Asia Vital Components (AVC) (3017.TW): AI Server Rack Exposure

Where it fits in an AI server rack

Makes fans, heat sinks, 3D vapor chambers, cold plates, manifold systems and CDUs, plus server chassis and cabinets; its 2025 annual report calls 2025 its “Inaugural Year of Liquid Cooling,” with large-scale production of liquid cooling for AI, on revenue of NT$139.6 billion (+94.6%). Servers were 66% of Q2 2026 revenue (NT$32.4 billion of NT$49.1 billion), and NVIDIA named AVC among 40+ Blackwell infrastructure partners (Oct 2024).

What the evidence establishes

AI-rack evidence

Disclosed: AVC’s 2025 annual report describes cold plates, CDUs, manifold systems and fans for AI servers, and its Q2 2026 results put servers at 66% of revenue.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component role	Cold plates, manifolds, CDUs, fans and server chassis
Evidence	Disclosed: AVC’s 2025 annual report describes cold plates, CDUs, manifold systems and fans for AI servers, and its Q2 2026 results put servers at 66% of revenue.
How we know	Disclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary source	Asia Vital Components (AVC) — supporting disclosure Company or official disclosure; vendor claims are attributed to their source.
Checked	2026-09-24. This is the research review date, not the source publication or quote time.

Keep in perspective

AVC names no customer: it calls itself a reference designer for “the world’s leading GPU manufacturers” without naming them, and it does not break out liquid-cooling revenue. It consolidates Fositek (a 16.87% holding), whose quick disconnects and rails sit in Fositek’s own row.

Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Cold plates

Copper plates with fine internal channels mounted on the GPUs and CPUs. Coolant flowing through the channels carries the chips’ heat away.

Scope of the company links: Cold-plate makers with documented AI-server products: AVC (large-scale AI liquid-cooling production; a reference designer for unnamed leading GPU makers), Motivair by Schneider Electric (cold plates for NVIDIA SXM5 and AMD Instinct MI300X), JetCool, a Flex company (SmartPlate for NVIDIA H100 and RTX PRO 6000 and Broadcom TH6 switches), CoolIT, owned by Ecolab since July 2, 2026 (5+ million cold plates shipped), Auras, Delta (microchannel cold plates), Envicool, Jentech (liquid-cooling modules), SUNON (shipping since 1H 2026) and Forcecon (catalog). Eaton added Boyd Thermal’s cold plates when it closed that purchase (Mar 12, 2026); Supermicro markets its own DLC-2 cold plates; Luxshare lists cold plates for AI racks; Furukawa is adding cold-plate capacity for data-center GPUs from January 2027. The cold-plate supplier in any given NVL72 tray is not disclosed. Cooler Master and ZutaCore are private, and Fositek’s “Cold Plate + UQD” offer relies on AVC, so Fositek is mapped to quick disconnects only.

Rack manifolds

Vertical supply and return pipes at the back of the rack that distribute cool liquid to every tray and collect the warm liquid.

Scope of the company links: Kaori Thermal’s MGX and Vera Rubin rack manifolds are marketed as compliant with NVIDIA’s NVL72 reference designs, and nVent’s manifolds are part of the GB200 NVL72 reference architecture it defined with NVIDIA. Auras (rack, AI and internal manifolds), AVC (manifold systems), Envicool, Delta, Motivair by Schneider Electric (in-rack manifolds), CoolIT (Ecolab), JetCool (Flex), Nidec (coolant distribution manifolds) and Forcecon (catalog) also document manifolds. NVIDIA’s GB200 NVL72 design uses a blind-mate liquid-cooling manifold (NVIDIA, Oct 2024); which supplier builds it for a given rack is not disclosed. Eaton (Boyd Thermal), Supermicro and Luxshare also list rack manifolds for liquid-cooled AI racks.

Coolant distribution unit

Pumps, a heat exchanger, filters and controls that circulate the rack’s clean coolant and pass its heat to the building’s water loop.

