February 9, 2026 03:36 PM GMT Greater China Technology Hardware | Asia Pacific GB200/300 NVL72 Racks in January We provide monthly and quarterly rack shipment forecasts by ODM. Within the major GPU AI server ODMs, our order of preference is Wistron > Hon Hai > Quanta. Key Takeaways We continue to forecast 70-80K racks in CY26: This year will continue to be a strong year for downstream rack assembly, expecting over 100% y/y growth in rack shipments, vs. ~29k last year. Our GPU ODM preference is Wistron > Hon ...

Chicago, Feb. 09, 2026 (GLOBE NEWSWIRE) -- According to recent data from Astute Analytica, the global hyperscale data center market was valued at US$ 111.57 billion in 2023 and is expected to reach US$ 177.58 billion by 2032, growing at a CAGR of 5.3% during the forecast period, 2024–2032. The hyperscale data center market is experiencing unprecedented expansion, fueled by the surging demand for big data technologies across a wide range of industries. As global data generation skyrockets, reaching an estima ...

Summary of Conference Call Notes Industry Overview - **Industry**: Greater China Technology Hardware - **Focus**: Monthly and quarterly rack shipment forecasts for GPU AI server ODMs in 2025 Key Company Insights Quanta Computer Inc. (2382.TW) - **December Revenue**: NT$272 billion, representing a **41% month-over-month (m/m)** increase and a **95% year-over-year (y/y)** increase - **Rack Shipments**: Estimated **1.6-1.7k racks** shipped in December, up from **1.0-1.1k racks** in November - **4Q Total Rack Shipments**: Reached **3.5-3.6k**, significantly higher than the previous estimate of **2.5k** - **2026 Forecast**: Expected to deliver **14-15k racks** [4][10] Wistron Corporation (3231.TW) - **December Revenue**: NT$255 billion, a **9% m/m** decline but a **142% y/y** increase - **Rack Shipments**: Estimated **0.8-0.9k racks** in December, down from **1.2-1.3k racks** in November - **Normal Fluctuation**: The decline attributed to typical month-end fluctuations after a strong November - **Notebook Shipments**: Increased to **2.6 million**, a **18% m/m** rise [5][10] Hon Hai Precision Industry Co. (2317.TW) - **December Rack Shipments**: Estimated at **~2.8k racks**, slightly up from **~2.5k racks** in November - **4Q Total Rack Estimates**: Adjusted to **7.8k racks**, reflecting a **63% quarter-over-quarter (q/q)** increase [6][10] Overall Market Insights - **Total GB200/300 Racks for 2025**: Estimated to reach **~29k**, exceeding the previous forecast of **27.3k** - **2026 Projections**: Anticipated strong demand with **70-80k racks** expected to be built and delivered to data centers [3][11] Additional Insights - **Rack Output in December**: Estimated at **~5.9k**, an **8% m/m** increase - **Quanta's Total for CY25**: Approximately **6.1k racks** shipped - **Wistron Group Total**: Including Wiwynn, approximately **6.3k racks**, slightly higher than Quanta's total [10][12] Risks and Considerations - **Upside Risks**: Better-than-expected demand for iPhones, AI servers, and potential M&A activities - **Downside Risks**: Slower-than-expected AI server penetration, geopolitical developments, and margin contraction due to competition [24][26] Conclusion - The Greater China Technology Hardware sector, particularly in GPU AI server racks, shows promising growth for 2026, with key players like Quanta, Wistron, and Hon Hai demonstrating significant revenue and shipment increases. The market outlook remains positive, but potential risks must be monitored closely.

