摩根士丹利：人工智能供应链 - 最新 GTC 供应商名单

Investment Rating - The report assigns an "Overweight" (OW) rating to several companies including Delta Electronics, BizLink, Lotes, AVC, King Slide, and Luxshare, indicating a positive outlook for these stocks in the AI server components sector [3][57]. Core Insights - The latest MGX Ecosystem supplier list was updated at GTC 2025, highlighting notable changes from the previous list in October 2024, including the introduction of NVQD for GB300 server racks and the addition of new suppliers [1][4]. - The stability of the power shelf and connected busbar/cables supplier list suggests sound competitive dynamics within the industry [2][4]. - The report emphasizes a preference for AI server components over ODMs due to their potential for value upgrades and market share gains in upcoming GB300 projects [3][4]. Summary by Sections MGX Ecosystem Suppliers - The updated supplier list includes 11 suppliers for NVQD, with four based in Taiwan and six in China, indicating a growing ecosystem for liquid cooling solutions [1][4]. - New suppliers have been added for liquid cooling components, primarily from Taiwan and China, which will be monitored for potential shifts in supplier dynamics [2][4]. Company Ratings - The report provides specific ratings for various companies, with Delta Electronics, BizLink, Lotes, AVC, King Slide, and Luxshare receiving an OW rating, reflecting their strong positioning in the AI server components market [3][57].