# AI Data Center Build-out

Everything it takes to build and run an AI data center.

Theme: AI infrastructure (Technology). Page: https://thematiq.io/themes/ai-infrastructure/ai-data-center-build-out/

## Key facts

- **The market: $1.7 trillion** Worldwide data center capex, all data center IT and infrastructure, not only AI (Dell'Oro Group, 2030)
- **The build: 18** parts in the AI Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 86** companies worth $17.9 trillion, earning on average 66% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the AI Supercycle bill of materials, each read from its own reports.

| Part | Covers |
|---|---|
| Graphics Processing Unit (GPU) | GPU accelerators, AI ASICs custom, foundry leading edge, advanced packaging |
| Video Memory (VRAM) | HBM memory, GDDR memory, DRAM |
| Data Processing Unit (DPU) | DPU SmartNIC |
| Cooling System | direct to chip cooling, thermal management components |
| Voltage Regulator Module (VRM) | voltage regulator modules, power management ICs |
| Motherboard Interface | server motherboards, PCIe CXL retimers switches |
| Interconnection Interface | infiniband, ethernet switch silicon, optical transceivers, SerDes ip, interconnect ICs |
| Network Interface and Controller | NIC controllers |
| Output Interfaces | display interface ICs |
| Software (AI hardware performance) | AI hardware software stack, EDA software |
| Power and Cooling Systems | data center power distribution, UPS systems, power supply units, liquid cooling, data center thermal systems |
| Servers and IT Equipment | servers AI, server CPUs, server ODM |
| Networking Equipment | data center switches routers, optical networking equipment |
| Storage Devices | enterprise SSD, NAND flash, storage controllers, HDD nearline |
| Backup and Disaster Recovery Solutions | backup recovery software |
| Racks and Cable Management | server racks enclosures, data center cabling connectivity |
| Remote Hands Support | data center onsite services |
| Datacenter Software | virtualization software, data center infrastructure management, data center security software |

## Largest companies

| Company | Listing | Market value |
|---|---|---|
| Auras Technology | 3324.TWO | $4 billion |
| Modine Manufacturing | MOD.XNYS | $8 billion |
| Advanced Energy Industries | AEIS.XNAS | $10 billion |
| Nvidia | NVDA.XNAS | $5.2 trillion |
| Taiwan Semiconductor Manufacturing | 2330.TW | $1.9 trillion |
| ASE Technology Holding | 3711.TW | $95 billion |
| Vertiv Holdings | VRT.XNYS | $94 billion |
| Marvell Technology | MRVL.XNAS | $221 billion |
| Legrand | LR.PA | $39 billion |
| Delta Electronics | 2308.TW | $124 billion |
| Asia Vital Components | 3017.TW | $39 billion |
| Advanced Micro Devices | AMD.XNAS | $944 billion |
| Broadcom | AVGO.XNAS | $1.7 trillion |
| Shenzhen Envicool Technology | 002837.SHE | $6 billion |
| Micron Technology | MU.XNAS | $1.1 trillion |

By listing country: United States 47%, Taiwan 32%, China 13%, France 4%, South Korea 3%, Japan 0%.

## The market

- Worldwide data center capex, all data center IT and infrastructure, not only AI: $1.7 trillion (2030), Dell'Oro Group <https://www.delloro.com/news/ai-boom-drives-data-center-capex-to-1-7-trillion-by-2030/>
- Worldwide data center capex, all data center IT and infrastructure, not only AI (expected to approach this level): $1.0 trillion (2026), Dell'Oro Group <https://www.delloro.com/news/ai-boom-drives-data-center-capex-to-1-7-trillion-by-2030/>
- Worldwide data center capex, same scope, revised upward (surpasses this level): $3.0 trillion (2030), Dell'Oro Group <https://www.delloro.com/news/ai-buildout-maintains-momentum-as-data-center-capex-surpasses-3-trillion-by-2030/>
- Global investment in data centers as the IEA defines it, not AI-only: $580bn (2025), IEA, as reported by Data Center Knowledge <https://www.datacenterknowledge.com/energy-power-supply/world-energy-outlook-2025-skyrocketing-data-center-demand-outpaces-grid>

The Dell'Oro forecasts were revised upward between Feb 2026 and Aug 2026, and the IEA figure is a 2025 investment number from an energy agency, so it is not directly comparable to the 2030 forecasts. The note gives no growth rates for the whole segment, and its component-level figures are generic-vendor estimates that disagree by large factors, so I left them out.

