Electricity use at AI data centres is surging, and funds are beginning to rotate from GPUs and HBM into power semiconductors and power management ICs — a positive for the related Taiwanese supply chain.

• Power per rack keeps rising, making power conversion and energy efficiency the next focus of AI infrastructure.
• Groups drawing attention range from MOSFETs and IGBTs to third-generation semiconductors such as SiC and GaN; Taiwanese names include Niko-Sem, Excelliance MOS, Taiwan Semiconductor, Episil and Adventa (Chia Chin).
• TSMC has noted that PMICs are among the tighter applications within mature process nodes; Richtek, Global Mixed-mode Technology, Anpec and Silergy-KY are all positioning in AI power.
• Adventa's 8-inch silicon epitaxy business is benefiting from power management demand, with third-quarter capacity fully loaded and the share price hitting consecutive limit-ups; trading volume in Niko-Sem has expanded markedly.

Taiwan stocks saw selling pressure emerge yesterday ahead of the Mid-Autumn Festival holiday, falling 132 points but holding the 48,000 level, with foreign investors and investment trusts together selling more than NT$40 billion.

Outlook: if interest in the group persists, funds could spread from stocks that have already rallied sharply to lower-priced names still building a base, such as Richtek, LAI-YIH and Tong Hsing (Tung Chia).