Who Wiwynn is
Wiwynn (6669.TW) is the Wistron group's listed cloud-server house. It sells racks and data-center systems to hyperscalers, not notebooks. It is not on NVIDIA's published 800 VDC component list. On its own calls it is a Level-10 to Level-12 assembler: boards, trays and, selectively, full racks.
Business mix
By FY 2025 the book had split in half:
- AI servers — about 50% of 2025 sales, guided a little over 50% in 2026. Inside AI, ASIC was about 90% and GPU the rest. Q4 2025 gross margin was hit by a GB200 GPU wave that then rolled off.
- General compute — the other half. 2026 unit shipments guided +20–30%, because AI front-end, back-end and some inference still need ordinary servers.
Customers are a small set of large CSPs. Management will not name them on the earnings call. A later AGM (May 2026) discussed North-American concentration; that is not this note.
Where it sits in the NVIDIA 800 VDC stack
The same integrator slot as Foxconn and Quanta. The February 2026 call never said 800 V or HVDC.
What it did specify:
- New NVIDIA and AMD GPU platforms, plus new ASIC platforms, guided to ship in 2H 2026. NVIDIA is still expected to be the larger GPU contributor; AMD's design was described as double-wide, with a first-cut ASP that could approach twice GB200 (about US$5m per rack in that comparison) and a similar gross-margin rate.
- Level-12 (full-rack) demand is tenders and sovereign AI, taken case by case.
- Air- and water-cooling lines are both in. Factory power is planned to 2028 across Taiwan, Malaysia, Mexico and the US. The Texas plant started shipping at end-2025.
- Consignment on GPU programmes is still being negotiated, with a hope of an answer before the next generation ships.
A 25 May 2026 AGM, after this note, did mention HVDC, CPO and cooling as ecosystem work. Q2 2026 was a board results release (7 August), not a 法說會. Do not read those later events back into the February call.
Coverage note
One note, Q4 / FY 2025 (26 February 2026). That is the latest company earnings call in this archive. Broker-day slides from May 2026 are not used here.