Scope of the company links: In-rack CDUs like the illustrated one sit at the bottom of the rack: Kaori (4U in-rack CDU), Auras, SUNON (in-rack RPU/CDU, mass-production ready in 1H 2026), JetCool (Flex; SmartSense rack-mounted CDU), Envicool (rack CDU validated by Intel) and Forcecon (80 kW, catalog). Row- and facility-scale CDUs serve many racks: nVent (in its GB200 NVL72 reference architecture with NVIDIA), Delta (40–144 kW liquid-to-air; 1.5 MW liquid-to-liquid), Motivair by Schneider Electric (MCDU-70 in the Schneider–AMD Helios reference design; WCDU up to 3.5 MW), CoolIT (Ecolab), Vertiv (Liebert XDU), AVC, Nidec, Modine’s Airedale (400 kW–2 MW+) and Lite-On (a 600 kW in-row CDU announced in 2024). Sanyo Denki supplies a liquid-cooling pump, a CDU component rather than a CDU. LiquidStack is private. Eaton’s Boyd Thermal markets CDUs for GB200 NVL72 deployments, Supermicro’s GB300 NVL72 rack carries its own in-rack CDU of up to 250 kW, and Luxshare lists CDUs.

Fan modules

High-speed fans in power shelves, switch trays and other air-cooled parts that pull air front to back through the rack.

Scope of the company links: SUNON reports AI-server revenue at 22.6% of 1Q26 sales and sells server fans and AI fan walls; Delta’s 2025 annual report describes fans for air- and liquid-cooled AI servers and hot-swap rack fans; AVC makes server fans; Sanyo Denki developed a counter-rotating fan for generative-AI GPU servers; Nidec markets server and data-center fans. Which fan maker supplies a given NVL72 tray or power shelf is not disclosed, and private fan makers are not mapped.

Air heat sinks

Finned heat sinks and vapor chambers on network chips, power parts and other components that are not on cold plates.

Scope of the company links: Heat sinks, heat pipes and (3D) vapor chambers for servers: AVC, Delta (two-phase vapor-chamber heat sinks for AI GPU/ASIC chips and power racks), Auras (heat-pipe, vapor-chamber and 3D-VC modules), SUNON, Nidec and Forcecon (server thermal modules, catalog). In a liquid-cooled tray these cover the parts left on air (NICs, drives, power stages); the supplier for any given rack is not disclosed. Jentech’s heat spreaders are package lids, not heat sinks, so they are not mapped here. Furukawa began new data-center heat-sink output in July 2026.

Rack frame & panels

A reinforced steel frame of posts, cross members and panels sized for wide trays, a rear busbar and manifolds. The compute and switch trays alone weigh roughly 675 kg in NVL72-class designs.

Scope of the company links: Schneider Electric launched a rack system for NVIDIA GB200 NVL72 on the MGX architecture (June 2025), and Delta and Lite-On show racks for NVIDIA MGX. Vertiv says the three-rack configuration it deployed for the Naval Postgraduate School’s NVIDIA DGX GB300 included ‘AI infrastructure racks’ with power and liquid cooling (July 23, 2026), without saying whether they house the GB300 itself. Dell sells its own ORv3 21-inch IR7000 rack with its GB300 NVL72 systems; the fabricator is not disclosed. Legrand sells OCP racks with an ORv3 busbar, nVent lists server racks (AI-rack use not established) and AVC lists server cabinets. The MGX-rack makers Rittal (MGX Architecture Rack for GB200/GB300 NVL72, Oct 14, 2025) and Cheval (ORv3 MGX rack for GB200 NVL72) are private. Supermicro, Lenovo and Chenbro ship complete racks without naming the frame maker.

Tray chassis

The sheet-metal enclosure of each compute or switch tray, with its lid, bezel, guides and mounting points for boards, cold plates and drives.

Scope of the company links: Chenbro sells an NVIDIA MGX 1U compute-tray chassis for GB200 NVL72 (two superchips, blind-mate liquid cooling) and a 1U tray for Vera Rubin NVL72, with no named customer. Foxconn Industrial Internet reports server chassis within its precision mechanical parts (double-digit growth in 2025), with no AI share given, and AVC makes server chassis and cabinets beside its thermal products. Wiwynn’s annual report lists rails and chassis among purchased inputs, so integrators generally source them from suppliers. Builders’ own tray designs (QCT’s D75B-1U, Supermicro’s ARS-121GL-NB3) sit under Builders, not here.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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Asia Vital Components (AVC)