Nearly 30% of AI-Related Imports for U.S. Data Centers Depend on Chinese Companies
Alina Collins
A 22V Research report finds roughly 30% of US AI-related imports come from Chinese firms — spanning energy storage, transformers, and critical minerals — revealing a supply-chain dependence that runs far deeper than chips.
If not chips, what exactly does China supply?
Analysts Michael Hirson and Houze Song note that China lacks advanced chip mass-production, yet plays a core role in energy storage, transformers, critical minerals, and chemicals for data centers.
This means → even with chips restricted, the "utilities layer" of US data centers still leans heavily on Chinese suppliers.
AI-related exports account for roughly half of China's total export growth this year — a share large enough to mark the AI supply chain as a new engine of Chinese trade.
Among the top-ten names by market cap, who rallied hardest?
22V Research screened the CSI 300 for the ten largest AI supply-chain companies. Excluding CATL, the other nine at least doubled in the 12 months to May.
The list includes PCB makers — printed circuit boards, the "highways" between chips — Shenghong Tech, Dongshan Precision, and Shengyi Technology, plus MLCC maker Sanyuan Group (三环集团). MLCCs are tiny capacitors that stabilize power delivery beside each chip.
In plain terms = Nvidia's latest Vera Rubin system uses nearly twice as many MLCCs as the prior generation, directly pulling demand for these "invisible" component makers.
On the server and energy side, who is capturing the growth?
Foxconn Industrial Internet (富士康工业互联网) reported cloud-computing revenue up 88.7% year-on-year in 2025, reaching RMB 602.68 billion (≈US$88.67 billion) — the single largest growth contributor.
Energy firm Sungrow (阳光电源) also made the top-ten list.
This reflects a broader dynamic: AI compute expansion is pulling not just chips and servers but also data-center power supply and energy storage.
Why are optical modules called the "infrastructure corridor"?
J.P. Morgan labels optical modules the core "infrastructure corridor" for China's AI sector: AI data centers use 5–10× more fiber than traditional server rooms.
Three optical-communications firms made the list: Eoptolink (新易盛), HG Genuine (华工正源), and TFC (天孚通信). Some overseas orders are booked out to 2027–2028; Chinese customs data show fiber/cable export value at roughly 4× year-ago levels.
This means → optical modules are not a short-term spike but an order curve with visibility stretching two to three years out.
Can the valuation gap narrow?
Eoptolink and Foxconn Industrial Internet have both entered the RMB 1-trillion market-cap bracket, alongside CATL.
Chinese tech stocks overall still trade at a discount to US peers, but AI export exposure keeps widening.
In plain terms = share prices have already surged, yet a discount to US AI leaders remains — whether it narrows further depends on whether export growth continues to deliver.
Content is for reference only, not financial advice.