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
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
分析師郭明珠表示：「Vishay：英偉達人工智能服務器和RTX 50系列供應鏈中的隱藏的贏家；Vishay 3.0 策略展現希望，推動2025年以後的強勁增長」 - Medium
- 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.
- 科技行業關注英偉達的人工智能服務器和RTX 50系列供應鏈，但我的最新研究揭示了Vishay作爲隱藏的勝利者。
- Vishay已獲得超出預期的訂單，供應英偉達的Blackwell人工智能服務器（GB200系列和DGX/HGX B200）和RTX 50系列顯卡。元件訂單包括MOSFET/DrMOS（VRPower）、vPolyTan（聚合物鉭，如T55）、電流電阻、瞬變電壓抑制器（TVS）和肖特基二極管（SBD），等。
- 在上述元件中，MOSFEt和vPolyTan值得特別關注。
- 對於GB200 NVL72/36的8kW 54V至12V電源，英偉達已從Flextronics和Delta的功率管理模塊轉向了Renesas（控制器）和Vishay（MOSFET）的組合。值得注意的是，Vishay已取代Infineon成爲當前MOSFEt供應商。
- 對於DGX/HGX的2kW 54V至12V電源，英偉達現在採用ADI（控制器）和Vishay（MOSFET），取代了MPS和Delta的功率管理模塊。
- GB200 NVLink Switch的2kW 54V至12V電源也採用了Renesas（控制器）和Vishay（MOSFET）的組合。
- 對於英偉達計劃於2025年推出的即將推出的RTX 50系列顯卡，Vishay已被選爲新的DrMOS供應商，在2025年第1季度開始批量生產。
- 基於上述4、5、6和7，Vishay在2025年的當前MOSFEt生產能力已滿負荷，預計將貢獻約20-30%的營業收入，毛利潤率高於平均水平。
- GB200大量使用Vishay的vPolyTan（聚合物鉭電容器，主要是T55）。Vishay的vPolyTan在2025年已經面臨供應短缺，並預計將貢獻高個位數的營業收入，毛利潤顯著高於行業平均水平。
- Vishay 3.0有望從英偉達的人工智能服務器和新的RTX 50系列中受益，並預計在2025年取得可觀的成績。該公司還有望從汽車行業的復甦和不斷壯大的物聯網市場中獲益。展望未來，Vishay的增長軌跡看起來強勁，得益於其Vishay 3.0策略的持續成功實施。
譯文內容由第三人軟體翻譯。
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