Core Insights - Vuzix Corporation has been recognized as a CES 2026 Innovation Awards Honoree for its Vuzix Ultralite Pro Enterprise Platform, highlighting its scalable design and readiness for enterprise and OEM deployment [1][6][7] Group 1: Product Features and Design - The Vuzix Ultralite Pro platform is designed as a flexible foundation for AI/AR solutions, featuring ultra-bright, full-color displays and AI-driven voice interaction, all within a lightweight device weighing less than 80 grams [2][4] - The platform integrates advanced AR technology into a fashion-forward design, utilizing Incognito-enabled full-color binocular 3D waveguides that minimize light leakage and provide a 30-degree field of view [3][4] - The Ultralite Pro is prescription-ready, allowing users with corrective vision needs to fully utilize AR capabilities, and includes built-in cameras, microphones, and speakers for seamless AI interactions [4] Group 2: Strategic Collaboration - The development of the Ultralite Pro platform is a result of a strategic partnership between Vuzix and Quanta Computer, leveraging Quanta's manufacturing and hardware integration expertise to enhance production quality [5][7] - Quanta Computer, a Fortune Global 500 company, reported consolidated revenues of approximately US$44 billion in fiscal year 2024, indicating its strong market position and capability to support Vuzix's production needs [10] Group 3: Industry Recognition - The CES Innovation Awards program received over 3600 submissions this year, showcasing the competitive landscape in consumer technology and the significance of Vuzix's recognition [1][6] - The award reflects Vuzix's leadership in advancing wearable augmented reality and AI technologies, emphasizing the company's commitment to innovation and design excellence [7]

Summary of Datacenter Market Insights - ODM Direct Industry Overview - The report focuses on the **Datacenter Market** within the **Hardware Technology** sector, specifically analyzing **ODM (Original Design Manufacturer) direct server shipments** in the Asia Pacific region. Key Insights 1. **ODM Shipments and Value Growth** - ODM shipments declined by **4% quarter-over-quarter (q/q)** but the shipment value increased by **2% q/q** due to growth in both general and AI servers [1][2] - The expected shipments for **GB200/300 racks** are projected to reach approximately **27.3k** in **CY25** and **70k+** in **CY26** [1][5] 2. **Global ODM Direct Server Shipments** - Total global ODM direct server shipments were **1.83 million** units in **3Q25**, reflecting a **4% decline q/q** but a **37% increase year-over-year (y/y)** [2] - This accounted for **43.5%** of global server shipments, which remained flat at **4.2 million** units q/q but increased by **14% y/y** [2] 3. **Market Share Dynamics** - **Inventec** became the top ODM with a **24.6%** market share, gaining **480 basis points (bps)** q/q, while **Wiwynn** dropped to **20.4%** [2][12] - **Intel** and **AMD** both lost unit share, with Intel at **35.1%** (-300 bps q/q) and AMD at **40.3%** (-390 bps q/q) [3][12] 4. **Regional Performance** - **Central & Eastern Europe** exhibited the highest growth in shipment units at **449% y/y**, followed by the **US** at **50% y/y** [4][12] - The US accounted for **75%** of aggregate ODM direct shipments, with other regions like **APxJC** at **13%** and **Western Europe** at **6%** [4] 5. **AI Server Contribution** - AI servers were the main contributors to the increase in shipment value, with the average selling price (ASP) of ODM servers increasing by **7% q/q** and **54% y/y** [5] Additional Insights - **ODM Shipment Value** reached **US$66.8 billion** in **3Q25**, marking a **2% increase q/q** and a **111% increase y/y** [2] - The report highlights potential investment opportunities in ODMs such as **Wistron**, **Wiwynn**, **Hon Hai**, **FII**, and **Quanta** [5] Conclusion - The ODM direct server market is experiencing a complex landscape with declining unit shipments but increasing value, driven primarily by the growth of AI servers. The competitive dynamics are shifting, with new leaders emerging in market share and significant regional disparities in growth rates.

