Servers & rack systems
LowAI servers, racks, ODMs, liquid-cooling integration, and the supply chain that assembles raw chips into deployable compute.
Server vendors run at thin margins but capture huge revenue scale. The shift to liquid-cooled, GPU-dense racks compresses winners around a handful of ODMs.
Companies
8
8 pub · 0 priv
Public mcap
$407.70B
Public revenue
$709.29B
Wtd YoY
43%
Wtd GM
15%
Wtd OM
6%
Avg fund
60
Avg tech
68
Market structure
Current TAM
$280.00B
5y TAM
$600.00B
5y CAGR
16.0%
Companies
8
Margin structure
Mixed
Concentration
Concentrated
Capex intensity
Low
Commoditization
High
Drivers
What grows the pie
- ↑AI server refresh
- ↑Liquid cooling integration
- ↑Sovereign deployments
Constraints
What can break the thesis
- ↓GPU supply allocation
- ↓ODM concentration
- ↓Thin margins
Upstream dependencies
Downstream consumers
Companies in Servers
Ranked by composite score| Company | Mkt Cap | Growth | FCF% | Val | 1Y | Tech | Fund | AI | Score | View |
|---|---|---|---|---|---|---|---|---|---|---|
| DELLDell Technologies | $157.80B | 39.5% | 5.8% | 16x | 82 | 64 | 75 | 70 | Cyclical AI Beneficiary | |
| HPEHewlett Packard Enterprise | $44.85B | 18.4% | 7.1% | 12x | 86 | 57 | 65 | 67 | Cyclical AI Beneficiary | |
| QUTAFQuanta Computer | $36.80B | 66.6% | -4.0% | 11x | 64 | 61 | 78 | 65 | Cyclical AI Beneficiary | |
| WSTRFWistron / Wiwynn | $13.80B | 144.3% | -10.5% | 8x | 69 | 61 | 76 | 65 | Cyclical AI Beneficiary | |
| SMCISupermicro | $20.12B | 122.7% | -22.1% | 10x | 33 | 62 | 80 | 60 | Overextended Momentum Trade | |
| IVNCFInventec | $6.02B | 27.6% | 0.8% | 16x | 72 | 59 | 70 | 59 | Cyclical AI Beneficiary | |
| LNVGYLenovo | $20.88B | 18.1% | 1.0% | 11x | 71 | 55 | 55 | 57 | Watchlist Only | |
| HNHPFFoxconn (Hon Hai) | $107.43B | 28.9% | 0.4% | 12x | 69 | 60 | 70 | 54 | Cyclical AI Beneficiary |