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
分析师郭明志表示：“Vishay：英伟达人工智能服务器和RTX 50系列供应链中隐藏的赢家；Vishay 3.0 策略表现出前景，推动2025年以后的强劲增长” - 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.
- 在科技行业关注英伟达的人工智能服务器和RTX 50系列供应链时，我的最新研究揭示了Vishay作为隐藏的关键赢家。
- Vishay获得了超出预期的英伟达Blackwell人工智能服务器（GB200系列和DGX/HGX B200）及RTX 50系列显卡的订单。这些元件订单包括MOSFET/DrMOS（VRPower）、vPolyTan（聚合物钽电容，如T55）、电流分流电阻、瞬态电压抑制器（TVS）和肖特基势垒二极管（SBD），以太经典。
- 在上述元件中，MOSFET和vPolyTan尤其值得关注。
- 对于GB200 NVL72/36的8kW 54V至12V电源，英伟达已转向使用Renesas（人形机器人-电机控制器）和Vishay（MOSFET）的组合，取代Flextronics和Delta的电源管理模块。值得注意的是，Vishay已替代Infineon成为当前的MOSFET供应商。
- 对于DGX/HGX的2kW 54V至12V电源，英伟达现在使用ADI（人形机器人-电机控制器）和Vishay（MOSFET），取代MPS和Delta的电源管理模块。
- GB200 NVLink 交换机-云计算的2kW 54V至12V电源也使用Renesas（人形机器人-电机控制器）和Vishay（MOSFET）的组合。
- 对于英伟达计划于2025年推出的RTX 50系列显卡，Vishay已被选为新的DrMOS供应商，并将在2025年第一季度开始大规模生产。
- 根据上述4、5、6和7，Vishay在2025年的当前MOSFET生产能力充分实现，并预计贡献约20-30%的营业收入，毛利润率高于行业平均水平。
- GB200大量使用Vishay的vPolyTan（聚合物钽电容器，主要为T55）。Vishay的vPolyTan已经面临2025年的供应短缺，并预计将贡献高个位数百分比的营业收入，且毛利润显著高于平均水平。
- Vishay 3.0将能够利用对英伟达的人工智能服务器和新RTX 50系列的强劲需求，并预计在2025年将取得显著成果。该公司也处于有利位置，可以从汽车板块的复苏和蓬勃发展的物联网市场中获益。展望未来，Vishay的增长轨迹似乎强劲，受益于其Vishay 3.0策略实施的持续成功。
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