Thailand isn’t exactly the first country that comes to mind when you think about AI infrastructure. And yet, Bangkok’s stock exchange is having the best year in Southeast Asia, powered almost entirely by one company’s bet on data center power supplies.
Delta Electronics (Thailand) crossed the $100 billion market capitalization threshold back in February 2026, making it the largest listed company in the country by a wide margin. Its stock has surged more than 80% as global demand for AI server power solutions turned what was once a regional electronics manufacturer into a global heavyweight.
The numbers behind the rally
The Stock Exchange of Thailand (SET) Index has climbed roughly 40% year-over-year as of mid-2026, with year-to-date gains of around 23%. For context, that kind of performance would be impressive for a major developed market. For a Southeast Asian exchange that rarely makes global headlines, it’s borderline extraordinary.
Delta’s financials explain a lot of the enthusiasm. In Q1 2026, the company posted record revenue of 61.38 billion THB, a 43.6% jump compared to the same quarter a year earlier. Full-year 2025 revenue came in at $6.0 billion, with net profit hitting $754 million, a 42% year-over-year increase.
