Q2’25 PC graphics add-in board shipments increased 27.0% from last quarter

The global PC-based graphics add-in board (AIB) market saw robust growth in Q2’25, with shipments increasing 27.0% quarter-over-quarter and 22.2% year-over-year to 11.6 million units, defying traditional Q2 seasonality. Nvidia gained 2.1% market share, while AMD experienced a 2.1% decline. High-end AIB prices rose amid retail stock shortages, attributed to anticipated tariffs, even as midrange prices fell. Despite this strong quarter, Jon Peddie Research projects a -5.4% compound annual growth rate for AIBs from 2024-2028, with new product introductions from AMD and Nvidia signaling continued competitive landscape shifts.

Analysis

The global add-in board (AIB) market demonstrated significant and counter-seasonal strength in Q2’25, with shipments growing 27.0% quarter-over-quarter and 22.2% year-over-year to 11.6 million units, far outpacing the 10-year average quarterly increase of 5.7%. This surge was accompanied by a notable competitive shift, as Nvidia captured an additional 2.1% of market share at the direct expense of AMD, which saw its share decline by an equivalent amount. Market dynamics were unusual; prices for high-end AIBs increased amid retail stock-outs, a trend attributed to buyers front-running anticipated tariffs, while mid-range and entry-level prices fell. This suggests the current demand spike may be partially artificial. While the AIB attach rate rose to 154%, the underlying health of the PC market presents a mixed picture, with desktop CPU shipments rising 21.6% sequentially but contracting 4.4% year-over-year. Critically, despite the robust quarter, the long-term outlook from Jon Peddie Research is bearish, projecting a compound annual growth rate of -5.4% for AIBs from 2024 to 2028, creating a stark contrast between short-term performance and long-term forecasts.

Key Decisions for Investors

• Investors should treat the strong Q2'25 AIB shipment growth with caution, as it appears partially driven by non-recurring tariff-related pre-buying and contradicts the negative -5.4% CAGR forecast through 2028.
• Nvidia's 2.1% market share gain and pricing power in the high-end segment reinforce its current market leadership, while AMD's corresponding share loss places greater importance on the success of its new mid-range RDNA 4 products to reverse the trend.
• The year-over-year decline in desktop CPU shipments represents a key risk factor, suggesting underlying weakness in the PC market that could eventually temper AIB demand.
• Monitor the upcoming product cycle closely, as the competitive performance of Nvidia's new Blackwell AIBs, AMD's RDNA 4 cards, and rumored new offerings from Intel will be critical in determining future market share.