Technology - Hardware Albert Hung AC (886-2) 2725-9875 albert.hung@jpmchase.com J.P. Morgan Securities (Taiwan) Limited/ J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited J P M O R G A N Asia Pacific Equity Research 12 October 2025 Taiwan ODMs Largely in-line 3Q revenue, stronger GPU server ramp in 4Q Most Taiwan server ODMs reported largely in-line 3Q25 revenues. General server shipment momentum took a pause in 3Q25 post tariff-driven inventory pre-build in 1H25. Nvidia ...