KKP sees AI entering a new cycle, shifting the focus from "chips" to infrastructure, opening opportunities for Thailand to receive a new wave of FDI.

Kiatnakin Phatra Securities views the AI ​​investment landscape as shifting from a focus on "chips" to supporting infrastructure such as power systems, cooling systems, and data transmission. They point to opportunities for a new wave of FDI in Thailand, particularly in semiconductors, PCBs, and advanced electronics. They highlight DELTA, HANA, KCE, SMT, CCET, and the energy infrastructure sector as key stocks benefiting from the expansion of AI.

On September 14, 2569, Mr. Suppapong Eiamkong-ek, an analyst at Kiatnakin Phatra Securities Public Company Limited, stated that global investment in artificial intelligence (AI) is entering a new cycle. The focus is no longer limited to chip or software technology, but is expanding to the "infrastructure" necessary to support large-scale AI processing.

KKP views this change as a significant opportunity for Thailand, given its potential in infrastructure and downstream manufacturing, which can support the expansion of high-tech supply chains and attract a new wave of foreign direct investment (FDI) into Thai industries.

As AI systems become more scaled and complex, so does the power demand for data centers. Rack power has increased from tens of kilowatts to approximately 600kW, with the potential to reach 1MW in the future.

Therefore, the limitations of AI systems are not solely dependent on the chip, but are beginning to shift to the infrastructure that must support the increased processing power, including the power supply system, cooling system, and data transmission system.

However, two key technologies are seen as driving the next phase of AI infrastructure: 800VDC technology and optical connectivity.

800VDC technology will help solve power challenges for data centers by increasing the voltage, which reduces copper usage and heat generation. Meanwhile, optical connectivity will support data transmission, as copper cables are becoming limited in terms of both speed and distance.

Given the accelerating global trend of AI investment, KKP estimates that Thailand has the potential to receive a new wave of FDI, particularly in the semiconductor, printed circuit board (PCB), and advanced electronics industries.

One indicator reflecting this trend is the demand for land in industrial estates. KKP estimates that major Thai industrial estate developers such as WHA Corporation Public Company Limited (WHA) and Amata Corporation Public Company Limited (AMATA) will see an increase in land sales of approximately 2,500 rai and 2,000 rai per year, respectively.

KKP believes that although upstream technologies such as chip design and manufacturing remain concentrated abroad, Thailand is playing an increasingly important role in the semiconductor supply chain for AI, particularly in downstream manufacturing, which encompasses the assembly and processing of advanced technologies.

Mr. Suppapong stated that many Thai listed companies and entrepreneurs have the foundation and readiness to support the increased demand resulting from changes in AI infrastructure, including:

• Delta Electronics (Thailand) Public Company Limited (DELTA) We are ready to support the power supply needs for data centers, including Power Supply Units (PSUs) and liquid cooling systems, which are essential infrastructure components requiring increased power per rack.
• Hana Microelectronics Public Company Limited (HANA) There is an opportunity to benefit from the growing demand for analog ICs, such as power management and control chips, as well as the power semiconductor group, which will support the transition to 800VDC systems.
• KCE Electronics Public Company Limited (KCE) We are ready to support the needs of high-end PCBs, which require more layers to accommodate more complex and energy-efficient system designs for AI servers.
• Stars Microelectronics (Thailand) Public Company Limited (SMT) There is an opportunity to directly benefit from the transition of data center data transmission infrastructure to optical connectivity technology.
• while Cal-Comp Electronics (Thailand) Public Company Limited (CCET) There is potential to support the growing demand for data storage devices, both HDDs and SSDs, which are projected to expand significantly to accommodate the increasing volume of data resulting from AI processing.

Beyond the electronics sector, the expansion of AI is also impacting the country's energy infrastructure. KKP views the global shortage of large transformers as a direct positive factor for Thai manufacturers such as Thirathai Public Company Limited (TRT).

Meanwhile, the demand for transformer oil and liquid cooling fluids also presents business opportunities for PSP Specialties Public Company Limited (PSP).

Furthermore, the growth of the AI ​​ecosystem presents opportunities to extend to other advanced technologies in the future, known as Physical AI. One example is the strategic collaboration of Millennium Group Corporation (Asia) Public Company Limited (MGC) in developing humanoid robots, which are expected to play an increasingly important role in the long term.

Global investment in AI is not limited to software or chips, but is expanding to infrastructure, an area where Thailand has strong capabilities and potential, as well as downstream industries.

“This is a window of opportunity that remains wide open for the Thai economy. If this new wave of FDI can be fully attracted into advanced production chains, it will not only increase profits for listed companies but also enhance the competitiveness of Thai industries on the global stage.”

Therefore, the global transformation of AI infrastructure is a crucial turning point that Thai industries and the economy can leverage to enhance their existing strengths, improve their competitiveness, and become a key component of the global AI supply chain.

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