#ODMS
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edzitron.com
Yep. NVIDIA makes tons of profit, along with RAM/storage. ODMs (server manufacturers) make a smidge of profit. data center colocation companies make slim profits years and years and years later. AI compute providers basically never make a profit. AI labs/startups lose money forever
socksandpuppets.com ahdok @socksandpuppets.com · Feb 13
Is it still the case that the profitability of every entity in this industry gets worse as you go from hardware manufacture to data center, to service provider, to company using those services, to users? - That's how I understood things to be a couple years ago.
February 13, 2026 at 9:07 PM
hollyanderson.bsky.social
every new follower I’ve picked up for days now follows 40,000 accounts and has this bio, I am in Hell
Cash the dog. Fuck MAGA, Agolf Twitler, muskrat and the feckless,repugnant, republikkkans. ODMs, O crypto, •porn bots! Automatic block!!!
July 8, 2025 at 2:55 AM
amyhoy.bsky.social
i need a tool to search my followers for bio keywords and then mass block these people
#SaveDemocracy! #TheResistance #KindnessMatters #AdoptDontShop #Rescue • #Bluecrew #BlueResisters #ProChoice OMAGA OPorn ODMs Happily married Political Junkie. Thanks for letting me learn and be inspired to #Resist
December 30, 2024 at 4:49 AM
edzitron.com
It would also have a ripple effect through various Taiwanese ODMs (the companies building the servers for hyperscaler data centers) who are currently booking the entire value of the GPUs inside the servers as sales, inflating their revenues in the process

bsky.app/profile/blom...
blommethomas.bsky.social Thomas Blomme @blommethomas.bsky.social · Feb 13
On the other hand: dialing down capex plans would be a nightmare for semiconductor stocks
February 13, 2026 at 3:58 PM
gentleranium.bsky.social
Happy to be making my ODMS return next month! 🗡️🦄
ourdragmeansslay.bsky.social Our Drag Means Slay @ourdragmeansslay.bsky.social · Mar 11
TICKETS ARE LIVE!!! 🎟️🎟️🎟️
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#OurFlagMeansDeath #OFMD
Poster for the Our Drag Means Slay drag show. A silhouette of white hair and beard on a black background. Our Drag Means Slay is in the center in pink. At the top it says Saturday April 12th $25 tickets Dorothy 2500 W Chicago Ave, Chicago IL 5:55 Doors" At the bottom is the logo for Lighthouse Foundation and our socials
March 12, 2025 at 12:49 AM
edzitron.com
that's because this demand is illusory. It is, if I had to guess, largely NVIDIA and associated ODMs like Quanta/Wistron/Foxconn/SMCI/HPE, AMD and Broadcom "doing AI." On some level it's "there's demand so we need to meet it," even though that goes wrong almost every time
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superkatzbro.bsky.social Seed Oil Drinkers Against Trump @superkatzbro.bsky.social · Feb 17
You could also say TSMC, storage and memory companies can't scale up fast enough to meet demand. These fabs cost tens of billions of dollars and take years.

