Electronics EMS, AI-server ODM
Pegatron
A top-two Apple iPhone assembler whose largest customer was about 59% of 2024 sales, and an ODM for NVIDIA Blackwell and GB200 AI servers that has delivered liquid-cooled racks exceeding 130kW to data centers. It is building a Texas plant to address tariffs and shifting toward servers and automotive to cut iPhone reliance.
4938.TW Updated Jul 12, 2026 1 AI consumers· 1 recurring
Per the valuechain.wiki graph, Pegatron is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 38 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2024 consolidated revenue NTD 1,125.3bn (−10.5% YoY)
- Segments · Computing (notebooks, desktops, AI PCs, AI servers) · Communication (largest of three segments; 5G, networking) · Consumer electronics (tablets, game consoles, smart home) · Automotive electronics (infotainment, EV, charging)
Revenue from
- Apple (아이폰 조립) High confidence
Apple was the largest customer at 59.34% of 2024 sales (NTD 667.8bn, disclosed as 'A Company'). Pegatron is a top-two iPhone assembler after Foxconn, building a Texas plant to address tariffs.Confirms EN Yahoo Finance Published Jan 23, 2026: Apple/Dell supplier Pegatron expects US plant by end-MarchConfirms EN Pegatron Corporation Published May 8, 2025: Pegatron Corporation 2024 Annual Report (English) - NVIDIA (GB200 AI 서버) High confidence
ODM for NVIDIA GB200/Blackwell AI server racks; delivered liquid-cooled racks exceeding 130kW to data-center clients and began small-scale H100 HGX shipments in 2024, with GB200 racks in customer validation at end-2024.Confirms EN Yahoo Finance Published Jan 23, 2026: Apple/Dell supplier Pegatron expects US plant by end-MarchConfirms EN Pegatron Corporation Published May 8, 2025: Pegatron Corporation 2024 Annual Report (English)Confirms KO Asia Business Daily Published Oct 22, 2024: Taiwan's Pegatron to ship NVIDIA next-gen Blackwell servers in December - 상용 브랜드 고객 (B사, 비공개) High confidence
The second customer (anonymized 'B Company') was 10.25% of 2024 sales (NTD 115.3bn); Yahoo Finance reports Dell as a Pegatron customer. The top two customers were about 70% combined.Confirms EN Yahoo Finance Published Jan 23, 2026: Apple/Dell supplier Pegatron expects US plant by end-MarchConfirms EN Pegatron Corporation Published May 8, 2025: Pegatron Corporation 2024 Annual Report (English)
Pays to
- 부품·칩셋·기판 (비공개) High confidence
Sources chipset, display, system modules, CPU and PCB for assembly and servers; the top supplier (anonymized 'X Company') was 56.94% of 2024 purchases (NTD 549.8bn), much of it material consigned and resold by major customers.Confirms EN Pegatron Corporation Published May 8, 2025: Pegatron Corporation 2024 Annual Report (English) - 전원·물류·글로벌 생산 (비공개) Medium confidence
Liquid-cooling and power components for AI servers, logistics and freight, and capacity relocation to Mexico, Southeast Asia, India and Texas to address tariffs and FX.Confirms EN Yahoo Finance Published Jan 23, 2026: Apple/Dell supplier Pegatron expects US plant by end-MarchConfirms EN Pegatron Corporation Published May 8, 2025: Pegatron Corporation 2024 Annual Report (English)
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 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +66.1 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +36.1 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +23.4 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | -1.4 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -1.6 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Pony.ai | lead2 | · | · | · | · | +1 | -54.6 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Pegatron | node | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
YTD as of 2026-07-09 · source: Yahoo Finance
The core of Pegatron is a shift from dependence on Apple iPhone assembly (largest customer 59% of 2024, top two ~70%) toward diversifying into AI servers and automotive. iPhone assembly is large but low-margin with single-customer risk, and the re-rating key is how much its NVIDIA GB200/Blackwell AI-server ODM business (delivering 130kW+ liquid-cooled racks) grows into high-value revenue. Spreading production to a new Texas plant, Mexico and India to address tariff and geopolitical risk is a structural defense. In graph terms Pegatron is a revenue node to the Apple and NVIDIA ecosystems and a cost node to component suppliers (top supplier 57%, much of it customer-consigned parts), so how fast the server mix rises to offset iPhone's low margin and customer concentration is the axis of valuation.
Analysis generated from returns as of 2026-07-09