AI Infra Market Bulletin – Sep. 24, 2026

Last Modified

2026-09-24

Update Frequency

Biweekly

Format

PDF

Surging AI server demand drives power semiconductor and thermal upgrades, with tight supply boosting extended orders, price hikes, and capacity expansion.

Key Highlights

Market Dynamics: Strong AI server demand extends lead times and reverses price declines into increases, giving suppliers market control through long-term capacity lock-ins.
Power Semiconductor Trends:
- onsemi: Adopts an asset-light strategy, utilizing factory utilization over new builds to support growth while pushing through price hikes.
- STMicroelectronics: Upgrades revenue outlook substantially driven by optical interconnects, while positioning power devices for high-voltage architectures.
- Vicor: Expands manufacturing footprint by developing two new plant sites simultaneously to alleviate near-capacity operations and secure future growth.
Thermal & Component Upgrades:
- Auras: Expands liquid cooling capacity rapidly, securing cold plate and manifold supply roles for major CSP and GPU platforms.
- Lotes: Accelerates fast-disconnect component shipments and benefits from CPU socket migration toward higher pin counts and higher average selling prices.

TrendForce’s View
Power Industry Updates
- Embedded Value of Power Semiconductor for VR200 Expected to Almost Double That of GB300
Thermal Industry Updates

Embedded Value of Power Semiconductor