And, do they totally trust there will be the crazy demand for AI data center hardware in perpetuity?
February 17, 2026 at 9:33 PM
edzitron.com
36% ($77.7 billion) of NVIDIA’s FY2026 revenue came from two customers
Concentration of Revenue We refer to customers who purchase products directly from NVIDIA as direct customers, such as AlBs, distributors, ODMs, OEMs, CSPs, Al model makers, and system integrators. Certain direct customers may use either interal resources or third-party system integrators to complete their build. We refer to indirect customers as those who purchase products through our direct customers; indirect customers include SPs, Neocloud builders, Al model makers, enterprises, and public sector entities. Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue. Direct Customers - For tiscal vear 2uzo, sales to one airect customer represented 22% or total revenue and sales to another direct customer represented 14 Direct Customers- For fiscalear2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking segment.
February 25, 2026 at 10:24 PM
edzitron.com
Worryingly, almost all hyperscaler GPU purchases go through Taiwan’s ODMs (EG: Foxconn), boosting revenues with low-margin passthrough income that will contract brutally once hyperscalers inevitably stop buying GPUs, with global market consequences.
www.wheresyoured.at/dot-com-bubble/
Based on discussions with sources familiar with the matter, I have confirmed that the majority of GPUs purchased by hyperscalers flow through several Taiwanese ODMs (Original Design Manufacturers) — Hon Hai Precision/Foxconn (Google, Amazon, Microsoft, Meta, Oracle, HPE), Wistron (Oracle, Dell, HPE), Wiwynn (Oracle), Quanta Computing (Google, Amazon, Microsoft, Meta, Oracle), and Celestica (Google). Instead of buying GPUs directly from NVIDIA, hyperscalers purchase entire server architectures through these intermediaries, who then hold them until they’re ready to install. These racks of GPUs then sit on the associated companies’ balance sheets until the hyperscalers are ready to install them. For example, Hon Hai (who also makes iPhones and other electronics, obfuscating the numbers a bit) had around 1.18 Trillion New Taiwan Dollars ($37.48 billion) of inventory on its balance sheet as of its last earnings, with even more than that in Accounts Receivable, with Quanta Computing sitting on around 334 Billion NTD ($10.5 billion) in inventory, with around 218 billion NTD ($6.941 billion) in “finished goods.” This is why we never neatly see the capital expenditures of, say, Microsoft ($34.9bn in its last quarter) neatly line up with NVIDIA’s earnings — because they’re paying one of a few different companies to both build the servers and hide the amount of GPUs they’re buying. That’s right, the consistent year-over-year and month-over-month growth of Foxconn’s revenues is mostly supported by Cloud and Networking and the components associated therein. In Foxconn’s December monthly revenue statement, it added that, in Cloud and Networking Products, that “…Pull-in momentum for AI products sustained, this category demonstrated strong growth MoM,” meaning that hyperscalers and other AI customers continued to buy their AI servers. It also added that “... continued ramp-up in AI rack shipments, even against the high base of 4Q25, the seasonality of this quarter is expected to be near the upper end of the past five-year range.” What’s interesting isn’t just the growth, but the annual revenue shift. Tell me if you can see the odd one out here (first number is in millions of New Taiwanese Dollars): 2022 revenue - 6,621,942 ($210 billion) 2023 revenue - 6,159,571 ($195.3 billion) 2024 revenue - 6,859,888 ($217.6 billion) 2025 revenue - 8,099,810 ($256.9 billion) You see, a subtle shift happened when NVIDIA moved to the rack-scale — by which I mean selling its GB200 Blackwell racks (each with 72 GPUs and 36 CPUs). Previously, when hyperscalers wanted to hand Foxconn money to build AI servers, the servers would immediately move to the hyperscaler’s balance sheet on purchase, regardless of whether the GPU was actually in their hands, leading to a spike in inventory. Those GPUs aren’t, as I originally believed, sitting in warehouses in America, but collecting dust in Foxconn’s Taiwan-based warehouses behind layers of security.
January 16, 2026 at 5:43 PM
ericmigi.com
went to Global Sources show in HK, where Shenzhen/China factories and ODMs show off their goods
October 19, 2025 at 1:53 AM
maranine.bsky.social
🌌 giving yall a chance to block this virulent racist as well
+ Follow rcam.bsky.social @rcam.bsky.social 6.4K followers 1.6K following 1.3K posts Proud Canadian. Animal lover. Book enthusiast. Liberal optimist. Equality for all. ODMs • Porn O Crypto • OnlyFans. •GoFundMe
January 7, 2025 at 11:00 PM
tdoodle.bsky.social
ODMS was an absolute blast but I took zero photos of me in costume— if anyone has footage from Saturday, please tag me!
April 14, 2025 at 12:21 AM
edzitron.com
Any failure of OpenAI or Anthropic (or a tightening in the supply of investor dollars or debt) would deliver a blow to NVIDIA, TSMC, and the memory suppliers that build the hardware. And, most of all, Taiwan’s server manufacturers.

