AI data center power and liquid cooling demand surged! This "NVIDIA Chain" giant's market value soared, reaching a milestone of billions of dollars.

In the United States, the Supreme Court ruled to overturn the Trump administration's IEEPA tariff policy, following unprecedented wave of AI data center construction led by tech giants such as Alphabet Inc. Class C, Amazon.com, Inc., Meta and Microsoft Corporation, driving a significant expansion in demand for core power equipment and AI liquid cooling management equipment. Delta Electronics Thailand Pcl, a leader in AI data center power infrastructure services and liquid cooling equipment, became the first publicly listed company in the Thai stock market with a market value exceeding 100 billion US dollars. NVIDIA Corporation (NVDA.US), headquartered in Thailand, is one of the core participants in the AI GPU industry chain (referred to as the "NVIDIA Corporation chain"). The stock price of Delta Electronics Thailand surged by 10% on Monday, with about one-third of its revenue coming from the construction of AI data centers in the United States, leading to an increase of over 49% in the company's stock price since the beginning of the year. Driven by strong sales of core equipment for AI data center power and robust demand for data center liquid cooling equipment, the company's revenue increased by 20% last year. Senior analyst Suwat Sinsadok from Globlex Securities Co. stated, "Delta Electronics Thailand has very high earnings visibility, thanks to its extremely robust growth strategy and competitive AI data center power chain and liquid cooling product line." He added that the company's net profit may increase by another 25% by 2027, reaching 1 billion US dollars. The surge in stock prices since last year has made Delta Electronics Thailand Pcl the second highest valued publicly listed company in Southeast Asia, second only to Southeast Asian financial giant DBS Group, which crossed the milestone market value threshold of 100 billion US dollars last year. Delta Electronics Thailand Pcl, with its "AI data center power chain + liquid cooling/thermal management equipment," is undeniably in a key sector of AI computing infrastructure. The recent overturning of Trump's tariff policy by the Supreme Court, along with expectations of improved trade demand, has led to a revaluation of the company's stock price and market value. Who is Delta Electronics Thailand Pcl and why has its market value surged to 100 billion US dollars? In just one year, the market value of Delta Electronics Thailand Pcl, a subsidiary of Delta Electronics, Inc., established in Thailand, has skyrocketed by 60%, from around 62.6 billion US dollars a year ago to over 100 billion US dollars now. Delta Electronics Thailand (DELTA.BK) has become a "market monster" in this unprecedented AI infrastructure boom due to its essential role in selling the indispensable elements of AI data center construction - "electricity and heat": efficient power and power systems + thermal management/cooling, extending to ICT infrastructure and some industrial/automotive power electronics. The company has positioned itself as a leader in data center power equipment and thermal management solutions, with a product portfolio covering power electronics systems, data center power chains, and liquid cooling, among other hot tracks globally. From a global perspective of AI server cluster engineering, Delta faces two hard constraints: increasing power density and thermal bottlenecks. As GPU/AI cabinets move from tens of kW to at least hundreds of kW, large-scale AI data centers, like "Stargate," require efficient power chains (rectifiers, high-voltage power supplies, power architectures for grid-to-chip) and higher heat flux liquid cooling systems. Delta openly emphasizes providing power and thermal management solutions for data centers in the AI era, offering liquid/air cooling combinations (such as liquid cooling CDUs) for high-density GPU/CPU workloads. OCP has already indicated that AI rack power could "quickly exceed 500kW," and NVIDIA Corporation is advancing high-voltage direct current architectures for "AI factories," aiming to cover rack volumes from 100kW to over 1MW. The rise in power consumption doesn't just mean "buying a few more MOSFETs", it brings changes to the entire chain of components: AC/DC and DC/DC efficiency, thermal design constraints, more complex multiple-level conversions from 48V (or higher voltage) to point loads (<1V), steeper GPU/CPU transient currents - all of which significantly raise demands for power-level components (FET/power modules/drivers), multi-phase controllers, hot-swappable/electronic fuses, isolations, current/voltage detection, clocks and high-speed signal conditioning in various specialized areas. Capital markets are willing to give it a higher valuation multiple, seeing it as a "shovel stock" for AI data center capital expenditure: for each new or expanded AI data center, power, distribution, cooling, cabinet-level liquid cooling, etc. are rigid BOM, and the value per cabinet increases with rising power density. Compared to complete machine assemblies, these "key components/systems" more easily reflect barriers to entry (efficiency, reliability, control, materials, and system integration) and pricing power; this also corresponds to the market's narrative of strong growth driven by data center demand and power electronic sales. In addition, following the Supreme Court's ruling to overturn tariffs, the market's outlook for demand for core equipment for data center power chains and AI liquid cooling equipment at Delta Electronics Thailand Pcl has been further strengthened, driving it to becoming the first company in Thailand to surpass a market value of 100 billion US dollars.