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題名 AI產業併購策略分析：以超微半導體（AMD）併購美商雲達（ZT Systems）為例
An Analysis of M&A Strategies in the AI Industry: A Case Study of Advanced Micro Devices (AMD) and Its Acquisition of ZT Systems
作者 劉子維
Liu, Tzu-Wei
貢獻者 黃國峯
Huang, Kuo-Feng
劉子維
Liu, Tzu-Wei
關鍵詞 人工智慧 (AI)
高效能運算 (HPC)
雲端基礎設施
AI 資料中心
半導體產業
垂直整合
併購策略
超微半導體公司 (AMD)
ZT Systems
雲端服務供應商
技術人才
產業趨勢
市場競爭力
AI 生態系統
企業轉型
Artificial Intelligence (AI)
High Performance Computing (HPC)
Cloud Infrastructure
AI Data Centers
Semiconductor Industry
Vertical Integration
Merger and Acquisition Strategy
Advanced Micro Devices (AMD)
ZT Systems
Cloud Service Provider (CSP)
Technical Talent
Industry Trends
Market Competitiveness
AI Ecosystem
Corporate Transformation
日期 2025
上傳時間 4-Aug-2025 13:01:10 (UTC+8)
摘要 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.
參考文獻 1. David, P. A., & Steinmueller, W. E. (2009). Mergers and acquisitions in the semiconductor industry: Effects on innovation and market structure. The Journal of Technology Transfer, 34(5), 415–429. 2. Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic management: Concepts and cases: Competitiveness and globalization (12th ed.). Cengage Learning. 3. Liu, C., & Chen, M. (2020). The impact of AI and cloud computing integration on server industry competitiveness. Journal of Industrial Technology Studies, 45(3), 167–184. 4. Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. Free Press. 5. Williamson, O. E. (1975). Markets and hierarchies: Analysis and antitrust implications. Free Press. 6. Chen, Y.-C. (2021). 全球伺服器供應鏈的地緣政治風險與在地製造策略探討. 國際企業評論, 29(2), 44–67. 7. Pisano, G. P. (2006). Can science be a business? Lessons from biotech. Harvard Business Review, 84(10), 114–125. 8. Wu, H.-M., & Chang, T.-S. (2023). The role of AI server ODMs in semiconductor value chain transformation: A case study approach. Asian Journal of Technology Innovation, 31(1), 85–102. 9. Ghosh, A., & Hahn, E. D. (2019). Strategy in high-tech industries: Mergers, acquisitions, and ecosystem dominance. Strategic Management Journal, 40(2), 255–278. 10. 賴志宏、林佑昌（2019）。企業併購後的組織整合挑戰與文化調和策略分析。科技與管理研究, 32(1), 55–76。 11. Zhang, X., & Li, Y. (2022). From chips to systems: Strategic shifts in the semiconductor industry in the AI era. Journal of Business Strategy and Development, 8(4), 211–225. 12. Christensen, C. M. (1997). The innovator’s dilemma: When new technologies cause great firms to fail. Harvard Business Review Press. 13. Huang, Y.-L. (2020). 資訊科技產業的供應鏈重構：以AI伺服器為核心的價值網分析。經營管理論叢, 27(3), 123–148。 14. Barney, J. B., & Hesterly, W. S. (2019). Strategic management and competitive advantage (6th ed.). Pearson. 15. Wang, J., & Lee, K. (2021). AI server architecture evolution and system integration strategy in global CSP markets. IEEE Transactions on Cloud Computing, 9(2), 108–117. 16. Advanced Micro Devices, Inc. (2024, August 19). AMD to acquire ZT Systems to expand AI data center solutions. https://www.amd.com/en/press-releases/2024-08-19-amd-to-acquire-zt-systems. 