- While the tech industry focuses on Nvidia's AI server and RTX 50 series supply chain, my latest research reveals Vishay as the hidden key winner.
- Vishay has secured better-than-expected orders for Nvidia's Blackwell AI servers (GB200 series and DGX/HGX B200) and RTX 50 series graphics cards. The component orders include MOSFET/DrMOS (VRPower), vPolyTan (Polymer Tantalum, such as T55), Current Shunt Resistors, Transient Voltage Suppressors (TVS), and Schottky Barrier Diodes (SBD), etc.
- Among the components above, MOSFET and vPolyTan deserve special attention.
- For GB200 NVL72/36's 8kW 54V-to-12V power supply, Nvidia has switched to a Renesas (controller) and Vishay (MOSFET) combination, replacing power management modules from Flextronics and Delta. Notably, Vishay has replaced Infineon as the current MOSFET supplier.
- For DGX/HGX's 2kW 54V-to-12V power supply, Nvidia now uses ADI (controller) and Vishay (MOSFET), replacing MPS and Delta's power management modules.
- The GB200 NVLink Switch's 2kW 54V-to-12V power supply also uses the Renesas (controller) and Vishay (MOSFET) combination.
- For Nvidia's upcoming RTX 50 series graphics cards planned for 2025, Vishay has been selected as a new DrMOS supplier, with mass production starting in 1Q25.
- Based on the above 4, 5, 6, and 7, Vishay's current MOSFET production capacity in 2025 is fully loaded, and it is expected to contribute approximately 20–30% of revenue, with a higher-than-average gross profit margin.
- GB200 heavily utilizes Vishay's vPolyTan (polymer tantalum capacitors, primarily T55). Vishay's vPolyTan is already facing supply shortages for 2025 and is expected to contribute a high single-digit percentage of revenue with significantly above-average gross margins.
- Vishay 3.0 stands to capitalize on robust demand for Nvidia's AI servers and the new RTX 50 series, with meaningful results anticipated in 2025. The company is also well-positioned to benefit from the automotive sector's rebound and the burgeoning IoT market. Looking ahead, Vishay's growth trajectory appears strong, driven by the ongoing success of its Vishay 3.0 strategy implementation.
Analyst-Ming Chi Kuo Says "Vishay: The Hidden Key Winner in Nvidia's AI Servers and RTX 50 Series Supply Chain; Vishay 3.0 Strategy Shows Promise and Drives Robust Growth From 2025 Onward" - Medium
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