人工智慧（AI）技術的迅速演進帶動高效能運算（HPC）與雲端基礎設施的需求激增，使得全球對 AI 伺服器與資料中心解決方案的重視程度不斷攀升。根據市場預測，AI 資料中心產業規模將於 2027 年突破 4,000 億美元，成為科技企業爭相投入的關鍵領域。為因應產業變革，半導體公司紛紛由強化單一晶片效能轉向整體系統與生態鏈整合，以提升市場競爭力。
本研究聚焦於超微半導體公司（AMD）於 2024 年收購 ZT Systems 一案，探討其藉由垂直整合策略進軍 AI 伺服器市場的策略與效應。ZT Systems 在雲端服務供應市場具備穩固地位與專業技術，此併購案象徵 AMD 調整企業定位、深化供應鏈整合的重要舉措。透過個案分析與產業趨勢探討，本文剖析該策略對 AI 生態系統、技術人才與競爭版圖之潛在影響，進而提供企業面對快速變動市場時的併購與整合參考方向。

The rapid growth of artificial intelligence (AI) has driven soaring demand for high-performance computing (HPC) and cloud infrastructure, making AI servers and data center solutions vital to enterprise strategies. With the AI data center market projected to exceed USD 400 billion by 2027, semiconductor firms are shifting from focusing solely on chip performance to broader ecosystem integration to stay competitive.
This study analyzes AMD’s 2024 acquisition of ZT Systems, a move aimed at expanding its AI server market presence through vertical integration. ZT Systems' strengths in the cloud service provider (CSP) segment position it as a key asset in AMD’s strategic evolution. By examining this case and broader industry trends, the research explores the acquisition’s impact on the AI ecosystem, talent landscape, and market competition, offering insights into effective M&A and integration strategies in the AI sector.

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