SemiAnalysis: Data centers may face oversupply in 2028; currently, there is an oversupply of chips and limited power.

BlockBeats news, October 22 — Jeremie Ontiveros, head of data center and energy research at semiconductor research firm SemiAnalysis, said that a certain degree of chip oversupply has already emerged in the market, and that obtaining GPUs is now easier than obtaining data center power. He noted that forecasting data centers is relatively easy because it can be tracked in advance through infrastructure signals, while the chip supply chain is more volatile. Looking ahead to 2026 and 2027, the market is demonstrating strong energy response capacity.

Ontiveros warned that by 2028, supply chain risks could reverse, with the potential risk of data center oversupply emerging. At present, compared with chip oversupply, the industry is more concerned about oversupply of data services, and the expansion speed of the chip supply chain will be a core indicator to monitor closely in the future. This expansion is a strongly positive signal for capital expenditure, including investment in building new semiconductor fabs and purchasing new equipment.