The figure exceeds the annual revenue of the global EMS industry, illustrating the scale at which AI infrastructure is reshaping the electronics market. While the four technology giants dominate spending, they are far from the only companies expanding AI infrastructure. Taiwan dominates AI server manufacturingWhile hyperscalers are driving demand, the companies manufacturing AI server infrastructure are concentrated elsewhere. Foxconn, for example, has benefited from surging AI server demand, yet the company continues to operate with a net margin of just 2.3%. According to in4ma, inventories increased by 31% year-on-year while total debt rose by 34%, illustrating the working-capital intensity associated with AI infrastructure projects.