Advanced Energy Industries Inc

AEIS provides precision power conversion products sold into four markets: Semiconductor Equipment ($203.0M, 51.1% of total), Data Center Computing ($76.2M, 19.2%), Industrial & Medical ($82.9M), and Telecom & Networking ($35.4M). Total revenue was $397.5M. AEIS does not disclose any AI-specific revenue. AI exposure comes indirectly through two pathways: (1) Semiconductor Equipment revenue — AEIS power supplies go to OEMs like Applied Materials and Lam Research for etch/deposition tools, a fraction of which fabricate AI chips (GPUs, HBM). In early 2022, AI chip production was a small share of overall wafer fab equipment spending, estimated at ~5-8% of semi equipment capex. Applying ~6% to the $203.0M Semi Equipment segment yields ~$12.2M. (2) Data Center Computing — power supplies for servers/switches, where AI workloads were a small portion in early 2022, perhaps ~3-5% of DC computing demand, yielding ~$2.3M-$3.8M. Conservative total AI-attributable revenue: ~$14.5M-$16.0M. Math: ~$15M / $397.5M = ~3.8%, rounded conservatively to 5% given the estimation uncertainty.