoxiang Research, a Goldman Sachs research report dated September 15, 2026, indicates that Group 650 has revised its 2030 overall server market size forecast upward to $1.5 trillion, projecting a 39% compound annual growth rate from 2025 to 2030. AI servers are expected to reach $1.3 trillion, with a 46% compound annual growth rate, while traditional servers will account for approximately $192 billion, with a 17% compound annual growth rate. Dell's traditional server market share rose to 29% in the second quarter, and its AI server share increased to 17%. NVIDIA holds a 42% share of the AI server market, while white-box vendors account for 24%. Goldman Sachs believes the AI server market remains dominated by chipmakers and white-box vendors, leaving limited room for branded server vendors. Goldman Sachs maintains a Buy rating for Dell with a target price of $570; maintains a Buy rating for HPE with a target price of $75; and assigns a Sell rating to SMCI with a target price of $34.