WUS Printed Circuit Kunshan vs Delta: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

WUS Printed Circuit Kunshan Co Ltd (002463.CS)

Q3 202622 Jul – 9 Oct 2026

▲3▼1

WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits

First-half profit jumps 74% on AI-driven PCB demand WUS reported first-half net profit of 2.923 billion yuan, up 73.72%, with revenue up 61.17%. High-layer PCBs (32+ layers) surged about 191% and gross margin rose to 40.52%. Strong earnings confirm the AI server buildout is flowing through to real profits, supporting the stock.
The interim report is the period's core company-specific positive and shows why earnings power is rising.
Goldman sharply raises AI server PCB market forecast Goldman Sachs lifted its 2027 AI server PCB market forecast 38% to $37.5 billion and sees $84 billion by 2028, citing more PCB layers and higher-end materials. A bigger addressable market for AI server boards supports WUS's growth outlook and lifted PCB shares broadly.
It explains the demand backdrop that underpins WUS's growth and investor enthusiasm for PCB makers.
Early profit preview flagged 68-78% growth, Thailand turning profitable Before the interim report, WUS guided first-half net profit up 68%-78%, with its Thailand plant turning profitable in the second quarter. The overseas plant reduces reliance on China production and adds capacity for global customers, a structural positive for future earnings.
It shows the earnings beat was foreshadowed and highlights overseas expansion as a growth driver.
OpenAI revenue-gap panic slams AI hardware, PCB stocks fall 6%+ A reported ~$20 billion gap between OpenAI's actual annualized revenue and expectations triggered a broad selloff in AI hardware. WUS and other PCB names dropped more than 6% in one day. This is sentiment-driven, not a change in WUS's business, but it shows how sensitive the stock is to AI spending fears.
It is the main counterweight this period, showing the key risk to the AI-demand story that drives WUS.

August 202622 Jul – 9 Oct 2026

▲3▼1

WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits

First-half profit jumps 74% on AI-driven PCB demand WUS reported first-half net profit of 2.923 billion yuan, up 73.72%, with revenue up 61.17%. High-layer PCBs (32+ layers) surged about 191% and gross margin rose to 40.52%. Strong earnings confirm the AI server buildout is flowing through to real profits, supporting the stock.
The interim report is the period's core company-specific positive and shows why earnings power is rising.
Goldman sharply raises AI server PCB market forecast Goldman Sachs lifted its 2027 AI server PCB market forecast 38% to $37.5 billion and sees $84 billion by 2028, citing more PCB layers and higher-end materials. A bigger addressable market for AI server boards supports WUS's growth outlook and lifted PCB shares broadly.
It explains the demand backdrop that underpins WUS's growth and investor enthusiasm for PCB makers.
Early profit preview flagged 68-78% growth, Thailand turning profitable Before the interim report, WUS guided first-half net profit up 68%-78%, with its Thailand plant turning profitable in the second quarter. The overseas plant reduces reliance on China production and adds capacity for global customers, a structural positive for future earnings.
It shows the earnings beat was foreshadowed and highlights overseas expansion as a growth driver.
OpenAI revenue-gap panic slams AI hardware, PCB stocks fall 6%+ A reported ~$20 billion gap between OpenAI's actual annualized revenue and expectations triggered a broad selloff in AI hardware. WUS and other PCB names dropped more than 6% in one day. This is sentiment-driven, not a change in WUS's business, but it shows how sensitive the stock is to AI spending fears.
It is the main counterweight this period, showing the key risk to the AI-demand story that drives WUS.

