May. 31 at 6:18 PM
First wave of rack deployments rolling out through 2030 — the value chain splits across clear winners:
GPUs dominate at 50%, led by
$NVDA.
Memory takes 25%, driven by HBM4 and LPDDR5X, with
$MU, Samsung, and SK hynix positioned in the flow.
Networking & interconnect accounts for 10%, where
$ANET, MRVL, AVGO, and CIEN sit.
Power and liquid cooling make up 7%, led by
$VRT, ETN, PWR, and MOD.
Server integration and rack assembly represent 5%, including
$DELL, SMCI, and HPQ.
The remaining 3% is advanced packaging & optics, featuring TSM, AMKR, LITE, COHR, and AAOI.
