The Buyers Behind Forty-Three PercentThin moat

Amphenol (APH) — moat facet

The AI buyers behind 43% of Amphenol's sales are never named, and the no-customer-above-10% disclosure cannot show how concentrated they are.

The most important customers Amphenol has are the ones it tells us least about. IT datacom was 43% of sales in the June 2026 quarter1, with sales of $3.8 billion, "growing 89% in U.S. dollars and 63% organically"2. Amphenol does not disclose AI revenue as such, and it discloses no concentration inside the market.

Amphenol net sales by quarter and guidance ($M)5,650Q2 20257,620Q1 20268,758Q2 20269,350Q3 2026 guide midpointAmphenol Q1 and Q2 2026 results releases; guidance range $9.3-9.4bn
Sales up by more than half in a year, and guided higher.

The 10-K describes them only as a group: "some of our customers are making significant investments in AI, and these investments are driving robust demand for certain of the Company's products"3. It lists the applications they buy for, beginning with AI, servers, cloud computing and data centres4.

The quarter-by-quarter figures show how fast this group has grown. Total sales were $5,650.3 million in the June 2025 quarter, $7,620.1 million in March 2026 and $8,758.1 million in June 202656, and Amphenol guided the September quarter to $9.3 billion to $9.4 billion7. Sequential growth of 22% in IT datacom in the June quarter was driven "virtually all" by AI products: "Virtually all of this growth was driven by sales of AI related products"8.

The absence of a customer above 10%9 is consistent with these buyers purchasing through many contract manufacturers and system builders. The economic concentration may therefore be greater than the legal one; the filings do not let a reader tell.

The application list gives a sense of who they are. The 10-K says IT datacom sales went into AI, servers, cloud computing, storage systems, data centres, transmission and networking equipment10. In the fourth quarter of 2025 the market was 38% of sales and grew 110%11, and inside CommScope's business IT datacom is heading for "just a bit less than half" of sales12. The concentration is rising in the parts of the company that were diversified a year ago.

Without names, the share of sales has to do the work. If IT datacom passes half of Amphenol's sales, the company's fortunes will be set by the capital budgets of a few unnamed buyers, whatever the customer table says.

Moat trajectory: Narrowing

IT datacom 43% of sales in Q2 2026, from 36% for 2025.

The number that tests this moat
Reported
IT datacom sales, latest quarter
$3.8bn (Q2 2026), +89% in dollars and +63% organically

The size of the unnamed AI customer base; a sequential fall would be the first sign their budgets have turned.

Source: Amphenol Q2 2026 earnings call ↗
References
  1. ReportedIT datacom was 43% of sales in the June 2026 quarter, with sales of $3.8 billion, "growing 89% in U.S. dollars and 63% organically".
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  2. ReportedIT datacom was 43% of sales in the June 2026 quarter, with sales of $3.8 billion, "growing 89% in U.S. dollars and 63% organically".
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  3. ReportedThe 10-K describes them only as a group: "some of our customers are making significant investments in AI, and these investments are driving robust demand for certain of the Company's products".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  4. ReportedIt lists the applications they buy for, beginning with AI, servers, cloud computing and data centres.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  5. ReportedTotal sales were $5,650.3 million in the June 2025 quarter, $7,620.1 million in March 2026 and $8,758.1 million in June 2026, and Amphenol guided the September quarter to $9.3 billion to $9.4 billion.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  6. ReportedTotal sales were $5,650.3 million in the June 2025 quarter, $7,620.1 million in March 2026 and $8,758.1 million in June 2026, and Amphenol guided the September quarter to $9.3 billion to $9.4 billion.
    Amphenol first-quarter 2026 results release, Form 8-K exhibit 99.1 - segment results, orders and the China tax items. — Q1 2026 · publ. 29 April 2026 · source ↗
  7. ReportedTotal sales were $5,650.3 million in the June 2025 quarter, $7,620.1 million in March 2026 and $8,758.1 million in June 2026, and Amphenol guided the September quarter to $9.3 billion to $9.4 billion.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  8. ReportedSequential growth of 22% in IT datacom in the June quarter was driven "virtually all" by AI products: "Virtually all of this growth was driven by sales of AI related products".
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  9. ReportedThe absence of a customer above 10% is consistent with these buyers purchasing through many contract manufacturers and system builders.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13): segment sales and operating income, geography and sales channel. — FY2025 · publ. 11 February 2026 · source ↗
  10. ReportedThe 10-K says IT datacom sales went into AI, servers, cloud computing, storage systems, data centres, transmission and networking equipment.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  11. ReportedIn the fourth quarter of 2025 the market was 38% of sales and grew 110%, and inside CommScope's business IT datacom is heading for "just a bit less than half" of sales.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  12. ReportedIn the fourth quarter of 2025 the market was 38% of sales and grew 110%, and inside CommScope's business IT datacom is heading for "just a bit less than half" of sales.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
Sources
Generated September 28, 2026