Taiwan-listed · EMS & AI servers · NVIDIA GB200 racks
Foxconn (Hon Hai)
The world’s largest EMS/ODM. It assembles rack-scale AI servers (e.g., NVIDIA GB200 NVL72) for hyperscalers. In 2025 it shipped ~12,000 GB racks for ~43% market share (55-60% expected in 2026), at $2-3M per rack. Into 2026 AI servers overtook iPhones, driving record monthly revenue (~$26.4B). An NVIDIA PBR-qualified partner.
2317.TW Updated Jul 12, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, Foxconn (Hon Hai) is directly linked to 11 companies (7 supply, 4 revenue relationships) and reaches 67 companies within two hops; the links are backed by 14 dated sources, 5 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue NT$8.1tn (+18%, record); AI servers 42% of revenue, surpassing consumer electronics
- Customer concentration · ~43% of NVIDIA GB racks; hyperscaler and Apple customers.
- Segments · AI servers/racks (GB200) · Smartphone assembly (iPhone) · EMS
Revenue from
- Apple High confidence
Contract-assembles iPhones and other Apple products (largest customer).Confirms EN Hon Hai Technology Group Published Mar 1, 2026: Hon Hai (Foxconn) FY2025/4Q25 results — record revenue, AI servers 42%Mentions EN CNBC Published Jan 5, 2026: Foxconn buy-rated (~20-25% upside); 2026 AI-server shipments to double - Alphabet (Google) Medium confidence
Supplies rack-scale AI servers to alphabet. - Microsoft Medium confidence
Supplies rack-scale AI servers to microsoft. - Amazon Medium confidence
Supplies rack-scale AI servers to amazon.
Pays to
- NVIDIA High confidence
Sources NVIDIA GPUs/GB200 superchips to assemble racks. - UBTech Robotics High confidence
Deploys UBTech humanoids for factory logistics. - 화낙 High confidence
Sells Robodrill CNCs for iPhone frame cutting: Foxconn bought ~800/month at ~$62k each (2014), ~100k units cumulatively on Apple/Foxconn lines; ~80% share in smartphone-frame cutting machines.Confirms KO The Asia Business Daily Published Oct 8, 2020: Japan's secret weapon: world No.1 robot maker FANUC - Delta Electronics Medium confidence
Sources AI-server power/cooling from Delta. - Murata Manufacturing Medium confidence
MLCCs for server/device assembly. - Amphenol Medium confidence
Connectors/cables to server ODMs. - TE Connectivity Medium confidence
Connectors/DAC to server ODMs. - components, memory & substrates (undisclosed) Low confidence
Sources server components, memory and boards.
Investors
- Terry Gou (founder) High confidence
Founder Terry Gou is a major holder at ~12.6%.Confirms ZH Business Today (Taiwan) Published Sep 4, 2023: Terry Gou is Hon Hai's largest shareholder — why his board resignation caused no director-shareholding shortfallConfirms EN Hon Hai Precision Industry (Foxconn) Published Apr 25, 2021: Hon Hai Precision Industry — List of Major Shareholders (as of Apr 25, 2021)
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 |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -9 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Foxconn (Hon Hai) | node | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| FANUC | benef1 | -16.5 | +4.4 | -8.1 | +15.6 | +37.7 | +15.3 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| UBTech Robotics | benef1 | · | · | · | -21.6 | +95.4 | -39.2 |
| 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 |
| Harmonic Drive Systems | benef2 | -42.7 | -2.5 | -16.1 | +24.9 | -23.8 | +132.3 |
| 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 |
| Nabtesco | benef2 | -22.8 | +9 | -22.3 | +0.4 | +54.1 | +30.9 |
| 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 |
| Nidec | benef2 | -26.8 | -28.4 | -21.9 | -1.7 | -17.4 | +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 |
| 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 |
| CATL | benef2 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| 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 |
| Inovance Technology | benef2 | -5.1 | +19.2 | -20.9 | +8.4 | +24.8 | -14.4 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-09 · source: Yahoo Finance
Foxconn's thesis is a mix shift from low-margin assembly to rack-scale AI. As the de facto standard partner for NVIDIA GB200 NVL72 rack assembly, it held ~43% share in 2025 (55-60% expected in 2026), so $2-3m-per-rack volume drives revenue — AI servers overtook the iPhone in 2026, hitting a record monthly revenue. Assembly margins are thin, but the volume/mix shift is the re-rating key and also diversifies away from single-Apple dependence. Risks are assembly margin, NVIDIA volume swings and geopolitics. Graph propagation: NVIDIA GB volume pulls demand directly, while components (e.g., Murata) and power equipment are the upstream supply chain.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target NT$346 · Price NT$237.5 (07-09) · Upside +46%