{"slug":"gigabyte","name":"기가바이트","name_en":"Gigabyte Technology","ticker":"2376.TW","updated_at":"2026-07-12T04:30:28.774+00:00","canonical":"https://valuechain.wiki/gigabyte","citable":"밸류체인 그래프 기준 기가바이트의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Gigabyte Technology is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 36 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"대만 · AI 서버 ODM · 메인보드 뿌리","kicker_en":"Taiwan · AI-server ODM · motherboard roots","lead":"한때 메인보드·그래픽카드 제조사였던 기가바이트는 자회사 기가컴퓨팅을 통해 엔비디아 GB200·블랙웰 AI 서버의 우선 ODM으로 올라서며 매출 구조 자체가 바뀌고 있는 회사다(TWSE 2376). FY2025 매출은 사상 최고 NT$3,369억(+27%)인데 성장 엔진은 서버로 — 서버가 매출의 62%, 그 안에서 AI 서버가 80%+를 차지하며 레거시 PC 부품 사업을 밀어냈고, 2026년 1분기엔 서버 비중이 70%까지 올랐다. 재평가의 핵심은 '가시성 대 병목'이다 — AI 서버 수주가 2026년 말까지 확보돼 두 자릿수 성장이 사실상 선확정된 반면, 출하량은 엔비디아 GPU 할당과 캐파 증설(2026 캡엑스 2배)에 묶여 있어 이 둘의 균형이 마진과 성장을 가른다.","lead_en":"Once a motherboard and graphics-card maker, Gigabyte is a company whose very revenue mix is changing as its subsidiary Giga Computing rises to a priority ODM for NVIDIA GB200/Blackwell AI servers (TWSE 2376). FY2025 revenue hit a record NT$336.9bn (+27%), but the engine is servers — 62% of revenue, with AI servers 80%+ of that, displacing the legacy PC-component business and rising to 70% of revenue by Q1 2026. The re-rating hinges on 'visibility vs bottleneck' — AI-server orders are booked through end-2026, effectively locking in double-digit growth, while shipments are gated by NVIDIA GPU allocation and capacity expansion (2026 capex doubled), so the balance of the two decides margin and growth.","segments":{"fy":2025,"parts":[{"desc":"매출 구조를 바꾼 성장 엔진 — 매출의 62%(약 NT$2,089억)를 서버가, 그중 AI 서버가 80%+를 차지. 엔비디아 GB200/B200/B300 물량이 견인하고 수주가 2026년 말까지 확보돼 가시성이 높다","name":"서버 (기가컴퓨팅)"},{"desc":"레거시 PC 부품이지만 AI 붐이 동반 견인 — 매출의 ~38%(약 NT$1,280억), 서버만큼은 아니어도 DIY·게이밍·GPU 카드 수요가 함께 성장했다","name":"메인보드·그래픽카드"}],"total":"3,369.4억 대만달러 (FY2025, +27%)","source":"기가바이트 2025 실적·연결재무(TWSE 2376)","concentration":"메인보드 제조사에서 AI 서버 ODM으로 매출 축이 이동한 해 — 서버가 매출의 62%, 그 안에서 AI 서버가 80%+, 수주는 2026년 말까지 확보됐다. 관건은 캐파 증설 속도와 엔비디아 GPU·부품 원가다. EPS NT$18.2(+25%)."},"segments_en":{"fy":2025,"parts":[{"desc":"The engine that rewrote the mix — servers are 62% of revenue (~NT$208.9bn), AI servers 80%+ of that; NVIDIA GB200/B200/B300 volume drives it and orders booked through end-2026 give high visibility","name":"Servers (Giga Computing)"},{"desc":"Legacy PC components, but pulled along by the AI boom — ~38% of revenue (~NT$128bn); not as fast as servers, yet DIY, gaming and GPU-card demand grew alongside","name":"Motherboards & graphics cards"}],"total":"NT$336.9bn (FY2025, +27%)","source":"Gigabyte FY2025 results & consolidated financials (TWSE 2376)","concentration":"The year the revenue axis shifted from motherboard maker to AI-server ODM — servers are 62% of revenue, AI servers 80%+ of that, and orders are booked through end-2026. What matters is the pace of capacity expansion and NVIDIA-GPU/component cost. EPS NT$18.2 (+25%)."