[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Jukan [@Jukanlosreve](/creator/twitter/Jukanlosreve) on x 22.8K followers Created: 2025-06-12 01:05:44 UTC Wistron/Inventec: Wistron's Strong Growth, Inventec's Moderate Differentiation Goldman Sachs (V. Jeng, 2025/06/08) Goldman Sachs believes that Wistron benefited from the ASIC AI server and general-purpose server new product cycles, with May revenue increasing by XX% month-on-month. In contrast, Inventec experienced a X% month-on-month decline due to exchange rate and product mix impacts. Both companies will face high base challenges in Q3, with Wistron showing stronger growth momentum in the AI server domain. Wistron's Revenue and Shipments Soar Goldman Sachs points out that Wistron's May revenue was NT$208.4 billion, a month-on-month increase of XX% and a year-on-year increase of 162%, exceeding estimates by 11%. This growth primarily stemmed from: 1) Increased penetration of Wiwynn ASIC AI servers, driving its revenue up by XXX% month-on-month; 2) Wistron's own rack-level AI server shipments reaching approximately 800–900 units in May (compared to only 100–200 units in March–April); 3) The new product cycle for general-purpose servers; 4) PC replacement and AI notebooks driving NB shipments up by X% and desktop shipments up by 38%. Goldman Sachs maintains a cautious stance on rack-level AI servers but is optimistic about the flexibility and superior gross margins of ASIC solutions. Inventec's Revenue and AI Strategy Balance Goldman Sachs estimates that Inventec's May revenue decreased by X% month-on-month, mainly due to the appreciation of the NT dollar, limited exposure to rack-level AI servers, and a slowdown in PC and general-purpose server pull-ins in Q2. Looking ahead to Q3 2025, a high base, exchange rates, and earlier pull-ins are expected to lead to an approximately X% month-on-month decline. Nevertheless, Inventec possesses cost and gross margin advantages in the H200/B200 baseboard-level AI server domain. With its comprehensive AI server product line covering both GPU and ASIC engines, and extensive coverage of US and Chinese CSP customers, Goldman Sachs holds a neutral-to-positive view on its long-term performance. AI Server Business Comparison and Strategy Goldman Sachs emphasizes that Wistron, leveraging Wiwynn's deep expertise in ASIC AI servers, has expanded from the component level to the system level, enabling it to quickly capture demand from hyperscale cloud service providers. Inventec, on the other hand, with its low budget threshold and high gross margin characteristics for baseboard-level solutions, possesses differentiated competitiveness in specialized AI scenarios. Both companies are actively deploying AI servers, but Wistron's system delivery and shipment pace are clearly faster, leading to more significant short-term growth. Ratings and Outlook Goldman Sachs maintains its "Buy" rating for Wistron, citing the rapid ramp-up of its AI server business and better-than-expected overall revenue. It maintains a "Neutral" rating for Inventec due to its lower revenue base, relatively controllable month-on-month fluctuation risk in Q3, and its ability to achieve stable gross margins and cash flow through AI server baseboard solutions. $NVDA XXXXX engagements  **Related Topics** [international finance](/topic/international-finance) [currency pairs](/topic/currency-pairs) [forex](/topic/forex) [$2356tw](/topic/$2356tw) [coins ai](/topic/coins-ai) [$3231tw](/topic/$3231tw) [goldman sachs](/topic/goldman-sachs) [stocks financial services](/topic/stocks-financial-services) [Post Link](https://x.com/Jukanlosreve/status/1932967520908292430)
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Jukan @Jukanlosreve on x 22.8K followers
Created: 2025-06-12 01:05:44 UTC
Wistron/Inventec: Wistron's Strong Growth, Inventec's Moderate Differentiation Goldman Sachs (V. Jeng, 2025/06/08)
Goldman Sachs believes that Wistron benefited from the ASIC AI server and general-purpose server new product cycles, with May revenue increasing by XX% month-on-month. In contrast, Inventec experienced a X% month-on-month decline due to exchange rate and product mix impacts. Both companies will face high base challenges in Q3, with Wistron showing stronger growth momentum in the AI server domain.
Wistron's Revenue and Shipments Soar
Goldman Sachs points out that Wistron's May revenue was NT$208.4 billion, a month-on-month increase of XX% and a year-on-year increase of 162%, exceeding estimates by 11%. This growth primarily stemmed from: 1) Increased penetration of Wiwynn ASIC AI servers, driving its revenue up by XXX% month-on-month; 2) Wistron's own rack-level AI server shipments reaching approximately 800–900 units in May (compared to only 100–200 units in March–April); 3) The new product cycle for general-purpose servers; 4) PC replacement and AI notebooks driving NB shipments up by X% and desktop shipments up by 38%. Goldman Sachs maintains a cautious stance on rack-level AI servers but is optimistic about the flexibility and superior gross margins of ASIC solutions.
Inventec's Revenue and AI Strategy Balance
Goldman Sachs estimates that Inventec's May revenue decreased by X% month-on-month, mainly due to the appreciation of the NT dollar, limited exposure to rack-level AI servers, and a slowdown in PC and general-purpose server pull-ins in Q2. Looking ahead to Q3 2025, a high base, exchange rates, and earlier pull-ins are expected to lead to an approximately X% month-on-month decline. Nevertheless, Inventec possesses cost and gross margin advantages in the H200/B200 baseboard-level AI server domain. With its comprehensive AI server product line covering both GPU and ASIC engines, and extensive coverage of US and Chinese CSP customers, Goldman Sachs holds a neutral-to-positive view on its long-term performance.
AI Server Business Comparison and Strategy Goldman Sachs emphasizes that Wistron, leveraging Wiwynn's deep expertise in ASIC AI servers, has expanded from the component level to the system level, enabling it to quickly capture demand from hyperscale cloud service providers. Inventec, on the other hand, with its low budget threshold and high gross margin characteristics for baseboard-level solutions, possesses differentiated competitiveness in specialized AI scenarios. Both companies are actively deploying AI servers, but Wistron's system delivery and shipment pace are clearly faster, leading to more significant short-term growth.
Ratings and Outlook Goldman Sachs maintains its "Buy" rating for Wistron, citing the rapid ramp-up of its AI server business and better-than-expected overall revenue. It maintains a "Neutral" rating for Inventec due to its lower revenue base, relatively controllable month-on-month fluctuation risk in Q3, and its ability to achieve stable gross margins and cash flow through AI server baseboard solutions.
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