东南亚500强中增长最为迅猛的公司，其快速崛起得益于人工智能热潮的强劲助力。生成式人工智能掀起数据中心投资热潮，这些数据中心为存储、处理和分发数据提供了基础设施，是运行人工智能应用的关键。
过去18个月，马来西亚斩获了这波投资的重要份额，吸引了谷歌（Google）、甲骨文（Oracle）和微软（Microsoft）等企业数十亿美元的合作项目。
其中部分热潮也提振了马来西亚部分企业的业绩，包括电子制造服务提供商NationGate。
该公司去年营收达52.7亿马来西亚林吉特（约合16亿美元），成功跻身《财富》东南亚500强第243位。更令人瞩目的是，其营收同比增长超720%，成为今年榜单中营收增速最快的企业。
NationGate还实现了3.42亿美元利润，较前一年激增163%。
数据计算业务板块是其营收主力，今年贡献占比从2023年的17%跃升至88%。NationGate还与汽车和电信行业展开合作。
NationGate超过一半的收入来自马来西亚，另有三分之一来自新加坡。这两个国家无疑是东南亚的数据中心枢纽。
组装人工智能产品是NationGate的核心业务之一，作为英伟达（Nvidia）在东南亚地区唯一的原始设备制造商（OEM）合作伙伴，其竞争优势显著。这意味着它是该地区唯一一家将英伟达备受青睐的图形处理器（GPU）组装成人工智能服务器的企业，而英伟达的图形处理器在高性能人工智能应用领域的应用最为广泛。
NationGate认为人工智能领域“潜力巨大”，其投身人工智能服务器制造领域将助力其抓住东南亚及全球数据中心投资“两位数”年增长率的机遇。
然而，人工智能热潮之下亦暗藏风险。
马来西亚和新加坡均因被指成为受美国出口管制芯片流入中国的渠道而遭受审查。尤其值得关注的是，据报道，美国官员正在调查中国人工智能初创公司深度求索（DeepSeek）是否通过新加坡的第三方机构规避美国出口管制。
今年3月，新加坡内政部长兼律政部长卡斯维斯瓦纳赞·尚穆根（K Shanmugam）表示，疑似搭载受美国出口管制芯片的服务器已被运往马来西亚。针对这一指控，马来西亚贸易部长东姑赛夫鲁（Tengku Zafrul Abdul Aziz）表示，相关官员正展开调查，并郑重承诺将对涉嫌欺诈的本地公司采取必要举措。
从更宏观层面看，东南亚国家或许会受到美国规则的掣肘，这些规则计划对其采购人工智能芯片的数量加以约束（特朗普政府上月已撤销该提案）。
Nationgate已与这一事件划清界限，明确表明未卷入相关调查，然而投资者仍心存顾虑——今年其股价已下跌约40%。（*）
译者：中慧言-王芳
东南亚500强中增长最为迅猛的公司，其快速崛起得益于人工智能热潮的强劲助力。生成式人工智能掀起数据中心投资热潮，这些数据中心为存储、处理和分发数据提供了基础设施，是运行人工智能应用的关键。
过去18个月，马来西亚斩获了这波投资的重要份额，吸引了谷歌（Google）、甲骨文（Oracle）和微软（Microsoft）等企业数十亿美元的合作项目。
其中部分热潮也提振了马来西亚部分企业的业绩，包括电子制造服务提供商NationGate。
该公司去年营收达52.7亿马来西亚林吉特（约合16亿美元），成功跻身《财富》东南亚500强第243位。更令人瞩目的是，其营收同比增长超720%，成为今年榜单中营收增速最快的企业。
NationGate还实现了3.42亿美元利润，较前一年激增163%。
数据计算业务板块是其营收主力，今年贡献占比从2023年的17%跃升至88%。NationGate还与汽车和电信行业展开合作。
NationGate超过一半的收入来自马来西亚，另有三分之一来自新加坡。这两个国家无疑是东南亚的数据中心枢纽。
组装人工智能产品是NationGate的核心业务之一，作为英伟达（Nvidia）在东南亚地区唯一的原始设备制造商（OEM）合作伙伴，其竞争优势显著。这意味着它是该地区唯一一家将英伟达备受青睐的图形处理器（GPU）组装成人工智能服务器的企业，而英伟达的图形处理器在高性能人工智能应用领域的应用最为广泛。
NationGate认为人工智能领域“潜力巨大”，其投身人工智能服务器制造领域将助力其抓住东南亚及全球数据中心投资“两位数”年增长率的机遇。
然而，人工智能热潮之下亦暗藏风险。
马来西亚和新加坡均因被指成为受美国出口管制芯片流入中国的渠道而遭受审查。尤其值得关注的是，据报道，美国官员正在调查中国人工智能初创公司深度求索（DeepSeek）是否通过新加坡的第三方机构规避美国出口管制。
今年3月，新加坡内政部长兼律政部长卡斯维斯瓦纳赞·尚穆根（K Shanmugam）表示，疑似搭载受美国出口管制芯片的服务器已被运往马来西亚。针对这一指控，马来西亚贸易部长东姑赛夫鲁（Tengku Zafrul Abdul Aziz）表示，相关官员正展开调查，并郑重承诺将对涉嫌欺诈的本地公司采取必要举措。
从更宏观层面看，东南亚国家或许会受到美国规则的掣肘，这些规则计划对其采购人工智能芯片的数量加以约束（特朗普政府上月已撤销该提案）。
Nationgate已与这一事件划清界限，明确表明未卷入相关调查，然而投资者仍心存顾虑——今年其股价已下跌约40%。（*）
译者：中慧言-王芳
The Southeast Asia 500’s fastest growing company can thank the AI boom for its rapid rise. Generative AI has driven an investment surge into data centers, which provide the infrastructure for storing, processing and distributing data, key to running AI applications.
Malaysia has garnered a significant share of this investment, attracting multi-billion deals from the likes of Google, Oracle and Microsoft over the past 18 months.
