Who GEM Services is
GEM Services (6525.TW), 捷敏-KY) is a Cayman-listed power-semiconductor OSAT. The service is turnkey: wafer saw through test and pack, shipping finished Power MOSFETs, IGBTs, diodes and power modules. Annual capacity is above 7 billion units across a Shanghai Jiading plant and a Hefei plant in Anhui; a trading company sits in New Taipei.
It is not on NVIDIA's published 800 VDC list. It is in this collection because the 800V question was asked on the FY2025 call — whether a shift to HVDC rack architecture changes power-device content — and because the answer was honest: GEM follows customer specifications and cannot readily judge end-application BOM changes.
Manufacturing is in China. That is a fact of the footprint, not a thesis.
Business mix
FY2025 revenue by application:
- Consumer electronics — 40% (air-con, lighting, appliances).
- PC — 19% (desktop, notebook, AI PC).
- Industrial — 18% (solar, drones, robots).
- Automotive — 13% (on-board chargers, inverters).
- Communications — 10% (handsets, 5G base stations, AI servers).
The 2025 outperformance versus peers was attributed to AI-server thermal systems, drones, and industrial products, plus higher utilisation and a better mix — not to a named HVDC programme.
Packaging has moved from aluminium wire and copper ribbon to copper clip, and from bottom-side cooling to top-side cooling and dual-side cooling, both now in production. SiC modules are in development with customers. Development cost on the clip work is shared with those customers.
Where it sits in the NVIDIA 800 VDC stack
At the package. Every MOSFET, GaN or SiC device in an 800 V conversion stage still has to be assembled, and at these currents the thermal path is the package — which is why top-side and dual-side cooling showed up in the AI-server print before HVDC did.
What GEM has not done is quantify that architecture. Asked whether HVDC racks change power-device content, management said the question sits with the end application; as an OSAT it builds to the customer's drawing. There is no 800V mix figure, no named rail, and no claim that clip or dual-side cooling is an 800V-specific process.
The near-term read is therefore thermal: higher-power AI servers need lower thermal impedance, those packages are in production, and utilisation — not product mix — is what management says moves gross margin. Keep GEM as a packaging name with an unanswered HVDC question, not as a dated 800V supplier.