The gap, in fact, stems from differences in how the two companies approach their businesses.

A fairly high proportion of Hon Precision’s revenue comes from IC test handlers and active thermal-control systems. Morgan Stanley estimates that its handler business commands as much as 70% of the global market.

Chroma, meanwhile, is best known as the exclusive supplier of system-level test (SLT) equipment for Nvidia GPUs. Although that business is growing rapidly, it still accounts for less than 40% of revenue.

In the first half of this year, Chroma’s biggest moneymaker was actually still its original business of more than 40 years—power testing, where Delta Electronics is a major customer.

Chroma’s testing solutions for the next-generation data-center power standard heavily promoted by Nvidia—800V high-voltage direct current—are already shipping in large volumes. That business has grown even faster than SLT, a key reason Chroma’s first-half revenue jumped 91%.

Another technology Nvidia is heavily promoting—CPO（co-packaged optics）—is also an area where Chroma is already working with several major customers and shipping testing solutions. Morgan Stanley estimates that this business could account for 9% of Chroma’s revenue this year.

In fact, Chroma has long been deeply involved in several of the most important technological shifts shaping the next stage of AI hardware. Its position in the industry is arguably unique within Taiwan’s supply chain.

That includes panel-level packaging.

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