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Spun from Wistron, it supplies about 50% of hyperscale AI-server procurement and builds NVIDIA GB200 systems, with AI rising to over 50% of sales in 2025 — but Meta is more than half of revenue, at once a single-customer leverage and a risk. In the graph it is chained to NVIDIA (GPUs) upstream and Meta, Amazon, Google and Microsoft downstream, directly exposed to AI capex. With the stock ahead of its demand and supply sides, it gives back first if customers' capex fails to follow, while Meta concentration is a double-edged source of volume visibility.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","basis":"매출 비중","value":50,"basis_en":"share of revenue","qualifier":"이상"},"note":"메타에 클라우드·AI 서버를 ODM 공급 — 매출의 절반 이상을 차지하는 최대 고객으로, 위윈 물량 가시성의 원천이자 단일 고객 집중 리스크의 핵심.","note_en":"ODM-supplies cloud/AI servers to Meta — the largest customer at over half of revenue, both the source of Wiwynn's volume visibility and the core of its single-customer concentration risk.","sources":[{"stance":"mentions","publisher":"Silba Deep Dives","publisher_en":"Silba Deep Dives","kind":"analysis","lang":"en","published_at":"2026-01-15","url":"https://silbadeepdives.substack.com/p/6669-wiwynn-the-heavy-metal-behind","title":"위윈: AI 뒤의 헤비메탈 (고객 집중 분석)","title_en":"Wiwynn: the heavy metal behind AI (customer concentration)","excerpt":"2024년 3개 고객군이 매출의 49%·28%·21%. 2025년 3분기 말 매출채권의 약 95%가 동일 3사에 집중. FY2024 매출 NT$360.5B, 2025년 9개월 누적 NT$658.2B.","excerpt_en":"In 2024 three customer groups were 49%/28%/21% of revenue; ~95% of receivables sat with the same three at Q3 2025. FY2024 revenue NT$360.5bn; 9M 2025 NT$658.2bn."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://www.trendforce.com/news/2025/05/05/news-microsoft-meta-ramp-up-ai-spend-lifting-nvidias-taiwanese-odm-partners-foxonn-quanta-and-wiwynn/","title":"MS·메타 AI 투자 확대로 엔비디아 ODM 위윈 수혜","title_en":"MS/Meta AI spend lifts NVIDIA ODM Wiwynn","excerpt":"메타가 위윈 매출의 50%+.","excerpt_en":"Meta is 50%+ of Wiwynn revenue."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아 GB200 등 GPU로 AI 서버·랙을 조립 — GPU 할당이 위윈 매출의 원가이자 상류 제약으로, 엔비디아 공급이 물량의 병목.","note_en":"Assembles AI servers/racks with NVIDIA GB200 GPUs — GPU allocation is Wiwynn's cost and upstream constraint, with NVIDIA supply the bottleneck on volume.","sources":[{"stance":"confirms","publisher":"Wiwynn/TWSE","publisher_en":"Wiwynn/TWSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.wiwynn.com/en/investor","title":"Wiwynn IR(TWSE 연차)","title_en":"Wiwynn IR (TWSE annual)","excerpt":"위윈은 엔비디아 GB200 시스템을 하이퍼스케일러용으로 조립.","excerpt_en":"Wiwynn builds NVIDIA GB200 systems for hyperscalers."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://www.trendforce.com/news/2025/05/05/news-microsoft-meta-ramp-up-ai-spend-lifting-nvidias-taiwanese-odm-partners-foxonn-quanta-and-wiwynn/","title":"MS·메타 AI 투자 확대로 엔비디아 ODM 위윈 수혜","title_en":"MS/Meta AI spend lifts NVIDIA ODM Wiwynn","excerpt":"위윈은 엔비디아 GB200 시스템을 하이퍼스케일러용으로 조립.","excerpt_en":"Wiwynn builds NVIDIA GB200 systems for hyperscalers."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"아마존에 클라우드·AI 서버 ODM 공급.","note_en":"ODM cloud/AI servers for amazon.","sources":[{"stance":"confirms","publisher":"維基百科","publisher_en":"Wikipedia","kind":"news","lang":"zh","published_at":"2026-01-01","url":"https://zh.wikipedia.org/wiki/緯穎科技服務","title":"緯穎科技(위윈, 하이퍼스케일 AI 서버 ODM)","title_en":"Wiwynn (hyperscale AI-server ODM)","excerpt":"緯穎科技는 하이퍼스케일러 AI 서버 ODM.","excerpt_en":"Wiwynn is a hyperscaler AI-server ODM."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://www.trendforce.com/news/2025/05/05/news-microsoft-meta-ramp-up-ai-spend-lifting-nvidias-taiwanese-odm-partners-foxonn-quanta-and-wiwynn/","title":"MS·메타 AI 투자 확대로 엔비디아 ODM 위윈 수혜","title_en":"MS/Meta AI spend lifts NVIDIA ODM Wiwynn","excerpt":"아마존(AWS)에 클라우드 서버 공급.","excerpt_en":"Supplies cloud servers to Amazon (AWS)."}]},{"direction":"revenue","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":null,"note":"알파벳 (구글)에 클라우드·AI 서버 ODM 공급.","note_en":"ODM cloud/AI servers for alphabet.","sources":[{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://www.trendforce.com/news/2025/05/05/news-microsoft-meta-ramp-up-ai-spend-lifting-nvidias-taiwanese-odm-partners-foxonn-quanta-and-wiwynn/","title":"MS·메타 AI 투자 확대로 엔비디아 ODM 위윈 수혜","title_en":"MS/Meta AI spend lifts NVIDIA ODM Wiwynn","excerpt":"구글에 클라우드 서버 공급.","excerpt_en":"Supplies cloud servers to Google."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트에 클라우드·AI 서버 ODM 공급.","note_en":"ODM cloud/AI servers for microsoft.","sources":[{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://www.trendforce.com/news/2025/05/05/news-microsoft-meta-ramp-up-ai-spend-lifting-nvidias-taiwanese-odm-partners-foxonn-quanta-and-wiwynn/","title":"MS·메타 AI 투자 확대로 엔비디아 ODM 위윈 수혜","title_en":"MS/Meta AI spend lifts NVIDIA ODM Wiwynn","excerpt":"MS에 AI 서버 공급.","excerpt_en":"Supplies AI servers to Microsoft."}]},{"direction":"cost","counterparty":"부품·메모리·기판 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"서버 부품·메모리·기판 조달.","note_en":"Sources server components, memory and boards.","sources":[{"stance":"confirms","publisher":"Wiwynn/TWSE","publisher_en":"Wiwynn/TWSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.wiwynn.com/en/investor","title":"Wiwynn IR(TWSE 연차)","title_en":"Wiwynn IR (TWSE annual)","excerpt":"AI 서버 조립용 부품·메모리 다수 조달.","excerpt_en":"Sources many components and memory for AI-server assembly."}]}]}