www.wheresyoured.at/premium-what-if-were-in-an-ai-bubble-part-3/
As I discussed last year, Taiwan’s ODMs faced a sudden change in their accounting with the advent of rack-based GPUs. Previously, single GPU sales would “pass through” to the purchaser’s balance sheet, meaning that revenues didn’t include their costs…except with rack-scale GPU deployments, every ODM is now counting the entire cost of every GPU in their revenues, artificially inflating them and the value of the companies in general. This means that the margins on these servers are naturally lower, because much of the cost is a GPU that the ODM had to pay full price for and then pass on to the customer at the point of sale. AI servers now account for anywhere from 20% (Foxconn/Hon Hai) to 60%+ (Quanta) of ODM revenues. Their rapid, unforeseen growth is mostly dependent on the continued patronage of hyperscalers and their server deployments. This is another place where we’ll see the first signs of the bubble bursting. Once hyperscalers stop building as many data centers, they’ll in turn stop buying AI servers at scale, which will in turn start killing the revenues of the ODMs. To be clear, this won’t kill these companies. These ODMs are too big to fail, at least for Taiwan, and they’re diversified enough that even if they need a bailout, their other business lines will justify providing them. About one-third of all of Taiwan’s tax revenues in 2025 came from corporate taxes, and ODMs like Foxconn (which makes 70% of all iPhones) and contract manufacturers like TSMC account for a massive chunk of that revenue. ODMs are the biggest growth story in Taiwan’s industrial sector, even when you account for the fact that a lot of assembly work isn’t done in Taiwan any more, but rather in Mainland China, Vietnam, India, and other lower-cost markets. That being said, it’ll be a rough time for everybody involved, and the greater TWSE (Taiwan Stock Exchange). Foxconn (Hon Hai) and Quanta are both two of the largest companies on the market (behind TSMC, which, while not an ODM, will likely get crushed when the bubble bursts), with Wiwynn and Wistron both in the top 25.
May 29, 2026 at 6:03 PM
ourdragmeansslay.bsky.social
One more raffle sneak peek for you! We divvied up the booty into 7 prize bundles up for grabs as well as a few other surprises!
5 come in these custom ODMS tote bags! #6 in a bird robe tote from @fathomfortuna.bsky.social
Here are the bags assembled and waiting for tomorrow! Scroll on for more...
6 tote bags sitting on a chair covered in a black blanket
April 12, 2025 at 3:07 AM
multiverseandy.bsky.social
The phone is a rebranded version of the Chinese-manufactured HTC U24 Pro.

Earlier investigative teardowns and tech analysts also noted striking similarities to the Wingtech REVVL 7 Pro 5G (which is sold by T-Mobile).

Both are base models produced by overseas original design manufacturers (ODMs).
May 20, 2026 at 6:05 PM
ed3d.net
(I should say, whoever Misen contracts to make the pan, I'm pretty sure they're working with OEM/ODMs)
January 25, 2026 at 4:06 PM
aghastronaut.com
I will excuse no more than 2 emoji in your display name.
Chris Taylor Follows you 28.7K followers 61.1K following 385 posts A photographer and World Traveller. 92 countries and counting. Liberal/Democrat Vote BluefQHate OMAGA OPORN ODMS Bitcoin
January 3, 2026 at 8:04 PM
edzitron.com
where is CoreWeave on NVIDIA's earnings? They have 250k+ GPUs, so they're a major customer. But on NVIDIA's last 10-K they named customers A, B and C (11-12% of rev). CoreWeave has early access to Blackwell. Weird to not see.

tech.yahoo.com/business/art...
investor.nvidia.com/financial-in...
Concentration of Revenue We refer to customers who purchase products directly from NVIDIA as direct customers, such as AlBs, distributors, ODMs, OEMs, and system integrators. We have certain customers that may purchase products directly from NVIDIA and may use either internal resources or third-party system integrators to complete their build. We also have indirect customers, who purchase products through our direct customers; indirect customers include CSPs, consumer interet companies, enterprises, and public sector entities. Direct Customers - Sales to direct customers which represented 10% or more of total revenue, all of which were primarily attributable to the Compute & Networking segment, are presented in the following table: Direct Customer A Direct Customer B Direct Customer C * I ase than 109, of total ravamia Jan 26, 2025 Jan 28, 2024 12 % 11 % 13 %
March 27, 2025 at 7:30 PM
jamesmunns.com
Yeah, it's frustrating, but I feel like it's one of those economies of scale/specialization vs generalization things.

Even the ODMs aren't entirely even doing all the development in house, vendors like WPI regularly produce reference design blocks for parts they sell, which ODMs then integrate
June 17, 2025 at 4:04 PM
ourdragmeansslay.bsky.social
Thank you all who came out last and to all who watched the livestream. With your help we were able to raise quite a bit of money for the Lighthouse Foundation!

If you would like to continue your support of the Lighthouse our Givebutter link is still open for donations!
givebutter.com/odms
Our Drag Means Slay for Lighthouse Foundation
By Our Drag Means Slay
givebutter.com
April 13, 2025 at 9:15 PM
ourdragmeansslay.bsky.social
Let the countdown begin!

