Web Watch
Figures converted from TWD at historical FX rates — see data/company.json.fx_rates. Ratios, margins, and multiples are unitless and unchanged.
Web Watch in One Page
Auras is a watchlist name where the bull/bear debate is decided by a small number of dated, observable events over the next six months. Five live monitors run against the highest-impact open questions: (1) whether Auras is named on the NVIDIA Vera Rubin cold-plate vendor list that today contains AVC, Cooler Master, Jentech and Delta; (2) the TWSE/MOPS filing trail through the Q2/1H FY26 cash flow print and the FY25 audited annual report, where operating cash flow, DSO, dividend financing and top-3 customer concentration will print; (3) the TPEx monthly revenue release on the 10th of each month, the bull's own explicit disconfirming signal; (4) AVC's $525M FY26 + $595M FY27 cold-plate capex ramp and its read-across to thermal-cluster pricing; and (5) the hyperscaler procurement vector — Google's March 2026 talks with Envicool — that opens a new customer-concentration question Auras's filings do not address. The first four watch items can resolve inside 90 days; the fifth is a 12-24 month structural lens.
Active Monitors
| Rank | Watch item | Cadence | Why it matters | What would be detected |
|---|---|---|---|---|
| 1 | NVIDIA Vera Rubin cold-plate vendor slot | Daily | Single highest-impact unresolved variable. DigiTimes (19 March 2026) named AVC, Cooler Master, Jentech and Delta as the four cold-plate suppliers for Vera Rubin and did not name Auras. Bull path to $48-64 requires winning the next platform. | New disclosure from Auras, NVIDIA partner slides, ODM (Quanta / Wiwynn / Foxconn / Supermicro) sourcing or Taiwan supply-chain coverage that adds, confirms or excludes Auras from the Vera Rubin reference design — including any naming of the 1.6MW in-row L2L CDU, UQD/MQD quick disconnectors, or cold-plate qualification at a named ODM. |
| 2 | TWSE/MOPS material filings, Q2 cash flow and FY25 audited AR | Daily | The Q2/1H FY26 cash flow statement (semi-annual deadline 14 August 2026) is the decisive event after FY25 OCF -$20M, $352M receivables (DSO 158), $212M inventory (DIO 131) and a $32M debt-funded dividend. The FY25 AR is the only place top-3 customer concentration prints. | Every MOPS Major Information filing, semi-annual and quarterly financial reports, the FY25 audited annual report on publication, AGM materials, dividend ratification, intercompany lending updates (Tai Hung $44M), new convertible-bond or capital-raise activity, and capex revisions. |
| 3 | TPEx monthly revenue print on the 10th | Daily | The fastest near-real-time demand signal in the file; the report explicitly notes it cannot be window-dressed. Q1 FY26 was +94% YoY, April 2026 +41%; comps mechanically toughen from August. Bull's explicit disconfirming signal is two consecutive prints below +30% YoY. | Each monthly revenue filing on the 10th — headline US$ figure, YoY growth, YTD cumulative, any attached management commentary, and the comparable AVC (3017.TW) print on the same day. Flag the first sub-+30% YoY print and any divergence from AVC. |
| 4 | AVC capex ramp and Taiwan thermal-cluster pricing | Daily | AVC is the one competitor the report says defines the next two years: same customers, ~6× the revenue, 600bp higher OM, 2.2× the ROE, and a 5× cold-plate capacity ramp. On-schedule execution compresses Auras GM on a ~$315M AI-server book within 12-18 months. | AVC monthly revenue, quarterly results and capex commentary; equipment-supplier order checks (Yangtze, Foxsemicon, Lite-On); AVC NVIDIA-platform wins or slips; Cooler Master / Jentech (3653.TW) / Delta (2308.TW) share-shift; JPMorgan Micro-Channel Lid thesis updates. |
| 5 | Hyperscaler cooling procurement and customer concentration | Daily | Reuters' 17 March 2026 report that Google is in talks with Envicool is the first credible signal hyperscalers are sourcing cooling outside the Taiwan cluster. Auras's sales model is 'based on parents orders' with no direct hyperscaler relationship; FY24 top-3 customer share 35.9% trending up from 'no customer above 10%' in FY22. | New evidence that Google, Microsoft, Amazon, Meta, Oracle or ByteDance are qualifying non-Taiwan cooling vendors (Envicool, Sanhua, Vertiv-China JVs); changes in cold-plate / CDU BoM share at Quanta, Wiwynn, Foxconn or Supermicro; and any supply-chain coverage suggesting Auras top-3 concentration is moving toward the bear's 45-50% trigger. |
Why These Five
The report's verdict is Watchlist, with the position flipping to Lean Long on a Q2 FY26 OCF print at or above $52M with DSO under 130 days plus a named Vera Rubin design content win, and to Lean Short on a second negative OCF print or top-3 customer concentration above 45%. Monitors 1, 2 and 3 are the three dated signals the report says actually resolve the debate. Monitor 4 tracks the single structural threat — AVC's capex bazooka pointed at the same customer book — that the report flags as compounding before AVC's capacity even ships. Monitor 5 covers the newest unresolved competitive vector, hyperscaler diversification toward Chinese cooling vendors, which the company's filings do not address and which the report identifies as the most underappreciated 12-24 month risk. Everything else in the catalyst path — Computex, SEMICON Taiwan, ex-dividend, Q3 print — surfaces inside these five lenses as it happens.