},"returns_yearly":{"2021":82.3,"2022":-3.4,"2023":173.2,"2024":-15.9,"2025":-4.7,"2026":44.4},"return_asof":"2026-07-09","value_chain":{"leading":[{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":3,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":3,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":3,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":3,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":1,"returns_yearly":{"2025":202.2,"2026":162.4}}],"benefiting":[{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":1,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":2,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":2,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","tier":2,"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":2,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":2,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":2,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":2,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":2,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"corning","name":"Corning","name_en":"Corning","tier":2,"returns_yearly":{"2021":5.9,"2022":-11.6,"2023":-1.2,"2024":60.6,"2025":87.8,"2026":118.8}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":2,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":2,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":2,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":2,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"innolight","name":"InnoLight","name_en":"InnoLight","tier":2,"returns_yearly":{"2021":-30.7,"2022":-18.3,"2023":253.7,"2024":12,"2025":468.1,"2026":68.8}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":2,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":2,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":2,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":2,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":2,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":2,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":2,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":2,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":2,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":2,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":2,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":2,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":2,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":2,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"jusung-engineering","name":"주성엔지니어링","name_en":"Jusung Engineering","tier":3,"returns_yearly":{"2021":127.9,"2022":-42.6,"2023":173.3,"2024":-3.1,"2025":30.7,"2026":364.1}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":3,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"psk-inc","name":"피에스케이","name_en":"PSK Inc","tier":3,"returns_yearly":{"2021":22.7,"2022":-19.6,"2023":14.2,"2024":-2.6,"2025":228.2,"2026":208}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":3,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":3,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"kulicke-soffa","name":"Kulicke & Soffa","name_en":"Kulicke & Soffa","tier":3,"returns_yearly":{"2021":92.4,"2022":-25.8,"2023":25.5,"2024":-13.2,"2025":-0.3,"2026":150.1}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":3,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":3,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"formfactor","name":"FormFactor","name_en":"FormFactor","tier":3,"returns_yearly":{"2021":6.3,"2022":-51.4,"2023":87.6,"2024":5.5,"2025":26.8,"2026":110.7}},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":3,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"jcet","name":"JCET","name_en":"JCET (Jiangsu Changjiang Electronics)","tier":3,"returns_yearly":{"2021":-34,"2022":0.2,"2023":-15.2,"2024":73.3,"2025":28,"2026":104.6}},{"slug":"onto-innovation","name":"Onto Innovation","name_en":"Onto