And some of that hype has boosted the fortunes of some of Malaysia’s companies, including NationGate, an electronics manufacturing services provider.
The company generated 5.27 billion Malaysian ringgit ($1.6 billion) in revenue last year, high enough to place it at No. 243 on the Southeast Asia 500. Even more staggeringly, the company grew its revenues by more than 720%, making it the fastest-growing company in terms of revenue on this year’s list.
NationGate also earned $342 million in profits, a respectable 163% increase from the year before.
The company’s data computing segment drove much of its revenue, contributing 88% this year compared to 17% in 2023. NationGate also works with the automotive and telecommunications sectors.
More than half of Nationgate’s revenue comes from Malaysia; another third comes from Singapore. The two countries are arguably Southeast Asia’s data center hubs.
One of NationGate’s key businesses is assembling AI products. And it has a key advantage in this space, as Nvidia’s only original equipment manufacturing partner in Southeast Asia. That means NationGate is the only company in the region that assembles Nvidia’s highly-sought-after graphics processing units (GPUs) into AI servers. Nvidia’s GPUs are by far the most used in high-performance AI applications.
NationGate sees “immense potential” in AI, and that its entry into AI server manufacturer will help it tap into “double digit” annual growth in data center investments in both Southeast Asia and globally.
But the AI boom brings risks too.
Both Malaysia and Singapore have faced scrutiny due to allegations that both countries are channels for controlled U.S. chips to make their way to China. In particular, U.S. officials are reportedly examining whether DeepSeek, the Chinese AI startup, circumvented U.S. export control measures with the help of third parties in Singapore.
In March, K Shanmugam, Singapore’s Law and Home Affairs Minister, said servers containing chips controlled under U.S. export controls appeared to have been sent to Malaysia. Following that allegation, Malaysia trade minister Tengku Zafrul Abdul Aziz said officials were investigating and vowed to take necessary action against local companies engaging in fraud.
More broadly, countries in Southeast Asia were subject to possible U.S. rules that would cap the number of AI chips they could buy. (The Trump administration scrapped this proposal last month.)
Nationgate has distanced itself from the subject and has clarified that it was not involved in the investigations. But investors are still spooked. NationGate’s shares are down by some 40% this year.