# AI Infrastructure The whole AI data center build: chips, memory, networking, power, cooling and facilities. Theme: AI (Technology). Page: https://thematiq.io/themes/ai/ai-infrastructure/ ## Key facts - **The market: $3 trillion** Annual data center capex (servers, networking, power, cooling, facilities), not only AI; forecast above USD 3 trillion (Dell'Oro Group, 2030) - **Growth: +23%** Generic AI infrastructure; reaches USD 451.19B by 2034 (growth, a year) (Straits Research, 2026-2034) - **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 - Generic AI infrastructure; scope not given in snippet: $158bn (2025), Research and Markets - Generic AI infrastructure; reaches USD 418.8B by 2030 (growth, a year): +22% (to 2030), Research and Markets - Generic AI infrastructure; scope probably narrower: $68bn (2025), Straits Research - Generic AI infrastructure; reaches USD 451.19B by 2034 (growth, a year): +23% (2026-2034), Straits Research - Generic AI infrastructure; scope probably narrower: $32bn (2025), Market Research Future - Generic AI infrastructure; reaches USD 353.0B by 2035 (growth, a year): +27% (2026-2035), Market Research Future - Annual data center capex (servers, networking, power, cooling, facilities), not only AI; forecast above USD 3 trillion: $3 trillion (2030), Dell'Oro Group - Data center capex, earlier forecast before Aug 2025 revision: $1.2 trillion (2029), Dell'Oro Group - AI accelerator market, broad sense; vendor estimate: $200bn (2025), AMD (CEO Lisa Su) - AI accelerator market, broad sense; vendor estimate (growth, a year): +45% (2025-2030), AMD (CEO Lisa Su) - AI accelerator market, broad sense; vendor estimate: $1.4 trillion (2030), AMD (CEO Lisa Su) - Server CPUs, not accelerators; vendor estimate: $200bn (2030), AMD (CEO Lisa Su) - Server CPUs, not accelerators; vendor estimate (growth, a year): +50% (2030), AMD (CEO Lisa Su) - AI accelerator market, narrower than AMD's basis: $34bn (2025), Fortune Business Insights - AI accelerator market, narrower than AMD's basis: $309bn (2034), Fortune Business Insights - AI accelerator market, narrower than AMD's basis (growth, a year): +31% (2025-2034), Fortune Business Insights - HBM market; company view (growth, a year): +30% (next five years), SK hynix (told Reuters) - HBM total addressable market; secondary source: $35bn (2025), Introl (relaying Micron) - HBM total addressable market; secondary source: $100bn (2028), Introl (relaying Micron) - HBM total addressable market; CAGR near 40%; secondary source (growth, a year): +40% (2025-2028), Introl (relaying Micron) - HBM market: $9.5bn (2025), Virtue Market Research - HBM market: $30bn (2030), Virtue Market Research - HBM market: $3.4bn (2025), Market Research Future - Data center SSDs only: $18bn (2025), Grand View Research - Data center SSDs only: $22bn (2026), Grand View Research - Data center SSDs only: $25bn (2025), Growth Market Reports - Data center SSDs only: $91bn (2034), Growth Market Reports - Data center SSDs only (growth, a year): +16% (2025-2034), Growth Market Reports - NAND flash and enterprise SSD combined: $72bn (2025), DC Market Insights - NAND flash and enterprise SSD combined: $236bn (2035), DC Market Insights - NAND flash and enterprise SSD combined (growth, a year): +13% (to 2035), DC Market Insights - NAND flash and enterprise SSD combined: $76bn (2025), OpenPR - NAND flash and enterprise SSD combined: $155bn (2034), OpenPR - NAND flash and enterprise SSD combined (growth, a year): +8.5% (to 2034), OpenPR - Total memory chip sales, all memory, not AI-specific: $230bn (2025), WSTS (quoted by DC Market Insights) - Calendar 2025 server market, all servers, not only AI: $444bn (2025), IDC - Server market growth, all servers, not only AI (a year): +80% (calendar 2025), IDC - AI servers; GPU servers 88.1% of total: $176bn (2025), GM Insights - Ethernet data center switch revenue, quarterly record: $8.0bn (Q3 2025), Dell'Oro Group - Optical transceiver sales: $23bn (2025), LightCounting - Optical communications DSP chipsets: $3.5bn (2024), LightCounting - Optical communications DSP chipsets (growth, a year): +17% (2025-2030), LightCounting - Data center liquid cooling: $2.9bn (2025), Polaris Market Research - Data center liquid cooling (growth, a year): +33% (2026-2034), Polaris Market Research - Data center liquid cooling: $3.4bn (2025), DataM Intelligence - Data center liquid cooling (growth, a year): +21% (to 2035), DataM Intelligence - Data center liquid cooling: $4.8bn (2025), GM Insights - Data center liquid cooling (growth, a year): +18% (2026-2035), GM Insights - Data center liquid cooling: $4.9bn (2025), PS Market Research - Data center liquid cooling: $17bn (2032), PS Market Research - Data center liquid cooling (growth, a year): +20% (to 2032), PS Market Research - Data center UPS: $8.8bn (2025), MarketsandMarkets - Data center UPS: $12bn (2030), MarketsandMarkets - Data center UPS (growth, a year): +7.3% (2025-2030), MarketsandMarkets - Data center UPS: $14bn (2025), Arizton - Data center UPS: $31bn (2031), Arizton - Data center UPS: $6.8bn (2025), Market.us - Data center UPS (growth, a year): +7.9% (to 2035), Market.us - Data center UPS: $14bn (2035), Market.us Whole-segment generic vendors disagree about 5x for 2025 (USD 32B to 158B), probably due to scope, while Dell'Oro's 2030 capex above USD 3 trillion is broader, annual, and includes non-AI spending. Part figures overlap and differ in scope, so they should not be summed. ### What is AI Infrastructure? The whole AI data center build: chips, memory, networking, power, cooling and facilities. ### What does AI Infrastructure 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 Infrastructure? 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.