Innovation","tier":3,"returns_yearly":{"2021":112.9,"2022":-32.7,"2023":124.6,"2024":9,"2025":-5.3,"2026":103.6}},{"slug":"simmtech","name":"심텍","name_en":"Simmtech","tier":3,"returns_yearly":{"2021":119.6,"2022":-34.6,"2023":12.4,"2024":-63.3,"2025":392.9,"2026":94.9}},{"slug":"daeduck","name":"대덕전자","name_en":"Daeduck Electronics","tier":3,"returns_yearly":{"2021":64.2,"2022":-0.3,"2023":13.3,"2024":-22.7,"2025":250.2,"2026":92.1}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":3,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"tower-semiconductor","name":"Tower Semiconductor","name_en":"Tower Semiconductor","tier":3,"returns_yearly":{"2021":53.7,"2022":8.9,"2023":-29.4,"2024":68.8,"2025":128,"2026":89.7}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":3,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"asmpt","name":"ASMPT","name_en":"ASMPT","tier":3,"returns_yearly":{"2021":-29,"2022":-12.4,"2023":21.8,"2024":-4.8,"2025":47.6,"2026":82}},{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":3,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"macom","name":"MACOM","name_en":"MACOM Technology","tier":3,"returns_yearly":{"2021":42.3,"2022":-19.6,"2023":47.6,"2024":39.8,"2025":31.8,"2026":80.1}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":3,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","tier":3,"returns_yearly":{"2026":76.3}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":3,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"kokusai-electric","name":"Kokusai Electric","name_en":"Kokusai Electric","tier":3,"returns_yearly":{"2024":-35.4,"2025":165.3,"2026":70}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":3,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":3,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"ajinomoto","name":"Ajinomoto","name_en":"Ajinomoto","tier":3,"returns_yearly":{"2021":31,"2022":36,"2023":44.5,"2024":4,"2025":14.1,"2026":63.7}},{"slug":"foosung","name":"후성","name_en":"Foosung","tier":3,"returns_yearly":{"2021":59.9,"2022":-33.5,"2023":-34.5,"2024":-39.1,"2025":67.4,"2026":62.2}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":3,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","tier":3,"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6}},{"slug":"eugene-tech","name":"유진테크","name_en":"Eugene Technology","tier":3,"returns_yearly":{"2021":28.1,"2022":-45.1,"2023":64.1,"2024":-12.6,"2025":202.5,"2026":49.5}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":3,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":3,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":3,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"camtek","name":"Camtek","name_en":"Camtek","tier":3,"returns_yearly":{"2021":110.1,"2022":-52.3,"2023":215.9,"2024":18.3,"2025":31.7,"2026":35.2}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":3,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":3,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"powertech","name":"파워텍 (PTI)","name_en":"Powertech Technology (PTI)","tier":3,"returns_yearly":{"2021":4.8,"2022":-7.5,"2023":86,"2024":-16,"2025":128.6,"2026":26}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"air-products","name":"에어프로덕츠","name_en":"Air Products and Chemicals","tier":3,"returns_yearly":{"2021":13.8,"2022":3.9,"2023":-9,"2024":8.1,"2025":-12.7,"2026":23.