Taiwan · AI-server ODM · motherboard roots
Gigabyte Technology
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.
2376.TW Updated Jul 12, 2026 3 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · NT$336.9bn (FY2025, +27%)
- Customer 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%).
- Segments · Servers (Giga Computing) · Motherboards & graphics cards
Revenue from
- Hyperscalers & neoclouds (AI servers) High confidence· Amount NT$208.9B · FY2025 서버(추정 62%)
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.Mentions EN Analyst consensus (9 firms) Published Apr 1, 2026: Gigabyte (2376) analyst consensus — Buy, target ~NT$419Confirms EN BigGo Finance Published Mar 15, 2026: Gigabyte FY2025 record revenue NT$336.9bn, EPS NT$18.2; 2026 capex to doubleConfirms KO ETNews Published Dec 30, 2025: Gigabyte accelerates AI expansion; Giga Computing buys plant buildingConfirms EN Taiwan News Published Nov 17, 2025: Taiwan's Gigabyte to boost revenue on rising AI server orders, booked through end-2026Confirms EN GIGABYTE official financial report (TWSE 2376) Published May 15, 2025: Gigabyte 2025 consolidated financial report (TWSE 2376, official) - DIY & gaming consumers (motherboards, graphics cards) High confidence· Amount NT$128B · FY2025 메인보드·그래픽카드(추정 38%)
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.Confirms EN BigGo Finance Published Mar 15, 2026: Gigabyte FY2025 record revenue NT$336.9bn, EPS NT$18.2; 2026 capex to double - Nebius (GB200/GB300 AI-server customer) Medium confidence
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.
Pays to
- NVIDIA (GB200/Blackwell GPU procurement) High confidence
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.Mentions EN Taiwan News Published Nov 17, 2025: Taiwan's Gigabyte to boost revenue on rising AI server orders, booked through end-2026Confirms EN DigiTimes Published Feb 24, 2025: Asus and Gigabyte secure major AI server orders from NVIDIA - Core components & cooling (CPU, HBM, power, liquid/immersion) Medium confidence
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.Confirms KO ETNews Published Dec 30, 2025: Gigabyte accelerates AI expansion; Giga Computing buys plant building
Investments
- Giga Computing subsidiary High confidence
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.Confirms EN BigGo Finance Published Mar 15, 2026: Gigabyte FY2025 record revenue NT$336.9bn, EPS NT$18.2; 2026 capex to doubleConfirms KO ETNews Published Dec 30, 2025: Gigabyte accelerates AI expansion; Giga Computing buys plant building
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 |
|---|---|---|---|---|---|---|---|
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Nebius Group | lead1 | · | · | · | · | +202.2 | +162.4 |
| Gigabyte Technology | node | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| 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 |
| 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 |
| 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
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 generated from returns as of 2026-07-09