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citivelocity.com
27 Aug 2026 04:07:04 ET │ 10 pages
Asia Pacific Semiconductors and Electronic Components & Equipment
Nvidia's bullish result and outlook positive for the supply chain
CITI'S TAKE
NVIDIA's earnings call reinforced exceptionally strong AI growth, with management expecting ~70% revenue growth in FY28 despite supply being constrained. Vera Rubin has entered full production and is expected to support continued growth across GPU, networking and rack-scale systems. Vera CPU sales is also expected to be more than double in FY28. Against ASIC competition, NVIDIA continues to emphasize its full AIfactory advantage spanning various chip, NVLink fusion and software rather than competing at the chip level alone. Importantly, bottlenecks are broadening from chips to rack integration, power and physical datacenter capacity. We are positive on Nvidia's supply chain and expect ODMs including Hon Hai, Wistron and Quanta start to see strong momentum in 2H26. Nvidia's strong visibility should also bolster its key suppliers including TSMC, OSATs and substrates makers' growth outlook into next year.
- Supply Chain Implications NVIDIA's management did not provide explicit rack shipment guidance, but indicated that demand continues to exceed supply, making the pace of Vera Rubin rack deployment increasingly dependent on the synchronization of GPUs, HBM, advanced packaging, networking, rack integration, liquid cooling and power infrastructure. More importantly, NVIDIA's growing involvement in securing land, power and shell capacity suggests that electricity availability is becoming a strategic supply-chain resource, similar to advanced-node and CoWoS capacity in earlier AI cycles. This should broaden the beneficiaries of AI infrastructure spending beyond semiconductor suppliers toward rack ODMs, powermanagement vendors, liquid-cooling suppliers, networking and opticalcomponent companies, and data-center electrical infrastructure providers. The key implication is that AI demand remains strong, but revenue realization will increasingly depend on how quickly the entire physical infrastructure-from chips to racks to megawatts-can be deployed, making system-level supply-chain execution more important than GPU production alone. We see are positive on Delta for power infrastructure built up. We also see solid order visibility for ODMs into next year thanks to remaining strong AI infrastructure development. Hon Hai remains our topic thanks to its greater share in VR NVL72 and CPO/NVLink Switch. Nvidia's recent rack pricing upward revision could also lead greater revenue upside for its ODMs.
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Prepared for Kevin Lu
Laura (Chia Yi) Chen AC
+886-2-8726-9090 laura.cy.chen@citi.com
Jack Chen
+886-2-8726-9091 jack1.chen@citi.com
Nicholas Lai +886-2-8726-9093
nicholas.lai@citi.com
Prepared for Kevin Lu
- Custom ASIC Competition NVIDIA framed the ASIC competition around the economics and flexibility of the entire 'AI factory.' NVIDIA's competitive advantage increasingly comes from integrating GPU compute, CPU, networking, rack-scale architecture and software into one platform that can support multiple models and workloads across different clouds. This changes the competitive discussion from whether a custom ASIC can outperform a GPU on a specific task to whether hyperscalers can reproduce the same flexibility, software ecosystem and infrastructure efficiency at scale. In our view, custom ASICs remain a credible competitive threat, particularly for stable and highly optimized inference workloads, but NVIDIA's broader platform approach can defend its position even as the accelerator market becomes. We would expect NVLink fusion more ready with AWS first in Trainium 4 generation, we see Alchip would be the beneficiary as the major partner. We also see that Mediatek's early engagement with Nvidia could be helpful for the company to generate more opportunity for second customer in ASIC in the longer term.
Companies Mentioned:
Alchip (3661.TW; NT$3870.0; 1; 27 Aug 26; 13:30) | Delta Electronics (2308.TW; NT$1770.0; 1; 27 Aug 26; 13:30) | Hon Hai Precision (2317.TW; NT$252.0; 1; 27 Aug 26; 13:30) | Mediatek (2454.TW; NT$3865.0; 1; 27 Aug 26; 13:30) | NVIDIA Corp (NVDA.O; US$209.66; 1; 26 Aug 26; 16:00) | Quanta Computer (2382.TW; NT$333.5; 1; 27 Aug 26; 13:30) | TSMC (2330.TW; NT$2410.0; 1; 27 Aug 26; 13:30) | Wistron (3231.TW; NT$179.5; 1; 27 Aug 26; 13:30)
Prepared for Kevin Lu
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