Performer application closes this week, Friday the 7th.

forms.gle/QNxdRVKUSBzg...
ODMS Performer Application
Hi All! Application deadline is March 7th, 2025. Performers will be chosen and contacted the following weekend on March 15th. If chosen please have your act fully fleshed out by the time of our 1st pe...
forms.gle
March 3, 2025 at 8:08 PM
audioxpress.bsky.social
Bragi’s AI Audio Platform allows audio brands to rapidly add OpenAI-powered voice controls and AI-driven features to their products. This partnership helps Bragi support audio OEMs and ODMs in creating advanced, unique devices, furthering its goal of innovating audio technology.
July 29, 2025 at 5:34 PM
lizzyleo.bsky.social
JOIN US!!! It’s always a blast getting to perform with ODMS and this year will be just as amazing 💜💜💜
March 6, 2025 at 7:43 PM
ourdragmeansslay.bsky.social
Once again give it up for our performers! We are so grateful to have them apart of the ODMS crew!

And a very special shoutout to our photographer @babybonnet.bsky.social for taking some amazing photos Saturday night. Can’t wait for you to see them all! #ofmd #ourflagmeansdeath
Group photo of Shea as Jackie, Polly Amour as Evelyn, Polly Cocktail as Izzy, IBrat as Lucius, and Lizzy Leo as Ed
April 19, 2025 at 2:24 AM
edzitron.com
NVIDIA is the biggest backer of AI's circular economy, spending $27 billion through 2032 on cloud compute credits to rent back its GPUs. Hyperscalers buy AI servers, AI server ODMs buy GPUs, and NVIDIA buys cloud compute. It's a perfect circle.
www.wheresyoured.at/premium-ais-circular-psychosis/
So, you likely already know the story — NVIDIA invests in a neocloud (such as CoreWeave, Lambda and Nebius), backstops its revenue (as it did with CoreWeave and Lambda) so it can guarantee to its investors that it can raise debt on the contract to buy NVIDIA GPUs, at which point NVIDIA is effectively paying others a small fee to raise debt to buy GPUs. To get specific, NVIDIA is buying — per its most-recent annual report — $27 billion in AI compute through 2032: Multi-year cloud service agreement commitments as of January 25, 2026, were $27 billion, for which $7 billion, $6 billion, $5 billion, $5 billion, $2 billion, and $2 billion will be paid in fiscal years 2027, 2028, 2029, 2030, 2031, and 2032 and thereafter, respectively. Some cloud service capacity may be reduced, terminated or sold to others by the CSPs, in which case our commitments will be reduced. We expect cloud service agreements to be used to support our research and development efforts. For example, AI servers account for 70% of Quanta Computer’s revenue. For context, Quanta made around $11 billion in revenue in March 2026. For Foxconn, a much, much larger company that also makes phone hardware and other tech products, AI servers account for 40% of revenues, or around $10.6 billion of its April 2026 revenues, or around $37.7 billion of its revenues for the first four months of the year. Both companies have the same clients — Microsoft, Google, Amazon, and Meta. These ODMs have now become dependent on revenue from hyperscalers, and in turn NVIDIA has become dependent on the revenues from the ODMs. While Foxconn and Quanta might seem like their businesses are doing gangbusters, in reality they’re deeply-centralized and inflated by hyperscaler data center demand. The same thing is happening to American tech manufacturer Dell, which expects “AI-optimized servers” to account for around 36% of all Fiscal Year 2027 revenues. Much like Taiwanese ODMs, Dell buys the GPUs and puts them in servers and sells them to customers like…CoreWeave, xAI, and of course Nscale, which signed a $14 billion deal with Microsoft.
May 8, 2026 at 3:10 PM
jovialstarfish.bsky.social
Ma'am, please, save some personality for the rest of us
🌊🌊LDI🌊🌊 @liberaldemida.bsky.social Follow Even if he wins the 2028 Democratic presidential primary? 5:59 PM Jan 16, 2026 Profile of this person Banner is the CA flag 🌊🌊LDI🌊🌊 @liberaldemida.bsky.social 3.2K followers 2.4K following 1.4K posts #AntiFascist, #BLM, Dem4Life, 4ever Liberal, #CommonSenseProgressive, American Patriot, Coffee Addict, #ProWomensFreedoms.OMAGA-LEFT. ODMs, OMAGAts, Trolls, Bots; mentioning "NeoLiberal" is an immediate BLOCK.
January 16, 2026 at 11:10 PM