亚洲人工智能供应链将从科技巨头看涨的人工智能资本支出中迎来多年增长-AI supply chain to embrace multi-year growth from tech giants‘ bullish AI capex

Summary of Conference Call Notes Industry Overview - The technology sector, particularly focusing on AI supply chains, is expected to experience multi-year growth driven by increased capital expenditures (capex) from hyperscalers, sovereign AI projects, and enterprise AI adoption. [1][9] - Global cloud capex is projected to reach US$1.2 trillion by 2030, nearly tripling from the 2025 level, with the top five cloud service providers (CSPs) contributing 60-70% of this capex. [1][9] - OpenAI is anticipated to deploy up to 250GW of computing capacity by 2033, indicating a significant expansion in AI ecosystems. [1][9] Key Financial Projections - The top five CSPs' capex is estimated to grow by 60% and 22% year-over-year (YoY) in 2025 and 2026, respectively. [2][11] - The consensus for global cloud capex for 2025 and 2026 has increased by 26% and 47% since January 2025. [2][14] - Nvidia's investments in AI, including a partnership with OpenAI and Stargate, are expected to generate additional annual revenue of US$67-97 billion for original design manufacturers (ODMs) and US$1-2 billion for power and cooling suppliers. [2][12][15] Beneficiaries of AI Growth - Taiwanese companies are positioned to benefit significantly from the AI boom, supplying nearly all AI GPUs and over 90% of AI server and power supply components. [3][16] - Key players such as Hon Hai, Quanta, and Wistron are expected to see substantial growth due to their strong market positions and increasing demand for AI servers. [3][16] - Dell's AI server revenue is projected to grow at a compound annual growth rate (CAGR) of 33% from 2025 to 2030, indicating robust enterprise AI growth. [1][9] Investment Recommendations - Buy ratings are reiterated for several Taiwanese companies: - Hon Hai: Strong demand from CSPs and sovereigns, compelling valuation. [4][33] - Quanta: Benefiting from rising capex among top CSPs. [4][33] - Wistron: Strong demand for AI servers from Dell. [4][33] - Delta: Growth in AI power and cooling content. [4][33] - AVC: Increasing adoption of liquid cooling solutions. [4][33] - King Slide: Broad project base with Nvidia and ASICs. [4][33] Additional Insights - The report highlights the customization capabilities and proven track records of Taiwanese suppliers, which position them favorably in the AI platform migration. [3][16] - The financial health of these companies is underscored by their net cash positions and positive operating cash flows since 2010, indicating strong balance sheets. [16][17][19][21][25][27][29][31] Conclusion - The AI supply chain is poised for significant growth, with Taiwanese companies likely to be the primary beneficiaries due to their established market positions and the increasing demand for AI infrastructure. The investment outlook remains positive, with several companies recommended for purchase based on their growth potential and market dynamics. [4][33]