17. Advanced Micro Devices, Inc. (2024). Q3 2024 Earnings Presentation. https://ir.amd.com 18. Advanced Micro Devices, Inc. (2025, May 20). AMD announces strategic manufacturing partnership with Sanmina. https://www.amd.com/en/newsroom 19. Advanced Micro Devices, Inc. (2025). Form 10-K: Annual report for the fiscal year ended December 30, 2024. U.S. Securities and Exchange Commission. https://www.sec.gov/edgar/browse/?CIK=0000002488 20. ZT Systems. (2024). ZT Systems: About Us. https://www.ztsystems.com/about 21. ZT Systems. (2023, November). ZT Systems to expand AI server portfolio to meet hyperscale demand. https://www.ztsystems.com/newsroom 22. Sanmina Corporation. (2025, May 20). Sanmina acquires ZT Systems’ manufacturing operations to expand into AI infrastructure [Press release]. https://www.sanmina.com/newsroom 23. Reuters. (2024, August 19). AMD to acquire cloud server firm ZT Systems in push for AI dominance. Reuters Technology. https://www.reuters.com/technology/amd-acquire-cloud-server-firm-zt-systems-2024-08-19 24. Bloomberg. (2025, May 20). Sanmina buys ZT Systems factory from AMD as part of supply chain strategy. Bloomberg News. https://www.bloomberg.com/news/articles/2025-05-20/sanmina-buys-ztsystems-plant-from-amd 25. TrendForce. (2024, December). AI chip market trends and GPU vendor share report: Q4 2024 update. TrendForce Research. https://www.trendforce.com/research/ai-gpu-market 26. Statista. (2024). Market share of GPU vendors in AI training and inference worldwide from 2021 to 2024. https://www.statista.com/statistics/1286461/ai-gpu-market-share-by-vendor 27. IDC. (2023). Worldwide Artificial Intelligence Tracker Q4 2023: AI chips, servers and market dynamics. International Data Corporation (IDC). https://www.idc.com/getdoc.jsp?containerId=prAP51141823 28. Deloitte Insights. (2023). AI hardware accelerators: The next race in AI infrastructure. Deloitte TMT Predictions 2023. https://www2.deloitte.com 29. Burgelman, R. A., & Groysberg, B. (2021). NVIDIA: Building a complete AI ecosystem (Case No. 321-056). Harvard Business School Publishing. 30. Lee, T., & Kim, S. (2022). Competitive ecosystem strategy: A case study of NVIDIA’s CUDA platform. Technology Analysis & Strategic Management, 34(5), 552–566. https://doi.org/10.1080/09537325.2022.2042135 31. Yeh, C.-Y.（葉建元）(2023)。NVIDIA以平台為核心的AI生態圈競爭策略研究。科技管理學刊, 28(2), 75–98。 32. Wu, L., & Zhang, Y. (2023). From GPU to platform: How NVIDIA reshaped AI development via vertical integration. California Management Review, 65(3), 34–55. https://doi.org/10.1177/00081256231100851
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
112932054
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112932054
資料類型 thesis
dc.contributor.advisor 黃國峯zh_TW
dc.contributor.advisor Huang, Kuo-Fengen_US
dc.contributor.author (Authors) 劉子維zh_TW
dc.contributor.author (Authors) Liu, Tzu-Weien_US
dc.creator (作者) 劉子維zh_TW
dc.creator (作者) Liu, Tzu-Weien_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 13:01:10 (UTC+8)-
dc.date.available 4-Aug-2025 13:01:10 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 13:01:10 (UTC+8)-
dc.identifier (Other Identifiers) G0112932054en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158325-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 112932054zh_TW
dc.description.abstract (摘要) 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。zh_TW
dc.description.abstract (摘要) 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.en_US
