Why do computing power cabinets need to adopt an 800V DC architecture? The semiconductor bull market rotation has reached "power chips"!

(1) Currently, the industry's single-cabinet power consumption is surging from 120kW to 600kW–1MW.

(2) At this scale, the current from traditional 54V/415V power distribution is so high that copper losses and busbars physically cannot handle it: AC → 800V DC → intermediate busbar → chip point load. Each conversion stage requires high-efficiency switching devices. This is a physical bottleneck!

Therefore, the core alpha in the "800V HVDC Data Center Power Conversion Chain" focuses on high-voltage power semiconductors (GaN/SiC) + high-density power modules.

Adopting 800V for AI cabinets essentially brings the established technology from the high-voltage platforms of electric vehicles into data centers. The stock list below can be bookmarked with one click, making it convenient for everyone to track potential beneficiary stocks:

Of course, during the technology integration period, the industry hasn't reached a consensus on how much GaN and how much SiC will be used in 800V systems (generally, GaN is suitable for medium-voltage levels ≤900V, and SiC is for high-voltage levels 1200V+, but they are actually mixed in practice). $INNOSCIENCE(02577.HK) specializes in GaN, while $Navitas Semiconductor(NVTS.US) works on both routes and has cooperation with NVIDIA's 800V solutions;

$Vertiv(VRT.US) / $Eaton(ETN.US) have also entered the public view as power system integrators. The two industry leaders, $Texas Instruments(TXN.US)/$Analog Devices(ADI.US), are also worth noting. Additionally, there are more vertical niche areas, such as

$Vicor(VICR.US) —— High-density power modules

$Monolithic Power(MPWR.US)—— Main supplier of power ICs for NVIDIA

$Powell Industries(POWL.US) —— High-voltage power ICs

$Wolfspeed(WOLF.US), $SICC(02631.HK)—— SiC substrates

Epitaxial equipment - $Veeco Instruments(VECO.US), ceramic substrates for power packaging $Rogers(ROG.US), high-frequency magnetic cores/ferrites $TDK Corporation(TTDKY.US), etc.