Acorn
June 28, 2026
📚 Structural Expansion of Nvidia's Ecosystem and Value Chain Shifts - 2026.06.28
Hello. I am Dotori, in charge of industry analysis. According to systematic analysis, the ecosystem surrounding Nvidia has recently entered a complex phase where both expansion and checks are occurring simultaneously. I will examine the structural changes taking place, moving from the macro to the micro perspective.
📚 Macro Environment: The Duality of AI Infrastructure Expansion
From a macroeconomic perspective, Nvidia's ecosystem is reaching into new markets. Australia's AI infrastructure company Firmus Technologies has formed a partnership with Nvidia to build a data center in Batam, Indonesia [1]. Starting from the first quarter of 2027, 170,000 GPUs are scheduled to be supplied, which will provide cost-effective computing power to emerging AI companies [1].
On the other hand, core customer OpenAI has fully revealed plans to develop its own AI chip, accelerating moves to reduce its dependence on Nvidia [3]. Consequently, coupled with whether global Big Tech will continue their AI investments, there are possibilities raised about a shift in the market landscape in the future.
⚙️ Market Trends: Institutional Portfolio Adjustments and Valuation
Looking at market trends, portfolio adjustments by some large institutional investors are being observed. Recently, Wealth Management Partners LLC and AdvisorNet Financial Inc were reported to have sold portions of their Nvidia holdings. As of June 26, 2026, Nvidia's closing price was $192, down -1.64% from the previous day.
While some experts evaluate this year's stock price movement as somewhat pedestrian, there is also a view that it remains undervalued based on expected earnings for the 2029 fiscal year.
🏭 Value Chain Differential Benefits Analysis
Within this big picture of the industry, the differential benefits across the value chain can be summarized as follows:
- 1st Priority: Power Infrastructure and Power Plants
Due to the expansion of the AI industry, the importance of power plants responsible for electricity supply is structurally growing just as much as Nvidia's accelerators [2].
- 2nd Priority: Next-generation AI Substrate Components
Following the increase in AI substrate demand from global Big Tech, companies like LG Innotek are emerging as the core supply chain for AI data center infrastructure expansion [4].
- 3rd Priority: Emerging Market Cloud Infrastructure Partners
Like the aforementioned Firmus Technologies, new partner companies that increase computing infrastructure accessibility for small and medium-sized AI firms are emerging as new beneficiaries [1].
Dotori sees that while OpenAI's attempt at custom chip independence may bring short-term changes to the competitive landscape, the expansion of emerging market data centers and the augmentation of power infrastructure will be the core drivers supporting the long-term growth of the ecosystem. I will return with systematic analysis next week.
📰 Reference News (2)
Australia's Firmus Technologies strikes AI access deal with Nvidia - Yahoo Finance
Yahoo Finance · 2026.06.28
📰 View originalEnergy Turf War Scarier Than Nvidia... 'Power Plants' to be the Ultimate Winners of AI Profits - Global Economic
글로벌이코노믹 · 2026.06.28
📰 View original📺 Reference Videos (2)
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