dc.description.tableofcontents 第一章 緒論 6 第一節 研究背景與研究動機 6 第二節 研究目的與研究問題 9 第三節 研究方法 12 第二章 產業現況 13 第一節 產業變革 13 第二節 全球AI產業趨勢 16 第三節 伺服器與半導體市場分析 20 第三章 個案公司 25 第一節 AMD 公司基本介紹 25 第二節 經營模式與經營歷程 29 第三節 組織架構與功能政策 35 第四章 ZT Systems公司簡介 40 第一節 公司基本介紹 40 第二節 經營模式與經營歷程 42 第三節 組織架構與功能政策 43 第五章 AMD併購ZT Systems之分析 48 第一節 併購動機與策略 48 第二節 SWOT 分析 50 第三節 TOWS 分析 56 第四節 併購後的整合與挑戰 63 第六章 結論及建議 66 參考文獻 69zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112932054en_US
dc.subject (關鍵詞) 人工智慧 (AI)zh_TW
dc.subject (關鍵詞) 高效能運算 (HPC)zh_TW
dc.subject (關鍵詞) 雲端基礎設施zh_TW
dc.subject (關鍵詞) AI 資料中心zh_TW
dc.subject (關鍵詞) 半導體產業zh_TW
dc.subject (關鍵詞) 垂直整合zh_TW
dc.subject (關鍵詞) 併購策略zh_TW
dc.subject (關鍵詞) 超微半導體公司 (AMD)zh_TW
dc.subject (關鍵詞) ZT Systemszh_TW
dc.subject (關鍵詞) 雲端服務供應商zh_TW
dc.subject (關鍵詞) 技術人才zh_TW
dc.subject (關鍵詞) 產業趨勢zh_TW
dc.subject (關鍵詞) 市場競爭力zh_TW
dc.subject (關鍵詞) AI 生態系統zh_TW
dc.subject (關鍵詞) 企業轉型zh_TW
dc.subject (關鍵詞) Artificial Intelligence (AI)en_US
dc.subject (關鍵詞) High Performance Computing (HPC)en_US
dc.subject (關鍵詞) Cloud Infrastructureen_US
dc.subject (關鍵詞) AI Data Centersen_US
dc.subject (關鍵詞) Semiconductor Industryen_US
dc.subject (關鍵詞) Vertical Integrationen_US
dc.subject (關鍵詞) Merger and Acquisition Strategyen_US
dc.subject (關鍵詞) Advanced Micro Devices (AMD)en_US
dc.subject (關鍵詞) ZT Systemsen_US
dc.subject (關鍵詞) Cloud Service Provider (CSP)en_US
dc.subject (關鍵詞) Technical Talenten_US
dc.subject (關鍵詞) Industry Trendsen_US
dc.subject (關鍵詞) Market Competitivenessen_US
dc.subject (關鍵詞) AI Ecosystemen_US
dc.subject (關鍵詞) Corporate Transformationen_US
dc.title (題名) AI產業併購策略分析：以超微半導體（AMD）併購美商雲達（ZT Systems）為例zh_TW
dc.title (題名) An Analysis of M&A Strategies in the AI Industry: A Case Study of Advanced Micro Devices (AMD) and Its Acquisition of ZT Systemsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. David, P. A., & Steinmueller, W. E. (2009). Mergers and acquisitions in the semiconductor industry: Effects on innovation and market structure. The Journal of Technology Transfer, 34(5), 415–429. 2. Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic management: Concepts and cases: Competitiveness and globalization (12th ed.). Cengage Learning. 3. Liu, C., & Chen, M. (2020). The impact of AI and cloud computing integration on server industry competitiveness. Journal of Industrial Technology Studies, 45(3), 167–184. 4. Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. Free Press. 5. Williamson, O. E. (1975). Markets and hierarchies: Analysis and antitrust implications. Free Press. 6. Chen, Y.-C. (2021). 全球伺服器供應鏈的地緣政治風險與在地製造策略探討. 國際企業評論, 29(2), 44–67. 7. Pisano, G. P. (2006). Can science be a business? Lessons from biotech. Harvard Business Review, 84(10), 114–125. 8. Wu, H.-M., & Chang, T.-S. (2023). The role of AI server ODMs in semiconductor value chain transformation: A case study approach. Asian Journal of Technology Innovation, 31(1), 85–102. 9. Ghosh, A., & Hahn, E. D. (2019). Strategy in high-tech industries: Mergers, acquisitions, and ecosystem dominance. Strategic Management Journal, 40(2), 255–278. 10. 賴志宏、林佑昌（2019）。企業併購後的組織整合挑戰與文化調和策略分析。科技與管理研究, 32(1), 55–76。 11. Zhang, X., & Li, Y. (2022). From chips to systems: Strategic shifts in the semiconductor industry in the AI era. Journal of Business Strategy and Development, 8(4), 211–225. 