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"mitsubishi-electric","name":"미쓰비시전기","name_en":"Mitsubishi Electric","tier":3,"returns_yearly":{"2021":-8.1,"2022":2.5,"2023":58.7,"2024":19.1,"2025":91,"2026":21.3}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"sumitomo-chemical","name":"스미토모화학","name_en":"Sumitomo Chemical","tier":3,"returns_yearly":{"2021":19.6,"2022":-9.1,"2023":-27.7,"2024":-2.2,"2025":43.9,"2026":16}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nepes","name":"네패스","name_en":"Nepes","tier":3,"returns_yearly":{"2021":-29.5,"2022":-44,"2023":6.7,"2024":-62.7,"2025":179.2,"2026":15.1}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":3,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":3,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"wonik-ips","name":"원익IPS","name_en":"Wonik IPS","tier":3,"returns_yearly":{"2021":-19.7,"2022":-19.8,"2023":-0.2,"2024":-25.5,"2025":408.8,"2026":9.3}},{"slug":"siemens-energy","name":"Siemens Energy","name_en":"Siemens Energy","tier":3,"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":5.7}},{"slug":"hanmi-semiconductor","name":"한미반도체","name_en":"Hanmi Semiconductor","tier":3,"returns_yearly":{"2021":98.5,"2022":-21.7,"2023":313.1,"2024":93.7,"2025":87.9,"2026":5.5}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"softbank","name":"소프트뱅크그룹","name_en":"SoftBank Group","tier":3,"returns_yearly":{"2021":10.2,"2022":9.9,"2023":39.2,"2024":6.5,"2025":8.5,"2026":3.2}},{"slug":"qorvo","name":"코보","name_en":"Qorvo","tier":3,"returns_yearly":{"2021":-5.9,"2022":-42,"2023":24.2,"2024":-37.9,"2025":20.8,"2026":1.5}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":3,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"isc","name":"아이에스시","name_en":"ISC","tier":3,"returns_yearly":{"2021":43.2,"2022":14.2,"2023":116.5,"2024":-11.9,"2025":126.8,"2026":0.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-3.7}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"canon","name":"캐논","name_en":"Canon","tier":3,"returns_yearly":{"2021":22.5,"2022":11.1,"2023":46.4,"2024":27,"2025":-3.2,"2026":-5.6}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":3,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","tier":3,"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":3,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"dongjin-semichem","name":"동진쎄미켐","name_en":"Dongjin Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null}],"analysis":"기가바이트의 논지는 메인보드 제조사에서 엔비디아 GB200·블랙웰 AI 서버의 우선 ODM으로 매출 구조 자체가 바뀌는 전환이다. FY2025 매출 사상 최고 NT$3,369억(+27%)의 성장 엔진은 서버로, 서버가 매출의 62%·그 안에서 AI 서버가 80%+를 차지하며 레거시 PC 부품을 밀어냈고 2026년 1분기엔 서버 비중이 70%까지 올랐다. 재평가의 핵심은 '가시성 대 병목'이다 — 자회사 기가컴퓨팅의 AI 서버 수주가 2026년 말까지 확보돼 두 자릿수 성장이 사실상 선확정된 반면, 출하량은 엔비디아 GPU 할당과 캐파 증설(2026 캡엑스 2배)에 묶여 있어 이 둘의 균형이 마진과 성장을 가른다. 유럽 네오클라우드 네비우스 같은 신흥 GPU 임대사가 하이퍼스케일러 밖 대표 고객으로 붙었고, GPU 다음가는 원가인 HBM·전력·수랭/액침 냉각 부품 확보가 서버 마진을 좌우한다. 재평가 트리거는 캐파 증설 속도, GPU 할당량, 그리고 AI 서버 믹스의 마진이다.","analysis_en":"Gigabyte's thesis is a transformation of its very revenue mix from motherboard maker to a priority ODM for NVIDIA GB200 and Blackwell AI servers. The growth engine behind record FY2025 revenue of NT$336.9bn (+27%) is servers — servers are 62% of revenue, AI servers 80%+ within that, pushing out legacy PC components, and the server share reached 70% in Q1 2026. The core of the re-rating is visibility versus bottleneck — subsidiary Giga Computing's AI-server orders are secured through end-2026, effectively locking in double-digit growth, while shipments are tied to NVIDIA GPU allocation and capacity expansion (2026 capex doubling), and the balance between the two sets margin and growth. Emerging GPU-rental 'neoclouds' like Europe's Nebius have joined as flagship customers beyond hyperscalers, and securing HBM, power and liquid/immersion cooling — the cost after GPUs — governs server margin. Re-rating triggers are the pace of capacity expansion, GPU allocation, and the margin of the AI-server mix.