AVC Q3 revenue hits record as analysts see liquid cooling running to 2027
Taiwan's Asia Vital Components (AVC) posted record September revenue of NT$21.0bn, up 8% month-on-month and 45% year-on-year, and record third-quarter revenue of about NT$59.1bn, up 20% sequentially and 52% year-on-year, driven by strong Trainium demand and the initial ramp of NVIDIA's Vera Rubin platform, according to Citi and Daiwa notes. Both brokers kept Buy ratings, with price targets of NT$4,350 and NT$4,465, and expect further sequential growth in Q4 as Trainium shifts to liquid cooling, TPU projects enter mass production and Vera Rubin keeps ramping. Daiwa said AVC plans to expand liquid-cooling capacity sharply in 2027 — cold-plate module capacity up more than 50%, mostly in Vietnam, and cabinet and internal manifold capacity set to double, with most equipment due in Q2 2027 and production starting in Q3; liquid-cooling penetration in one ASIC customer project is forecast to rise from about 10% in 2026 to over 50% in 2027.
The penetration and capacity plans are a concrete signal of how AI server racks are shifting to liquid cooling.