Latest22 Jul – 9 Oct 2026

▲3▼1

WUS profit surges on AI PCB demand, then sector-wide AI spending scare hits

First-half profit jumps 74% on AI-driven PCB demand WUS reported first-half net profit of 2.923 billion yuan, up 73.72%, with revenue up 61.17%. High-layer PCBs (32+ layers) surged about 191% and gross margin rose to 40.52%. Strong earnings confirm the AI server buildout is flowing through to real profits, supporting the stock.
The interim report is the period's core company-specific positive and shows why earnings power is rising.
Goldman sharply raises AI server PCB market forecast Goldman Sachs lifted its 2027 AI server PCB market forecast 38% to $37.5 billion and sees $84 billion by 2028, citing more PCB layers and higher-end materials. A bigger addressable market for AI server boards supports WUS's growth outlook and lifted PCB shares broadly.
It explains the demand backdrop that underpins WUS's growth and investor enthusiasm for PCB makers.
Early profit preview flagged 68-78% growth, Thailand turning profitable Before the interim report, WUS guided first-half net profit up 68%-78%, with its Thailand plant turning profitable in the second quarter. The overseas plant reduces reliance on China production and adds capacity for global customers, a structural positive for future earnings.
It shows the earnings beat was foreshadowed and highlights overseas expansion as a growth driver.
OpenAI revenue-gap panic slams AI hardware, PCB stocks fall 6%+ A reported ~$20 billion gap between OpenAI's actual annualized revenue and expectations triggered a broad selloff in AI hardware. WUS and other PCB names dropped more than 6% in one day. This is sentiment-driven, not a change in WUS's business, but it shows how sensitive the stock is to AI spending fears.
It is the main counterweight this period, showing the key risk to the AI-demand story that drives WUS.

Delta Electronics Inc (2308.TW)

Q3 202623 Jul – 2 Oct 2026

▲3▼1

AI demand lifts Delta, but bond overhang and rotation cap gains

AI data-center demand and product ramp Analysts raised 2027 AI spending forecasts, and Delta is ramping its 800-volt power system for NVIDIA's Vera Rubin, positioning it to capture more of the AI infrastructure buildout.
This is the main growth driver behind Delta's business and stock appeal.
Easing shortages and peak Q3 profit Component shortages are easing, and Q3 profit is expected to peak, which supports earnings momentum and gives investors confidence in near-term results.
It explains the improved operational backdrop and profit outlook.
Broker upgrades and improved sentiment Krungsri upgraded the sector and named Delta a top pick, while Bualuang kept a 330 baht target. US-China AI talks and an extended trade truce also lifted sentiment.
These events boosted investor confidence and buying interest.
Exchangeable bond overhang and sector rotation A $1.5 billion exchangeable bond creates a share overhang, capping the stock, which fell 6% on the news. Investors also rotated into KCE and HANA, limiting Delta's rebound.
This is the main counterweight that held back the stock despite positive drivers.

September 202625 Sep – 2 Oct 2026

▲4

Delta's AI power and cooling orders strengthen as trade tensions ease

US-China AI talks and extended trade truce lift sentiment Trump and Xi held their first talks on AI and extended the trade truce to January 2027. Less chip and trade tension is good for Delta, because its AI data-center power and cooling gear sells into a global build-out that depends on open trade.
New geopolitical de-escalation directly improves the outlook for Delta's AI-linked demand.
AI racks need far more power, raising Delta's content per rack Morgan Stanley raised its power estimate for NVIDIA's next racks, and Bualuang kept a 330 baht target, seeing Q3 sales up 34% year on year. More power and cooling per rack means Delta sells more valuable equipment in each AI data center.
This is the core demand driver behind Delta's earnings growth and stock price.
Delta launches 800 VDC AI data-center system for NVIDIA Vera Rubin Delta unveiled a modular AI data center with 800-volt in-row power and liquid cooling built for NVIDIA's Vera Rubin. Winning a place in the next-generation AI architecture supports future orders and shows Delta's technology is central to the build-out.
A concrete new product tied to NVIDIA's roadmap strengthens Delta's competitive position.
Brokers turn more bullish, naming Delta a top pick Krungsri upgraded electronics to Bullish and picked Delta with a 320 baht target, expecting 51% profit growth in FY27. Kasikorn also named Delta a stock to accumulate on market dips, citing strong AI demand and recovering margins.
Upgraded recommendations and higher targets can pull investor money back into the stock.