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러·네오클라우드 (AI 서버)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"TWD","value":208900000000,"period":"FY2025 서버(추정 62%)","share_pct":62,"ai_server_of_server_pct":80},"note":"매출 구조를 통째로 바꾼 성장 엔진 — 자회사 기가컴퓨팅이 엔비디아 GB200·블랙웰 기반 HGX·NVL72 서버를 하이퍼스케일러·네오클라우드에 공급하며 서버가 FY2025 매출의 62%(약 NT$2,089억), 그중 AI 서버가 80%+를 차지했다(2026.1분기 70%로 상승). 수주가 2026년 말까지 확보돼 성장 가시성이 높지만, 출하량은 엔비디아 GPU 할당과 캐파 증설 속도에 묶여 있다.","note_en":"The growth engine that rewrote the revenue mix — subsidiary Giga Computing ships NVIDIA GB200/Blackwell HGX and NVL72 systems to hyperscalers and neoclouds, making servers 62% of FY2025 revenue (~NT$208.9bn), with AI servers 80%+ of that (rising to 70% of revenue in Q1 2026). Orders are booked through end-2026 for high visibility, but shipments are gated by NVIDIA GPU allocation and the pace of capacity expansion.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스(9개사)","publisher_en":"Analyst consensus (9 firms)","kind":"research","lang":"en","published_at":"2026-04-01","url":"https://stocksguide.com/en/forecast/Gigabyte-Technology-TW0002376001","title":"기가바이트(2376) 애널리스트 컨센서스 — 매수, 목표가 약 NT$419","title_en":"Gigabyte (2376) analyst consensus — Buy, target ~NT$419","excerpt":"애널리스트 컨센서스 매수, 목표가 약 NT$419","excerpt_en":"Analyst consensus Buy, target ~NT$419"},{"stance":"confirms","publisher":"BigGo Finance","publisher_en":"BigGo Finance","kind":"news","lang":"en","published_at":"2026-03-15","url":"https://finance.biggo.com/news/fd2I7ZwBh5an-7GhvhO9","title":"기가바이트 2025 매출 사상 최고 NT$3,369억·EPS NT$18.2, 2026 캡엑스 2배","title_en":"Gigabyte FY2025 record revenue NT$336.9bn, EPS NT$18.2; 2026 capex to double","excerpt":"FY2025 매출 사상 최고 NT$3,369억(+27%), 서버 62%·AI 서버 서버의 80%+","excerpt_en":"FY2025 record revenue NT$336.9bn (+27%); servers 62% of revenue, AI servers 80%+ of servers"},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2025-12-30","url":"https://www.etnews.com/20251230000314","title":"기가바이트, 기가컴퓨팅 사옥 매입·AI 사업 확장 박차","title_en":"Gigabyte accelerates AI expansion; Giga Computing buys plant building","excerpt":"누적 10개월 매출 NT$2,831.82억, AI 서버 기여 약 NT$1,700억; 기가컴퓨팅 증설","excerpt_en":"10-month revenue NT$283.2bn, AI-server contribution ~NT$170bn; Giga Computing expanding"},{"stance":"confirms","publisher":"Taiwan News","publisher_en":"Taiwan News","kind":"news","lang":"en","published_at":"2025-11-17","url":"https://www.taiwannews.com.tw/news/6245735","title":"기가바이트, AI 서버 수주 급증으로 매출 견인 — 수주 2026년 말까지 확보","title_en":"Taiwan's Gigabyte to boost revenue on rising AI server orders, booked through end-2026","excerpt":"AI 서버 수주 2026년 말까지 확보 — 두 자릿수 성장 견인 전망","excerpt_en":"AI-server orders booked through end-2026, seen driving double-digit growth"},{"stance":"confirms","publisher":"GIGABYTE 공식 재무보고(TWSE 2376)","publisher_en":"GIGABYTE official financial report (TWSE 2376)","kind":"filing","lang":"en","published_at":"2025-05-15","url":"https://www.gigabyte.com/FileUpload/Global/SiteMap/134/images/FinancialReport-2025Q1-en.pdf","title":"기가바이트 2025 연결재무보고서 (TWSE 2376, 공식)","title_en":"Gigabyte 2025 consolidated financial report (TWSE 2376, official)","excerpt":"공식 연결재무: 서버 사업이 매출 성장을 견인하는 최대 축","excerpt_en":"Official consolidated financials: the server business is the largest driver of revenue growth"}]},{"direction":"revenue","counterparty":"DIY·게이밍 소비자 (메인보드·그래픽카드)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"TWD","value":128000000000,"period":"FY2025 메인보드·그래픽카드(추정 38%)","share_pct":38},"note":"레거시 PC 부품 축 — 메인보드·그래픽카드가 FY2025 매출의 약 38%(약 NT$1,280억). 