Who Delta is
Delta Electronics (2308.TW) is Taiwan's largest power electronics company and, by product breadth, the one Taiwan name that can sell almost every block of NVIDIA's 800 VDC diagram — from the medium-voltage conversion above the rack down to the DC-DC stage beside the GPU.
It is one of four Taiwan-listed companies on NVIDIA's published 800 VDC ecosystem list, under power system components, alongside Lite-On, BizLink and Lead Wealth.
Business mix
Delta reorganised into four segments from 2024, when EV powertrain was carved out of power electronics:
- Power electronics — roughly half of revenue. Server and AI server power supplies, passive components, cooling fans, power shelves, rack power, and DC-DC converters.
- Infrastructure — data-center power and cooling, UPS, telecom power, EV charging, and energy storage. This is where the liquid-cooling business sits.
- Automation — industrial and building automation, being repositioned from machine automation toward process and production automation.
- Mobility — EV powertrain, targeted at roughly 15% gross margin because autos are not a high-margin business.
Where it sits in the NVIDIA 800 VDC stack
Two places at once, which is unusual.
Inside the rack, Delta makes the power shelf, BBU, and DC-DC. It has claimed to be one of only about two companies worldwide capable of mass-producing AI server DC-DC converters — the stage NVIDIA's architecture assigns to a 64:1 LLC converter taking 800 V straight to 12 V.
Above the rack, Delta is developing medium-voltage inverters and solid-state transformers, with a stated ambition to move from power supplier to grid architecture. That is the MV rectifier / SST layer NVIDIA specifies for converting 13.8–35 kV AC directly to 800 VDC.
Strategy
R&D is held at 8% or more of revenue and capex above NT$20bn a year, funding plants in Taiwan, Thailand, the US, Hungary, India, and Chongqing. Thailand and India together are around 30% of capacity; Delta has been explicit that it is not exiting China, which it expects to remain above half of capacity. Longer-term bets include solid-oxide fuel cells under a Ceres Power licence, and microgrids.
Coverage note
The most recent Delta earnings call in this archive is from March 2025. Delta's 800 VDC products advanced substantially afterwards, so treat the notes here as the formation of that story rather than its current state.