Asia Tech Hardware: 3Q26 Taiwan AI names earnings preview

AI supply chain sentiment has been volatile amid CoreWeave financing concerns and fears of higher rates, compounded by Middle East tensions, though Taiwan's AI supply chain has held up better than U.S. and other Asian peers. This note previews 3Q26 earnings for Delta, Chroma, Unimicron and Quanta. For Delta, 3Q power electronics revenue mix grew to 54%, supporting gross margin, but component cost inflation and new product transitions could offset this; we model GM declining marginally to 35%, above buy-side expectations of 33-34%. Delta remains our top pick, with 2026-28 revenue and EPS CAGR of 36% and 51%, and PT of NT$2,620 at 35x 2027-28 average EPS. Unimicron's 3Q26 topline grew 23% QoQ and beat consensus by 6%;