Core Viewpoint - Vuzix Corporation and Avegant Corp. have announced a jointly developed binocular smart glasses reference design that aims to set a new standard for affordability, performance, and wearability in augmented reality (AR) eyewear, which will be showcased at CES 2026 [1][2]. Group 1: Product Features - The reference design integrates Avegant's AG-30L3 light engine, a compact 0.7 cc full-color LCoS technology, with Vuzix's advanced waveguide optics, providing bright and crisp imagery in a lightweight form factor [3]. - The platform is designed to accelerate the development of consumer and enterprise AR smart glasses by offering a ready-to-manufacture architecture that reduces size, weight, and total system cost [3][4]. - Key innovations include a lightweight binocular form factor optimized for everyday wear, high-efficiency waveguide optics for high-contrast visuals, and a cost-optimized architecture facilitated by Quanta Computer's manufacturing capabilities [6]. Group 2: Manufacturing and Commercialization - Quanta Computer will manufacture the reference design, leveraging its expertise as a leading electronics ODM to support rapid commercialization [4]. - Evaluation units and full engineering documentation will be available to select OEM partners starting in Q1 2026, with customization and integration support provided by Quanta [4]. Group 3: Company Backgrounds - Vuzix Corporation is a prominent designer and manufacturer of AI-powered smart glasses and AR technologies, holding over 450 patents and numerous IP licenses in optics and head-mounted displays [7]. - Avegant is a venture-backed technology company focused on developing next-generation display technology for augmented reality, known for innovations in head-mounted displays and compact light engines [8]. - Quanta Computer is a Fortune Global 500 company specializing in high-performance computing solutions, reporting consolidated revenues of approximately US$44 billion in fiscal year 2024 [9].

Summary of Conference Call Notes Industry Overview - **Industry**: Greater China Technology Hardware - **Focus**: Monthly and quarterly rack shipment forecasts for 2025, specifically for GPU AI server ODMs Key Companies Discussed 1. **Quanta Computer Inc. (2382.TW)** - November revenue: ~NT$193 billion (+11% month-over-month, +36% year-over-year) [4] - Estimated GB200/300 rack shipments in November: 1.0-1.1k racks (up from 850-900 racks in October) [4] - Expected slight decline in December shipments, with a total of ~2.6k racks in 4Q25 [4] 2. **Wistron Corporation (3231.TW)** - November revenue: Record high at NT$281 billion (+52% month-over-month, +195% year-over-year) [5] - Higher L10 computing trays shipments: 1.2-1.3k rack equivalents (up from 300-350 in October) [5] - Notebook shipments: 2.2 million (+5% month-over-month) [5] 3. **Hon Hai Precision (2317.TW)** - November GB200 rack shipments: ~2.6k racks (flat month-over-month) [6] - Expected lower server rack shipments in December due to year-end holidays [6] Core Insights and Forecasts - **Rack Shipment Forecasts**: - Total GB200/300 racks forecast for 2025: 27.3k (revised down from 28k) [3] - 4Q25 rack builds expected to grow materially quarter-over-quarter to 13.5-14k racks, up from 8-8.5k in 3Q [3] - 4Q25 rack builds for Quanta adjusted to 2.5k (down from ~3.5k) due to conservative management outlook [3] - **Market Dynamics**: - Wistron’s stronger momentum led to an increase in rack builds by ~300 racks in 4Q [3] - Anticipated growth in AI revenue for Quanta in 1Q26, indicating a positive outlook for the sector [3] Additional Insights - **Future Projections**: - Initial thoughts for 2026 suggest potential for 70-80k racks, up from previous estimates of 60-70k, based on inventory assumptions of ~2 million Blackwell chips [11] - **Market Share**: - Rack supply share for 2025: Hon Hai (52%), Wistron (21%), Quanta (19%), Wiwynn (2%), Others (7%) [20] - **Revenue Trends**: - Quanta and Wistron showing significant year-over-year revenue growth, indicating strong demand in the technology hardware sector [4][5] Risks and Considerations - **Upside Risks**: - Better-than-expected demand in AI server business and potential M&A activities [28] - **Downside Risks**: - Slower-than-expected AI server penetration and geopolitical developments affecting foreign investment [30] This summary encapsulates the key points from the conference call, focusing on the performance and outlook of major players in the Greater China Technology Hardware industry, particularly in the context of GPU AI server rack shipments.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Asian Technology** sector, specifically the **datacenter power**, **liquid cooling**, and **ODM rack build** related to AI server technology [1][4]. Core Insights and Arguments - **AI Server Demand and Shipments**: - Forecast for 2025 indicates approximately **38,000 NVL72 racks** in demand, with **10,000-11,000** in order backlog. For 2026, demand is expected to rise to **50,000-60,000 NVL72 racks** [4][10]. - The anticipated **double YoY growth** in shipments suggests strong revenue potential for AI server ODMs and component vendors [4]. - **GB300/VR200 Server Updates**: - The ramp-up for **GB300 servers** is slower than expected, with a more significant increase anticipated in **1Q26**. The **VR200 modules** are expected to ramp in **2Q26**, with delays likely due to ongoing discussions on specifications [4]. - Key specification changes for the VR200 include increased power consumption and enhanced cooling solutions, which will impact the overall design and manufacturing landscape [4]. - **Power Supply Unit (PSU) Market Growth**: - The global datacenter power installed base is projected to grow from **117 GW in 2025 to 242 GW in 2028**, representing a **27% CAGR** [5]. - The server PSU total addressable market (TAM) is expected to grow at a **64% CAGR** during the same period, benefiting companies like **Delta Electronics** [5]. - **Liquid Cooling Market Expansion**: - The sidecar/CDU TAM is projected to grow from **$6 billion in 2025 to $21 billion by 2028**, indicating a **54% CAGR** driven by increased AI server power consumption [5]. - Companies like **Delta** are positioned to benefit from this trend, with expected revenue growth of **36% CAGR** in liquid cooling systems from 2025 to 2027 [5]. - **Competitive Landscape**: - The potential shift towards standardized compute trays by Nvidia could lead to a more concentrated competitive landscape among NVL72 L10 server ODMs [4]. - Rising competition in the MCP market is anticipated as Nvidia may adopt a "consign" model, limiting customization and increasing competition among suppliers [5]. Additional Important Insights - **Stock Implications**: - J.P. Morgan has an **Overweight (OW)** rating on companies like **Wiwynn**, **Hon Hai**, and **Quanta** in the Taiwan ODM space, as well as **Delta** and **Chroma** in the datacenter power sector [6]. - In the liquid cooling space, **Jentech** and **Fositek** are identified as major beneficiaries from content growth [6]. - **Technological Advancements**: - The report highlights the importance of adopting advanced cooling solutions and power supply architectures to enhance efficiency and reduce power conversion losses in future AI datacenters [5]. - **Market Dynamics**: - The report indicates a potential market share shift from traditional server brands to server ODMs, reflecting changing dynamics in the datacenter hardware landscape [4]. This summary encapsulates the critical insights and projections regarding the datacenter power and liquid cooling industry, emphasizing the growth potential driven by AI server demand and technological advancements.

