NYSE · Interconnect · Copper links of the AI server
Amphenol
A connector and interconnect maker, the supplier of NVIDIA GB200 NVL72 copper cable cartridges. Material value is ~$100-120k per system; its Communications Solutions grew 96% in Q3 2025 (75% organic), with $6.2B quarterly revenue (+53%, 27.5% operating margin). It holds the copper links of AI infrastructure.
APH Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Amphenol is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 37 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q3 revenue $6.2B (+53%)
- Customer concentration · GB200 copper cartridge $100-120k/system.
- Segments · Comms Solutions (AI interconnect) · Harness/sensors
Revenue from
- Server ODMs · telecom (connectors) High confidence· Revenue $3.309 · Q3-2025 · Communications Solutions segment net sales, Q3 2025 (+96% YoY, +75% organic)
Supplies connectors and cables to server ODMs and telecom equipment. Communications Solutions segment net sales reached $3,309M in Q3 2025 (+96% YoY, +75% organic) on surging AI-infrastructure demand, and the IT datacom market grew +128% to make up 37% of total sales (Amphenol does not disclose individual customer names).Confirms EN SEC EDGAR Published Oct 24, 2025: Amphenol Form 10-Q (quarter ended 2025-09-30) segment net sales - NVIDIA High confidence
Supplies NVIDIA GB200 NVL72 copper cable cartridges and interconnect (~$100-120k per system, widely reported) — Amphenol discloses no customer names, but its GB200 interconnect supply is broadly corroborated. - Dell Technologies Medium confidence
Supplies connectors and interconnect to Dell AI servers — broad exposure that also covers finished-server brands without betting on a single winner. Amphenol discloses no individual customer names, so naming 'Dell' is third-party-sourced; only segment-level AI-interconnect demand is officially confirmed (IT datacom +128%, 37% of sales). - Foxconn (Hon Hai) Medium confidence
Supplies AI-server connectors and cables to server ODM Foxconn — even as finished racks pass through Foxconn, the interconnect depends on Amphenol. Amphenol discloses no individual customer names, so naming 'Foxconn' is third-party-sourced; only segment-level demand is officially confirmed (IT datacom +128%, 37% of sales).
Pays to
- Acquisitions · capacity expansion (undisclosed) Low confidence· acquisition $10.5 · 2025 · CommScope Connectivity & Cable Solutions acquisition, largest-ever
Distributed M&A and capacity. In 2025 it agreed to acquire CommScope's Connectivity & Cable Solutions (CCS) business for $10.5B (its largest-ever deal), after completing the OWN/DAS (Andrew) businesses for $2.1B in February 2025, adding ~$1.3B of annual sales and 4,000 employees to Communications Solutions.Confirms EN CNBC Published Aug 4, 2025: Amphenol in $10.5B deal for CommScope's connectivity, cable unitConfirms EN Amphenol IR Published Feb 6, 2025: Amphenol Completes Acquisition of OWN and DAS Businesses From CommScope - copper, materials & manufacturing (undisclosed) Low confidence
Copper, materials and precision manufacturing.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +66.1 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +36.1 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +23.4 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | -1.4 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -1.6 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Pony.ai | lead2 | · | · | · | · | +1 | -54.6 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Amphenol | node | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is Amphenol's position as the 'invisible essential' — the copper interconnect inside the AI rack. Copper cable cartridges are worth $100-120k per NVIDIA GB200 NVL72 system, so rack shipments translate straight into Communications Solutions revenue — Q3 2025 saw that segment up 96% (75% organic) and company revenue of $6.2B (+53%) at a 27.5% operating margin. With customers spanning NVIDIA, Dell and Foxconn across rack design and assembly, it bets on 'how many AI racks ship' rather than any single finished-system winner, and its decentralized-M&A execution broadening the parts portfolio is the moat. Risks are copper and raw-material prices and spec risk when cable designs change across the GB200-to-next-gen transition.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $192 · Price $159.06 (07-10) · Upside +21%