### What is AI Data Center Build-out?

Everything it takes to build and run an AI data center.

### What does AI Data Center Build-out hold?

Listed companies that earn their revenue from the parts it takes to build AI Supercycle: Graphics Processing Unit (GPU), Video Memory (VRAM), Data Processing Unit (DPU), Cooling System, Voltage Regulator Module (VRM), Motherboard Interface. 86 companies as of 2026-10-28.

### What is not in AI Data Center Build-out?

Cold plates, vapor chambers, thermal interface materials and server level liquid loops: Cooling System, not Power and Cooling Systems; CDUs, rack manifolds, rear door exchangers, chillers and CRAH units: Power and Cooling Systems, not Cooling System Standard and RDMA NIC adapters and controllers: Network Interface and Controller, not Networking Equipment; programmable SmartNICs and DPUs with onboard compute cores: Data Processing Unit (DPU), not Network Interface and Controller Pluggable optical transceivers, AOCs, DACs and AECs: Interconnection Interface, not Networking Equipment or Racks and Cable Management; long haul and DCI optical transport systems: Networking Equipment; passive fiber trunks, patch panels and structured cabling: Racks and Cable Management

## What it is not

- Cold plates, vapor chambers, thermal interface materials and server level liquid loops: Cooling System, not Power and Cooling Systems; CDUs, rack manifolds, rear door exchangers, chillers and CRAH units: Power and Cooling Systems, not Cooling System
- Standard and RDMA NIC adapters and controllers: Network Interface and Controller, not Networking Equipment; programmable SmartNICs and DPUs with onboard compute cores: Data Processing Unit (DPU), not Network Interface and Controller
- Pluggable optical transceivers, AOCs, DACs and AECs: Interconnection Interface, not Networking Equipment or Racks and Cable Management; long haul and DCI optical transport systems: Networking Equipment; passive fiber trunks, patch panels and structured cabling: Racks and Cable Management
- Finished Ethernet and InfiniBand switch systems: Networking Equipment, not Interconnection Interface; merchant switch ASICs and InfiniBand silicon sold as chips: Interconnection Interface, not Networking Equipment
- Board level VRMs, power stages and PMICs: Voltage Regulator Module (VRM), not Power and Cooling Systems
- Server PSUs, rack power shelves and busbars: Power and Cooling Systems, not Servers and IT Equipment, Voltage Regulator Module (VRM) or Racks and Cable Management; power semiconductors inside them counted only within the PSU price
- Server motherboards and GPU baseboards: Motherboard Interface, not Servers and IT Equipment
- ODM rack scale assembly and test value: Servers and IT Equipment, not Racks and Cable Management or Motherboard Interface; rack enclosure hardware itself: Racks and Cable Management
- High speed copper backplanes, scale up cable cartridges and high speed connectors: Interconnection Interface, not Racks and Cable Management
- NVLink and other scale up switch chips: Interconnection Interface, not Graphics Processing Unit (GPU)
- PCIe and CXL retimers and switches: Motherboard Interface, not Interconnection Interface; Ethernet and optical DSPs and standalone SerDes IP: Interconnection Interface
- Custom accelerator design services and IP embedded in AI ASICs: Graphics Processing Unit (GPU), not Interconnection Interface; standalone SerDes IP licensing: Interconnection Interface
- HBM stacks including TSV stacking and base die: Video Memory (VRAM), not Graphics Processing Unit (GPU); interposer and 2.5D integration: Graphics Processing Unit (GPU)
- Server DRAM modules: Video Memory (VRAM), not Servers and IT Equipment
- CPUs including those bundled in GPU superchip modules: Servers and IT Equipment, not Graphics Processing Unit (GPU)
- General purpose server OS, virtualization and cluster orchestration: Datacenter Software, not Software (AI hardware performance); GPU drivers, CUDA, ROCm, AI compilers and inference runtimes: Software (AI hardware performance)
- SSD controllers and RAID or NVMe Storage Devices controllers: Storage Devices, not Data Processing Unit (DPU) or Motherboard Interface
- Backup, replication and recovery software and appliances: Backup and Disaster Recovery Solutions, not data center security software or Storage Devices
- Separately licensed DCIM and monitoring software: Datacenter Software, not Power and Cooling Systems

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.