Nomura Securities has increased target prices for nine semiconductor stocks, projecting the AI cycle peak to extend to 2028. This adjustment follows a report by TechFlow Research indicating a significant expansion in global data center construction, with projects rising from 240 to 280 and gigawatt-level projects from 40 to 50. The deployment peak is now expected to decline only after 2027, suggesting prolonged demand for AI infrastructure. The server market growth rates have been revised upwards, with global growth expected to reach 74% in 2026 and 65% in 2027, while AI servers are projected to grow by 78% and 76% in the same years. Despite this growth, capacity constraints remain, particularly in Wafer-level Substrate (WoS) production, where TSMC's capacity target of 2,000kpcs is not being met, with actual output at 1,800kpcs. Additionally, CPU demand is underestimated, with AMD, Arm, and NVIDIA expanding their market presence, further extending the AI cycle.