Latest25 Sep – 2 Oct 2026

▲4

Delta's AI power and cooling orders strengthen as trade tensions ease

US-China AI talks and extended trade truce lift sentiment Trump and Xi held their first talks on AI and extended the trade truce to January 2027. Less chip and trade tension is good for Delta, because its AI data-center power and cooling gear sells into a global build-out that depends on open trade.
New geopolitical de-escalation directly improves the outlook for Delta's AI-linked demand.
AI racks need far more power, raising Delta's content per rack Morgan Stanley raised its power estimate for NVIDIA's next racks, and Bualuang kept a 330 baht target, seeing Q3 sales up 34% year on year. More power and cooling per rack means Delta sells more valuable equipment in each AI data center.
This is the core demand driver behind Delta's earnings growth and stock price.
Delta launches 800 VDC AI data-center system for NVIDIA Vera Rubin Delta unveiled a modular AI data center with 800-volt in-row power and liquid cooling built for NVIDIA's Vera Rubin. Winning a place in the next-generation AI architecture supports future orders and shows Delta's technology is central to the build-out.
A concrete new product tied to NVIDIA's roadmap strengthens Delta's competitive position.
Brokers turn more bullish, naming Delta a top pick Krungsri upgraded electronics to Bullish and picked Delta with a 320 baht target, expecting 51% profit growth in FY27. Kasikorn also named Delta a stock to accumulate on market dips, citing strong AI demand and recovering margins.
Upgraded recommendations and higher targets can pull investor money back into the stock.

August 202623 Jul – 17 Sep 2026

▲2▼2

Delta's AI power demand stays strong, but bond overhang and rotation cap the stock

AI data-center demand keeps building Delta is ramping raw materials for its new 800-volt AI data-center power system, and analysts say big tech's 2027 AI spending plans are being revised sharply higher. More AI factories mean more orders for Delta's power gear, supporting revenue and prices.
This is the core growth engine behind Delta's earnings and the main reason analysts stay positive.
Supply shortages ease, profit seen peaking in Q3 The component shortages that squeezed Delta earlier in 2026 are easing, and analysts expect third-quarter sales and profit to be the year's best, helped by orders pushed from the second quarter and better margins. That points to a profit recovery.
It explains why earnings are expected to improve after a weak first half, a key support for the share price.
$1.5 billion exchangeable bond creates a share overhang Delta's Singapore unit is issuing $1.5 billion of bonds that can later be swapped into Delta shares at 267-302 baht. No new shares are issued now, but hedging and future selling pressure can cap the stock, which fell about 6% on the news.
This is the clearest new negative force weighing on the share price this period.
Money rotates out of Delta into other electronics names Some investors moved money out of Delta into KCE and HANA, which are seen as having stronger near-term profit prospects, and Delta also tracked its weaker Taiwan parent. This competition for investor money limits how fast Delta can rebound.
It shows a real counterweight: even with good AI news, investor money is choosing other stocks.

23 Jul – 17 Sep 2026

▲2▼2

Delta's AI power demand stays strong, but bond overhang and rotation cap the stock

AI data-center demand keeps building Delta is ramping raw materials for its new 800-volt AI data-center power system, and analysts say big tech's 2027 AI spending plans are being revised sharply higher. More AI factories mean more orders for Delta's power gear, supporting revenue and prices.
This is the core growth engine behind Delta's earnings and the main reason analysts stay positive.
Supply shortages ease, profit seen peaking in Q3 The component shortages that squeezed Delta earlier in 2026 are easing, and analysts expect third-quarter sales and profit to be the year's best, helped by orders pushed from the second quarter and better margins. That points to a profit recovery.
It explains why earnings are expected to improve after a weak first half, a key support for the share price.
$1.5 billion exchangeable bond creates a share overhang Delta's Singapore unit is issuing $1.5 billion of bonds that can later be swapped into Delta shares at 267-302 baht. No new shares are issued now, but hedging and future selling pressure can cap the stock, which fell about 6% on the news.
This is the clearest new negative force weighing on the share price this period.
Money rotates out of Delta into other electronics names Some investors moved money out of Delta into KCE and HANA, which are seen as having stronger near-term profit prospects, and Delta also tracked its weaker Taiwan parent. This competition for investor money limits how fast Delta can rebound.
It shows a real counterweight: even with good AI news, investor money is choosing other stocks.