TWSE · AI server power & cooling · ~50% of AI-server power
Delta Electronics
Taiwan’s leader in power and thermal management. It supplies AI-server power (5,500W+ PSUs), DC-DC and liquid-cooling CDUs, with ~50% of the AI-server power market. At NVIDIA GTC it co-presented an 800 VDC AI-factory power/cooling architecture. AI was 23% of 2024 revenue. With Vertiv, a core pillar of the power/cooling layer.
2308.TW Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Delta Electronics is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 39 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · NT$554.9bn ($17.53B, 2025, +31.8%, record)
- Customer concentration · ~50% AI-server power; NVIDIA 800VDC.
- Segments · AI server power (PSU) · Liquid-cooling CDU · Industrial/EV
Revenue from
- NVIDIA High confidence· Amount NT$554.9B · Delta FY2025 매출(+31.8%)
Co-develops and supplies the 800 VDC power/cooling architecture for NVIDIA AI factories — a co-designer of the next-gen rack power standard, a reference partner rather than a mere vendor.Confirms KO Today Energy Published Apr 20, 2026: Delta unveils 800VDC AI-factory power/thermal solutionConfirms EN PR Newswire Published Mar 16, 2026: Delta power/cooling at NVIDIA GTC for 800VDC AI factories - hyperscalers · datacenter (power · cooling) Medium confidence· Amount NT$554.9B · Delta FY2025 매출(+31.8%)
Supplies power, liquid cooling and modular infrastructure (cutting build time ~60%) to hyperscalers and data centers — a direct beneficiary channel of rising AI power density.Confirms KO Today Energy Published Apr 20, 2026: Delta unveils 800VDC AI-factory power/thermal solution - Foxconn (Hon Hai) Medium confidence· Amount NT$554.9B · Delta FY2025 매출(+31.8%)
Supplies AI-server PSUs and CDUs to server ODM Foxconn; even when racks ship through Foxconn, the power/cooling core parts depend on Delta.Confirms KO Today Energy Published Apr 20, 2026: Delta unveils 800VDC AI-factory power/thermal solutionConfirms EN Analyst (via BigGo) Published Jan 10, 2026: Delta 2025 record revenue NT$554.9bn (AI server power, liquid cooling); foreign broker target NT$1,288
Pays to
- manufacturing & capacity expansion (undisclosed) Low confidence· Amount NT$554.9B · Delta FY2025 매출(+31.8%)
Power/cooling manufacturing and capacity. - power semiconductors · components (undisclosed) Low confidence· Amount NT$554.9B · Delta FY2025 매출(+31.8%)
Power semis, magnetics and 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 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +60.7 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +41.5 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +29.7 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | +9.4 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -19.1 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -26.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -37.2 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Foxconn (Hon Hai) | lead1 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Delta Electronics | node | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +50.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Delta Electronics operates across TWSE, AI server power & cooling, ~50% of AI-server power. It is up +50.4% in 2026. The stock (+50.4%) and its demand side (avg +21.7%) are moving in step. Among connected nodes the furthest ahead is NVIDIA (+23.7%) and the furthest behind is Foxconn (Hon Hai) (+19.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. With Vertiv, a core pillar of the power/cooling layer.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target NT$1,485 · Price NT$1,825 (09-04) · Upside -19%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Macquarie | Outperform | NT$1,600 | Jan 23, 2026 | Report ↗ |
| Morgan Stanley | Overweight | NT$1,638 | Jan 23, 2026 | Report ↗ |
| CLSA | Outperform | NT$1,300 | Jan 13, 2026 | Report ↗ |
| Daiwa | Buy | NT$1,400 | Jan 13, 2026 | Report ↗ |
Macquarie upgraded Delta to Outperform from Neutral and raised its target to NT$1,600 on AI server-power and liquid-cooling demand.
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026