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◆ TESSARA JULY 23, 2026 The AI buildout is rotating downstream Year-over-year change in US container imports, by company · trailing 3 months to May 2026 · our bill-of-lading data SPEEDING UP · ASSEMBLING & POWERING SLOWING DOWN · BUILDING THE FABS Foxconn server assembly +166% Vertiv power + cooling +126% Asia Vital cooling +104% Hitachi Energy grid power +85% Voltronic power +71% Siemens Energy grid power +69% Cummins power -48% TDK passives -50% Accton networking -54% Applied Materials fab tools -70% Modine cooling -75% Tokyo Electron fab tools -79% The wave moved from installing chip-factory equipment to assembling servers, cooling them, and wiring up the power. tessara.tech US customs / ImportYeti

The AI buildout is rotating downstream

Across the companies we track by ocean shipment, the wave has moved from building chip factories to assembling the servers, cooling them, and wiring up the power. You can see it in the freight before it shows up in revenue.
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Tessara is independent research and analysis, not investment advice. We are not a registered investment adviser. Past performance is not indicative of future results, and you are responsible for your own investment decisions.