From Hardware Suppliers to Billionaires: How Victory Giant Built a $9 Billion Fortune on AI's Invisible Backbone

When Jensen Huang, CEO of Nvidia, hosted a private banquet for suppliers in Taiwan in May 2025, the guest list read like a who's who of global electronics titans. Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision sat alongside manufacturing heavyweights.

Yet amid this constellation of industry giants, one company emerged to capture attention not for its fame, but for its explosive financial performance. Victory Giant Technology, a relatively obscure manufacturer based in Huizhou, China, has become the year's biggest surprise winner, turning its founders into billionaires overnight.

The story of Chen Tao, 53, and his wife Liu Chunlan is more than a tale of personal wealth. It represents a fundamental shift in how AI infrastructure creates value and where money flows in the artificial intelligence economy. Their journey illustrates how the AI boom has made unsexy, behind-the-scenes hardware components incredibly valuable.

The Component That Powers AI: Why Printed Circuit Boards Matter

Before artificial intelligence became the technology story of the decade, printed circuit boards (PCBs) were quietly managing the backbone of global electronics. These intricate circuit boards are what bridge the gap between raw computing power and actual functionality. They connect processors, memory, and other components into a working system.

In the age of AI, PCBs have become critical infrastructure. Every data center running large language models, every AI server processing trillions of computations, and every specialized processor demands precision-manufactured circuit boards. As AI infrastructure exploded across cloud providers and enterprises, demand for these components went parabolic.

Victory Giant emerged as a critical supplier precisely when Nvidia's GPUs became the engine of the AI revolution. The timing was impeccable. As companies from OpenAI to Meta ramped up their AI infrastructure spending, they needed reliable sources of high-quality PCBs. Victory Giant positioned itself as that supplier, landing partnerships with Nvidia that transformed the company's fortunes.

The Stock That Outpaced Everything Else: 530% Gains and Counting

The numbers tell a stunning story. Victory Giant's stock has soared 530 percent in 2025, making it the top performer on the MSCI Asia Pacific Index. To put that in perspective, this single-year return dwarfs most index funds' multi-year performance. The company's market capitalization surge has given Chen and Liu a combined net worth of approximately 9.1 billion dollars as of November 2025.

What makes this even more remarkable is the valuation multiple. Victory Giant trades at 32 times estimated earnings, which is actually conservative compared to other semiconductor and chip-adjacent companies. The market is pricing in significant continued growth while maintaining rational expectations about profitability.

This explosive growth reflects two critical trends in tech investing. First, investors are recognizing that AI infrastructure requires not just the chips themselves but the entire ecosystem of supporting components. Second, companies positioned as core suppliers to Nvidia benefit from a powerful halo effect, given Nvidia's dominance in AI chip architecture.

The Nvidia Effect: How a Single Partnership Transforms a Supplier

Chen Tao's background makes his rise particularly noteworthy. The 53-year-old former soldier once served in China's Taklamakan Desert before transitioning to business.

He built Victory Giant into a trusted manufacturing partner, focusing on precision, reliability, and scale. When Nvidia's AI infrastructure needs accelerated, Victory Giant was ready.

This partnership illustrates a crucial lesson in understanding modern tech valuations. In complex systems like AI infrastructure, companies that control supply of critical components become incredibly valuable. Victory Giant doesn't manufacture the chips themselves; it manufactures the boards that make them work.

In an era where AI spending exceeds 500 billion dollars and continues accelerating, being indispensable at any layer of the stack creates wealth.

The partnership also highlights a geographic dimension. Victory Giant's base in Huizhou, in China's Guangdong province, positions it within the global manufacturing hub for consumer electronics and semiconductors.

Despite U.S. trade tensions and supply chain concerns, Victory Giant has maintained its role as a core Nvidia supplier, suggesting that certain critical components remain too valuable to fully decouple from Chinese manufacturing.

Why PCBs Matter More Than You Think

The AI industry's infrastructure needs are often discussed in abstract terms. We talk about data centers, computational capacity, and chip performance. What gets less attention is the physical hardware engineering behind every piece of that infrastructure. PCBs are the connective tissue that makes everything work together.

Victory Giant's success demonstrates that the AI boom creates value at multiple levels. It's not just the companies building large language models or developing AI chips. It's also the companies manufacturing components that support that infrastructure.

This has crucial implications for investors seeking exposure to AI growth. The winners aren't only the headline companies like Nvidia, Microsoft, or OpenAI. They also include less visible suppliers that few investors have heard of.

This also illustrates an important principle about technological revolutions. In previous tech shifts, companies that controlled supply of critical components experienced massive value creation.

Think of Taiwan Semiconductor Manufacturing or Intel during earlier computing eras. Victory Giant's trajectory suggests similar dynamics are unfolding in the AI infrastructure layer.

The Valuation Question: Is 530% Justified?

A natural question emerges when any stock rises this rapidly: Is the valuation justified, or is this a bubble? The answer depends on Victory Giant's ability to grow earnings and maintain its Nvidia partnership.

At 32 times estimated earnings, Victory Giant is expensive but not unreasonably so by AI-infrastructure standards. The company faces competition from other PCB manufacturers and potential supply chain disruptions. Additionally, if AI infrastructure growth slows or if Nvidia faces competitive pressure, Victory Giant's demand could moderate.

However, the company's position in a critical part of AI infrastructure, combined with the accelerating pace of AI deployment globally, suggests significant runway for growth. The real risk isn't that the stock price is entirely unjustified, but rather that it embeds aggressive assumptions about sustained double-digit growth rates.

What This Means for the AI Economy

Victory Giant's rise tells us several important things about how wealth is being created in the AI economy. First, infrastructure companies often capture more value than people expect.

Second, geographic advantages and established manufacturing capabilities matter more than ever. Third, partnerships with industry leaders like Nvidia create powerful moats around suppliers.

For investors, Victory Giant serves as a reminder that AI opportunities exist far beyond the headline companies. For engineers and business leaders, it demonstrates that being positioned as an essential supplier to core infrastructure can generate substantial returns. For the broader tech industry, it confirms that the AI boom is creating value across multiple layers of the technology stack.

The journey of Chen Tao and Liu Chunlan from relative obscurity to the billionaire ranks highlights how transformative the AI economy can be for businesses positioned in the right place at the right time.

Their story is a reminder that sometimes the biggest opportunities lie not in the most visible companies, but in the often-overlooked companies providing essential building blocks for revolutionary technology.

Fast Facts: AI Infrastructure and Victory Giant's Rise Explained

What are printed circuit boards and why are they critical for AI servers?

Printed circuit boards are the electronic foundations that connect and integrate all components in computing systems. AI PCBs must deliver power precisely to GPUs and processors while managing heat and signal integrity. Without reliable, high-performance PCBs, AI infrastructure simply cannot function at the scale required by modern data centers and AI applications.

How did Victory Giant become a 9-billion-dollar company from manufacturing circuit boards?

Victory Giant secured a partnership with Nvidia and positioned itself as a critical supplier for AI server components. As AI infrastructure demand exploded, the company's stock soared 530 percent in 2025, making founders Chen Tao and Liu Chunlan billionaires by capturing value in a strategic layer of AI supply chains during peak infrastructure investment cycles.

Is Victory Giant's valuation sustainable, or is it an AI bubble?

Trading at 32 times earnings, Victory Giant's valuation is expensive but justified by its growth trajectory and strategic position. However, sustainability depends on continued AI infrastructure spending, maintaining Nvidia partnerships, and executing manufacturing at scale. Economic slowdowns or competitive pressures could moderate growth, making execution critical.