AI data centers are undergoing structural upgrades, with HVDC and independent power racks becoming the standard. As power density exceeds critical thresholds, demand for liquid cooling and power supply is surging. Taiwanese firms are leveraging their power supply, thermal management, and integration capabilities to evolve from component suppliers into system-level providers, securing core orders from global CSPs.

Key Highlights

• In 2025, Delta’s revenue was primarily driven by power electronics (50% revenue share) and infrastructure (33% revenue share). In the HVDC space, the architecture has bifurcated into two main camps: OCP (±400V) and NVIDIA/AWS (800V). Revenue from ±400V systems will materialize first, while significant contributions from 800V systems are expected by 2027. For the upcoming Vera Rubin generation, power shelf specifications are diverging. The market is expected to favor the OCP high-density solution (1OU/12kW) over the NVIDIA reference design (3U). With capital expenditures among the top four CSPs increasing rather than decreasing this year (2026), Delta is leveraging its first-mover advantage and robust manufacturing capacity to maintain its dominant market share. However, facing across-the-board increases in raw material costs, the company does not rule out initiating price hikes to protect margins.
• Turning to BOYD, the company is upgrading its status from a basic component supplier to a system-level liquid cooling integrator via the expansion of its product lines (cold plates, manifolds, CDU, etc.) and the acquisitions of major cloud clients. Benefiting from  the long-term structural trends of increasing liquid cooling penetration and high-power architectures, BOYD’s market position continues to elevate.

Table of Contents

1. TrendForce’s View
2. Power Industry Updates 
3. Thermal Industry Updates

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