TWSE · PCs & AI servers · ROG gaming, premier NVIDIA AI-POD provider
ASUSTeK Computer
A top-tier global PC brand (notebooks, motherboards, graphics cards, ROG gaming) that has ridden into AI servers as a premier provider of NVIDIA GB300 NVL72-based AI PODs. FY2024 revenue rebounded to NT$587.1bn (+22%) with net profit +91%, but the real axis is a mix shift — AI-server revenue is growing triple digits in 2025 (guided ≥100%, nearing ~20% of sales), reshaping a low-growth PC brand into a high-growth infrastructure business. The question is whether AI-server growth offsets cyclical PC demand and the margin pressure from component costs (NVIDIA GPUs, Intel/AMD CPUs) — Morgan Stanley stays Underweight at NT$500 on valuation and margins.
2357.TW Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, ASUSTeK Computer is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 41 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · NT$738.9bn (FY2025, +26%; record net profit NT$44.6bn)
- Segments · AI servers (AI POD) · PCs, laptops, components
Revenue from
- PC/notebook/component end market (global consumers & enterprises, undisclosed) High confidence
The end market for notebooks, PCs and components is global consumers and enterprises with no customer concentration (no single customer >10% of sales) — exposed to cyclical PC demand, but the ROG-gaming and AI-PC premium mix plus geographic diversification (Asia-Pac 51%, Americas 28%, Europe 21%) cushion the volatility.Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR) - AI-server customers (CSPs & enterprises, undisclosed) High confidence
Customers for AI PODs and B300 servers are CSPs and enterprises (undisclosed) — growing triple digits in 2025, the group's re-rating growth engine. The competitive edge is integrating and delivering NVIDIA's platform as full systems, with GPU cost pass-through and the durability of large orders the swing factors for margin and growth.Mentions EN Morgan Stanley Published Apr 1, 2026: ASUS analyst consensus (Morgan Stanley Underweight NT$500; 11 analysts Hold)Confirms EN ASUS IR Published Mar 10, 2026: ASUS FY2025 results (revenue NT$738.9bn +26%, record net profit NT$44.6bn, server ramp)
Pays to
- NVIDIA (GPUs, GB200/GB300) High confidence
The core supplier of GPUs for AI servers and gaming — GB200/GB300 NVL72 (72 Blackwell GPUs) for ESC AI PODs and RTX for GeForce/ROG. The AI-POD business effectively stands on NVIDIA's platform, so GPU allocation and pricing are the single largest dependency shaping ASUS's AI-server growth and margin.Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR)Confirms EN DigiTimes Published Feb 24, 2025: Asus and Gigabyte secure major AI server orders from NVIDIA - Intel (x86 CPUs, chipsets) High confidence
A primary source of x86 CPUs and chipsets for PCs, notebooks and motherboards — flagship models such as the 2025 ROG G16 use Core Ultra CPUs. CPU generations and supply drive PC-product competitiveness and launch timing, an upstream dependency.Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR) - AMD (Ryzen/EPYC CPUs, Radeon) High confidence
An upstream supplier dual-sourced with Intel for CPUs/GPUs — Ryzen CPUs and Radeon in ROG gaming, EPYC in servers, reducing sole reliance on Intel. CPU dual-sourcing is a lever for procurement leverage and lineup flexibility.Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR) - Component & material suppliers (memory, panels, PCB; undisclosed) Medium confidence
Sources memory, panels, PCBs and other parts through channel distributors, with the top two supplier groups at 24% and 14% of purchases (anonymized in the filing). Component prices and supply are the key swing factor for brand-business margin, making diversification and inventory management central.Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR)
Investments
- ASUS group strategic investments (AAEON edge-AI, Askey, ASUS Cloud) High confidence
Strategic investments in group companies — AAEON (edge AI/industrial computing, listed), Askey (networking), ASUS Cloud — extend the AI-device thesis into edge, industrial and cloud, a capital allocation that widens the business boundary beyond branded PCs into AI infrastructure broadly.Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR)
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 |
|---|---|---|---|---|---|---|---|
| ASUSTeK Computer | node | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Intel | benef1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| AT&S | benef2 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +390.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Nikon | benef2 | +46.2 | +10.9 | +23.1 | +13.7 | +19.7 | +15.9 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| Mobileye | benef2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-09 · source: Yahoo Finance
ASUS's thesis is a world top-3 PC brand riding onto NVIDIA GB300 NVL72 AI PODs as a premier provider, reshaping a low-growth PC business into high-growth infrastructure. On a FY2024 recovery of NT$587.1bn revenue (+22%) and net income +91%, AI-server revenue grew triple digits in 2025 (100%+ annually) to enter 20%+ of revenue, becoming the group's re-rating engine. The branded PC business (product revenue 60% computers, 40% components) is cyclical but its stable cash flow funds AI-server investment, while the ROG gaming/AI-PC premium mix and geographic diversification (Asia-Pacific 51%) dampen volatility. But because the AI-POD business is effectively driven by NVIDIA GPU cost and it dual-sources CPUs from Intel and AMD, passing through component cost and system-integration margin is the swing factor. Re-rating triggers are the rising AI-server revenue share, component cost and GPU allocation, and the direction of the PC cycle.
Analysis generated from returns as of 2026-07-09