12. Christensen, C. M. (1997). The innovator’s dilemma: When new technologies cause great firms to fail. Harvard Business Review Press. 13. Huang, Y.-L. (2020). 資訊科技產業的供應鏈重構：以AI伺服器為核心的價值網分析。經營管理論叢, 27(3), 123–148。 14. Barney, J. B., & Hesterly, W. S. (2019). Strategic management and competitive advantage (6th ed.). Pearson. 15. Wang, J., & Lee, K. (2021). AI server architecture evolution and system integration strategy in global CSP markets. IEEE Transactions on Cloud Computing, 9(2), 108–117. 16. Advanced Micro Devices, Inc. (2024, August 19). AMD to acquire ZT Systems to expand AI data center solutions. https://www.amd.com/en/press-releases/2024-08-19-amd-to-acquire-zt-systems. 17. Advanced Micro Devices, Inc. (2024). Q3 2024 Earnings Presentation. https://ir.amd.com 18. Advanced Micro Devices, Inc. (2025, May 20). AMD announces strategic manufacturing partnership with Sanmina. https://www.amd.com/en/newsroom 19. Advanced Micro Devices, Inc. (2025). Form 10-K: Annual report for the fiscal year ended December 30, 2024. U.S. Securities and Exchange Commission. https://www.sec.gov/edgar/browse/?CIK=0000002488 20. ZT Systems. (2024). ZT Systems: About Us. https://www.ztsystems.com/about 21. ZT Systems. (2023, November). ZT Systems to expand AI server portfolio to meet hyperscale demand. https://www.ztsystems.com/newsroom 22. Sanmina Corporation. (2025, May 20). Sanmina acquires ZT Systems’ manufacturing operations to expand into AI infrastructure [Press release]. https://www.sanmina.com/newsroom 23. Reuters. (2024, August 19). AMD to acquire cloud server firm ZT Systems in push for AI dominance. Reuters Technology. https://www.reuters.com/technology/amd-acquire-cloud-server-firm-zt-systems-2024-08-19 24. Bloomberg. (2025, May 20). Sanmina buys ZT Systems factory from AMD as part of supply chain strategy. Bloomberg News. https://www.bloomberg.com/news/articles/2025-05-20/sanmina-buys-ztsystems-plant-from-amd 25. TrendForce. (2024, December). AI chip market trends and GPU vendor share report: Q4 2024 update. TrendForce Research. https://www.trendforce.com/research/ai-gpu-market 26. Statista. (2024). Market share of GPU vendors in AI training and inference worldwide from 2021 to 2024. https://www.statista.com/statistics/1286461/ai-gpu-market-share-by-vendor 27. IDC. (2023). Worldwide Artificial Intelligence Tracker Q4 2023: AI chips, servers and market dynamics. International Data Corporation (IDC). https://www.idc.com/getdoc.jsp?containerId=prAP51141823 28. Deloitte Insights. (2023). AI hardware accelerators: The next race in AI infrastructure. Deloitte TMT Predictions 2023. https://www2.deloitte.com 29. Burgelman, R. A., & Groysberg, B. (2021). NVIDIA: Building a complete AI ecosystem (Case No. 321-056). Harvard Business School Publishing. 30. Lee, T., & Kim, S. (2022). Competitive ecosystem strategy: A case study of NVIDIA’s CUDA platform. Technology Analysis & Strategic Management, 34(5), 552–566. https://doi.org/10.1080/09537325.2022.2042135 31. Yeh, C.-Y.（葉建元）(2023)。NVIDIA以平台為核心的AI生態圈競爭策略研究。科技管理學刊, 28(2), 75–98。 32. Wu, L., & Zhang, Y. (2023). From GPU to platform: How NVIDIA reshaped AI development via vertical integration. California Management Review, 65(3), 34–55. https://doi.org/10.1177/00081256231100851zh_TW