무게중심이 서버로 옮겨갔지만, AI·고성능 컴퓨팅 붐이 DIY·게이밍 GPU 카드 수요까지 동반 견인해 이 사업도 성장에 보탰다.","note_en":"The legacy PC-component axis — motherboards and graphics cards were ~38% of FY2025 revenue (~NT$128bn). The center of gravity has shifted to servers, but the AI/high-performance boom also pulled DIY and gaming GPU-card demand, so this business still added to growth.","sources":[{"stance":"confirms","publisher":"BigGo Finance","publisher_en":"BigGo Finance","kind":"news","lang":"en","published_at":"2026-03-15","url":"https://finance.biggo.com/news/fd2I7ZwBh5an-7GhvhO9","title":"기가바이트 2025 매출 사상 최고 NT$3,369억·EPS NT$18.2, 2026 캡엑스 2배","title_en":"Gigabyte FY2025 record revenue NT$336.9bn, EPS NT$18.2; 2026 capex to double","excerpt":"메인보드·그래픽카드·서버 3대 제품군 동반 성장(AI 수요)","excerpt_en":"Motherboards, graphics cards and servers all grew together on AI demand"}]},{"direction":"investment","counterparty":"기가컴퓨팅 (Giga Computing) 자회사","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"wholly_owned_server_subsidiary"},"note":"AI 서버 전담 자회사 — 기가컴퓨팅이 서버 사업을 담당하며 수요 폭증에 맞춰 캐파를 공격적으로 증설한다(대만 투청 조립·테스트 사옥 NT$4.05억 매입, 캘리포니아·말레이시아 신규 라인 가동, 브라질·UAE·인도로 현지 공급망 확장). 2026년 캡엑스를 NT$11억→20~25억으로 2배 늘린 것도 이 캐파 베팅이며, 지역 분산은 관세·수출규제 리스크 헤지 성격도 있다.","note_en":"The AI-server subsidiary — Giga Computing runs the server business and is aggressively expanding capacity to meet the demand surge (bought a Tucheng assembly/test building for NT$405M, brought new lines online in California and Malaysia, extending local supply chains into Brazil, the UAE and India). Doubling 2026 capex from NT$1.1bn to NT$2.0–2.5bn is that capacity bet, and geographic diversification also hedges tariff and export-control risk.","sources":[{"stance":"confirms","publisher":"BigGo Finance","publisher_en":"BigGo Finance","kind":"news","lang":"en","published_at":"2026-03-15","url":"https://finance.biggo.com/news/fd2I7ZwBh5an-7GhvhO9","title":"기가바이트 2025 매출 사상 최고 NT$3,369억·EPS NT$18.2, 2026 캡엑스 2배","title_en":"Gigabyte FY2025 record revenue NT$336.9bn, EPS NT$18.2; 2026 capex to double","excerpt":"2026 캡엑스 NT$11억→20~25억 2배 증액(AI 서버 캐파)","excerpt_en":"2026 capex doubled NT$1.1bn→2.0–2.5bn for AI-server capacity"},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2025-12-30","url":"https://www.etnews.com/20251230000314","title":"기가바이트, 기가컴퓨팅 사옥 매입·AI 사업 확장 박차","title_en":"Gigabyte accelerates AI expansion; Giga Computing buys plant building","excerpt":"기가컴퓨팅 투청 사옥 NT$4.05억 매입, 캘리포니아·말레이시아·브라질·UAE·인도 확장","excerpt_en":"Giga Computing bought Tucheng building for NT$405M; expanding in California, Malaysia, Brazil, UAE, India"}]},{"direction":"cost","counterparty":"NVIDIA (GB200·블랙웰 GPU 조달)","counterparty_slug":"nvidia","confidence":"high","metric":{"terms":"undisclosed","qualifier":"gpu_allocation_caps_shipments"},"note":"AI 서버 원가의 대부분을 차지하는 핵심 공급원 — 기가바이트는 엔비디아 우선 ODM 리스트에 올라 GB200·블랙웰 GPU를 할당받아 HGX·NVL72 서버에 통합한다. 받는 GPU 할당량이 곧 출하 상한이라, 이 조달 관계가 매출 성장의 병목이자 서버 마진의 최대 변수다. 