NVIDIA US-Listed Suppliers Analysis

Comprehensive analysis of NVIDIA's semiconductor supply chain, market share data, financial performance and industry trends

Suppliers
12
Categories
5
Market Growth
26%
HBM Market
$980B

Supply Chain Overview

NVIDIA's supply chain structure exhibits high specialization and globalization, covering the entire semiconductor manufacturing process and AI server industry chain. It can be divided into three major categories according to industry chain links: upstream materials/equipment, midstream core components and downstream integration.

Key Suppliers by Category:

Semiconductor Equipment Memory & Storage Power Management Optical Modules Other Key Suppliers

From the perspective of supply chain dynamics, 2024-2025 shows significant diversification trends and technology substitution risks. In the power management field, NVIDIA has shifted voltage regulator suppliers from MPWR to Texas Instruments/Infineon to optimize the cost structure and reduce single dependency risks.

Supply Chain Structure

classDiagram class NVIDIA { <> +Blackwell GPU +H100/H200 +GB200 } class "Upstream Materials/Equipment" { <> +Applied Materials (AMAT) +Lam Research (LRCX) +KLA Corporation (KLAC) } class "Midstream Core Components" { <> +Micron (MU) - HBM +Amphenol (APH) - High-speed cables +Navitas (NVTS) - GaN/SiC } class "Downstream Integration" { <> +Foxconn +Quanta +Wistron } NVIDIA --> "Upstream Materials/Equipment" : Chip manufacturing NVIDIA --> "Midstream Core Components" : Key components NVIDIA --> "Downstream Integration" : Server assembly

Supplier Categories

Semiconductor Equipment

  • Applied Materials (AMAT): Deposition and etching equipment for chip manufacturing
  • Lam Research (LRCX): Thin film deposition and etching equipment
  • KLA Corporation (KLAC): Semiconductor inspection equipment

Memory & Storage

  • Micron (MU): Provides HBM3e memory for H200 GPU

Micron's HBM market share increased from 10% in 2023 to 10-16% in 2024, expected to reach 20-25% in 2025.

Power Management

  • Texas Instruments (TXN): Voltage regulator supplier since Oct 2024
  • Navitas (NVTS): GaN and SiC power devices for 800V HVDC architecture
  • Monolithic Power (MPWR): Integrated base controller

Optical Modules

  • Coherent (COHR): Optical module supplier for CPO technology
  • Lumentum (LITE): Core enterprise in optical modules
  • Amphenol (APH): High-speed copper cables for GB200 AI servers

Other Key Suppliers

  • AOS (AOSL): DrMOS supplier for GB300 NVL72
  • Wolfspeed (WOLF): SiC material supplier
  • Tower Semiconductor (TSEM): Semiconductor manufacturing services

Financial Analysis

Micron (MU) Financial Performance

Micron achieved Non-GAAP gross margin of 37.9% in Q2 FY2025, with HBM business revenue exceeding $1 billion. Data center DRAM revenue grew 200% YoY.

Q3 FY2025 Guidance: Gross margin 36.5% (±1%)

HBM Revenue Share: 8-10% in FY2024, expected >20% in FY2025

Amphenol (APH) Financial Performance

Amphenol reported record Q2 2025 results with net sales of $2.65 billion, up 57% YoY. Communication Solutions segment sales grew 101% to $1.29 billion.

Operating Margin: 30.1% in Communication Solutions

Free Cash Flow: $112.1 million in Q2 2025

Navitas (NVTS) Financial Performance

Navitas reported Q2 2025 revenue of $14.5 million, up 3.6% QoQ but down from $20.5 million YoY. Adjusted operating loss was $10.6 million, improved from $13.3 million loss YoY.

Cash Position: $161.2 million as of June 30, 2025

Navitas' stock surged 83.5% in H1 2025 following partnership announcements with NVIDIA for 800V HVDC architecture.