AI data centers are driving power and thermal architecture upgrades. Delta and LiteOn report cloud revenues exceeding half their totals, expanding capital expenditure to counter material shortages and target high-voltage DC (HVDC) ramp-ups. Infineon leverages multi-material capabilities to supply overwhelming data center demand. Meanwhile, BOYD and AVC ride the wave of rising liquid cooling penetration across cloud service providers, diversifying into ASIC and networking components to secure long-term structural growth.

Key Highlights

• Power Architecture & Supply Chain: AI data center demands drive cloud business shares beyond half of total revenues for key suppliers. Companies are increasing capital expenditure and pre-booking materials to hedge against supply bottlenecks, targeting high-voltage DC (HVDC) ramp-ups in the coming years.
• Upstream Semiconductor Demand: Infineon experiences robust demand exceeding capacity for data center power architectures. Utilizing its comprehensive silicon, silicon carbide, and gallium nitride material technologies, the company is expanding capacity to support continuous revenue growth.
• Thermal & Liquid Cooling Expansion: BOYD and AVC benefit from accelerating liquid cooling penetration across cloud service providers and next-generation AI platforms. To offset pricing pressures on standard GPU cold plates, suppliers are strategically expanding into ASIC, networking, and manifold solutions to sustain growth momentum.

Table of Contents

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

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