Core Viewpoint - Rigetti Computing is preparing to release its third-quarter 2025 results, with expectations of a loss per share of 5 cents and revenues of $2.39 million, indicating a year-over-year growth of 37.5% in earnings but only a modest revenue growth of 0.4% [2][3]. Financial Performance - The consensus estimate for 2025 revenues is $8.7 million, reflecting a decline of 19.7% year over year, while the loss per share is expected to be 9 cents, suggesting a year-over-year growth of 75% [4]. - Rigetti has had mixed performance in the past four quarters, surpassing the consensus estimate once, missing once, and meeting expectations twice, resulting in an average earnings surprise of negative 10.8% [4]. Earnings Analysis - Rigetti has an Earnings ESP of 0.00%, indicating no expected earnings surprise for the upcoming report [5]. - The company currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [6]. Market and Operational Factors - The third-quarter performance is likely to be influenced by uncertainties in U.S. public-sector funding, particularly due to the expiration of the National Quantum Initiative [7]. - Rigetti's rollout of the Cepheus-1-36Q quantum system is expected to provide early benefits, with strong technical gains and increased experimentation among customers [8]. Cash Position and Valuation - Rigetti has over $570 million in cash and no debt, positioning it well for continued system development and stable margin execution [9]. - Year-to-date, Rigetti's shares have gained 125.1%, outperforming the broader Internet Software industry, which advanced 10.2% [12]. Long-Term Strategy - Rigetti aims to deliver a 100+ qubit chiplet-based system with approximately 99.5% fidelity by the end of 2025, with a long-term goal of achieving a 1,000-qubit system [13]. - The company is focusing on building an ecosystem through partnerships, such as the collaboration with Quanta Computer Inc., which includes significant financial commitments from both parties [17][18]. Commercial Developments - Recent orders for the Novera QPU systems indicate growing demand for quantum systems beyond government labs, with potential for broader enterprise adoption in the future [15][16]. - The integration of Novera with NVIDIA's DGX Quantum platform highlights Rigetti's efforts in hybrid quantum-classical workflows [18]. Investment Outlook - The upcoming third-quarter results are expected to reflect steady progress rather than a major financial turning point, supporting a hold view for investors [19]. - While Rigetti's balance sheet allows for continued investment, visibility into larger commercial demand remains limited, suggesting a cautious approach for prospective investors [21].

Summary of Conference Call Notes Industry Overview - **Industry**: Greater China Technology Hardware - **Focus**: Monthly and quarterly rack shipment forecasts for GPU AI server ODMs in 2025 Key Points 1. **Rack Shipment Forecasts**: The GB200/300 racks forecast remains at 28,000 units, with expectations for significant growth in Q4 to 14,000-15,000 racks, up from 8,000-8,500 in Q3 [3][11] 2. **October Rack Builds**: October rack builds increased approximately 3% month-over-month, indicating a positive trend for Q4 builds [3] 3. **GB200 and GB300 Developments**: GB200 rack builds are expected to continue into Q1 2026, while GB300 builds have commenced and are anticipated to ramp up smoothly without yield issues reported [3] Company-Specific Insights Quanta Computer Inc. (2382.TW) - **October Revenue**: Approximately NT$173 billion, a decrease of 6% month-over-month but an increase of 27% year-over-year - **Shipments**: Lower notebook shipments at 3.5 million units (-24% m/m), partially offset by higher GB200 rack output of 850-900 racks [4] Wistron Corporation (3231.TW) - **October Revenue**: NT$185 billion, down 9% month-over-month but up 92% year-over-year - **Shipments**: Slight decrease in L10 computing trays (300-350 rack equivalents, down 40-45% m/m) and a minor decline in notebook shipments at 2.1 million units [5] Hon Hai Precision (2317.TW) - **October Shipments**: GB200 rack shipments were stable at approximately 2,600 racks - **Future Expectations**: Anticipated increase in server rack shipments, contingent on customer schedules for infrastructure builds [6] Market Dynamics - **Market Share**: As of October 2025, Hon Hai holds 50% of the GB200/300 NVL72-equivalent rack supply, followed by Quanta at 22%, Wistron at 20%, and Wiwynn at 2% [17] - **Rack Mix Breakdown**: The GB200 racks account for 79% of the total, while GB300 racks make up 21% [20] Risks and Opportunities - **Upside Risks**: Better-than-expected demand for iPhones, AI server business growth, and potential M&A activities [25][26] - **Downside Risks**: Slower-than-expected AI server penetration, geopolitical issues affecting investments, and margin pressures from rising labor costs [28] Analyst Ratings - **Overall Industry View**: In-Line [8] - **Company Ratings**: - Quanta: Overweight - Wistron: Overweight - Hon Hai: Overweight [83] Conclusion The conference call highlighted a positive outlook for the Greater China Technology Hardware sector, particularly in the GPU AI server market, with significant growth expected in rack shipments. Company-specific performances varied, with some experiencing revenue declines while others showed strong year-over-year growth. The market dynamics indicate a competitive landscape with potential risks and opportunities that could impact future performance.