조달 단가는 미공개.","note_en":"The dominant cost of an AI server and its critical input — Gigabyte sits on NVIDIA's priority ODM list, allocated GB200/Blackwell GPUs it integrates into HGX and NVL72 systems. Because GPU allocation effectively caps shipments, this procurement link is both the bottleneck on revenue growth and the biggest swing factor for server margin. Unit pricing undisclosed.","sources":[{"stance":"mentions","publisher":"Taiwan News","publisher_en":"Taiwan News","kind":"news","lang":"en","published_at":"2025-11-17","url":"https://www.taiwannews.com.tw/news/6245735","title":"기가바이트, AI 서버 수주 급증으로 매출 견인 — 수주 2026년 말까지 확보","title_en":"Taiwan's Gigabyte to boost revenue on rising AI server orders, booked through end-2026","excerpt":"AI 서버 출하가 엔비디아 GPU 공급에 좌우","excerpt_en":"AI-server shipments hinge on NVIDIA GPU supply"},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2025-02-24","url":"https://www.digitimes.com/news/a20250224PD212/nvidia-asus-gigabyte-ai-server-supply.html","title":"에이수스·기가바이트, 엔비디아 AI 서버 대량 수주","title_en":"Asus and Gigabyte secure major AI server orders from NVIDIA","excerpt":"Gigabyte is on the priority supply list for GB200, targeting NT$250 billion server revenue in 2025; secured a Nebius order.","excerpt_en":"Gigabyte on GB200 priority list; NT$250bn server-revenue target."}]},{"direction":"revenue","counterparty":"Nebius (GB200/GB300 AI 서버 고객)","counterparty_slug":"nebius","confidence":"mid","metric":{"qualifier":"named_neocloud_customer"},"note":"명시적 대표 고객 — 유럽 네오클라우드 네비우스에 GB200(및 후속 GB300 NVL72) 서버를 공급(2025.3 출하 개시). 하이퍼스케일러 외에 GPU 임대를 파는 신흥 '네오클라우드'가 기가바이트 AI 서버 수요의 새 축임을 보여주는 사례다.","note_en":"A named flagship customer — Gigabyte supplies GB200 (and follow-on GB300 NVL72) servers to European neocloud Nebius (shipments began March 2025). It illustrates how emerging 'neoclouds' selling GPU rental, beyond hyperscalers, are a new demand axis for Gigabyte's AI servers.","sources":[{"stance":"mentions","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2025-12-30","url":"https://www.etnews.com/20251230000314","title":"기가바이트, 기가컴퓨팅 사옥 매입·AI 사업 확장 박차","title_en":"Gigabyte accelerates AI expansion; Giga Computing buys plant building","excerpt":"GB300 NVL72, 내년 1분기 유럽 네오클라우드 공급 예정","excerpt_en":"GB300 NVL72 to ship to a European neocloud in Q1 next year"},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2025-02-24","url":"https://www.digitimes.com/news/a20250224PD212/nvidia-asus-gigabyte-ai-server-supply.html","title":"에이수스·기가바이트, 엔비디아 AI 서버 대량 수주","title_en":"Asus and Gigabyte secure major AI server orders from NVIDIA","excerpt":"Gigabyte secured a significant order from Nebius, shipping GB200 servers from March.","excerpt_en":"Gigabyte GB200 order from Nebius, shipping March."}]},{"direction":"cost","counterparty":"핵심 부품·냉각 (CPU·HBM·전력·수랭/액침)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"server_bom_ex_gpu"},"note":"GPU 다음가는 AI 서버 원가 — CPU·HBM·고전력 기판, 그리고 수랭·액침 냉각 부품을 외부에서 조달해 랙 단위로 통합한다. 부품 확보와 원가가 서버 마진을 좌우하며, 직수랭·액침 냉각은 고밀도 랙에서 기가바이트가 차별화를 노리는 지점이다.","note_en":"The next-largest AI-server cost after the GPU — CPUs, HBM, high-power boards, plus liquid and immersion cooling sourced externally and integrated at rack scale. Component availability and cost drive server margin, and direct-liquid/immersion cooling is where Gigabyte seeks differentiation in high-density racks.","sources":[{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2025-12-30","url":"https://www.etnews.com/20251230000314","title":"기가바이트, 기가컴퓨팅 사옥 매입·AI 사업 확장 박차","title_en":"Gigabyte accelerates AI expansion; Giga Computing buys plant building","excerpt":"기가컴퓨팅, 조립·테스트 캐파 확충 — 부품 통합·냉각 포함 랙 단위 생산","excerpt_en":"Giga Computing expands assembly/test capacity — rack-scale integration incl. components and cooling"}]}]}