CSC released a research report stating that the fundamental driver of AI power supply solutions is the continuous increase in single-chip and single-rack power. Currently, AI chip manufacturers led by Nvidia (NVDA.US) are continuously iterating and upgrading the power of their latest AI chips. Through multi-chip designs such as NVL72 (Nvidia) and Superpod (Google), single-rack power is further advancing towards the megawatt level. By 2028, the power of new AI data centers in North America could reach 71GW. Prioritizing industry trends while balancing flexibility and company alpha, four major directions are worth watching: AIDC power hosts, utility-scale energy storage, core incremental components, and third-generation semiconductors like GaN and SiC. The main views of CSC are as follows.
The fundamental driver of AI power supply solutions is the continuous increase in single-chip and single-rack power. AI chip manufacturers led by Nvidia are continuously iterating and upgrading the power of their latest AI chips. Nvidia has increased from 250W per chip in the Maxwell era to over 1000W for the B200 chip; self-developed chips from Google, Microsoft, and Meta are also advancing towards over 1000W per chip. Through multi-chip designs like NVL72 (Nvidia) and Superpod (Google), single-rack power is further advancing towards the megawatt level. By 2028, the power of new AI data centers in North America could reach 71GW.
High power, high voltage, and DC are the main directions for AIDC power iteration. The 800V power supply white paper released by Nvidia outlines a clear iterative path: AC → 800V DC (low-voltage rectifier transition) → 800V DC (HVDC sidecar solution) → SST (solid-state transformer). Meanwhile, the OCP organization has established a ±400V power supply standard through iterations of multiple standards. However, the goal of both is to achieve MW-level rack power through DC power supply, and both recognize SST as the ultimate power supply solution.
From nothing to something, from small to large: What changes and growth has the iterative power supply solution brought? In terms of product form, integrated hosts like HVDC Sidecar and SST, which combine multiple devices and functions, can achieve various functions such as single-step voltage reduction, AC/DC conversion, backup power, and power quality improvement. The key R&D challenges lie in the power conversion modules (PSU) and high-frequency isolation transformers within them. From a technical foundation perspective, third-generation wide-bandgap semiconductors like SiC and GaN are crucial for power supplies to achieve high voltage, high efficiency, and high conversion ratio output, while the design of circuit topologies places high demands on a company's R&D capabilities. In terms of incremental components, adopting high-voltage DC power supply necessitates adding components such as solid-state circuit breakers within the rack, DC/DC power supplies, electronic fuses, and vertical power delivery (VPD). Simultaneously, to ensure power supply reliability and quality, CBUs and BBUs have also become essential. Energy storage has become the primary choice to address the US power gap and the grid connection crisis for data centers.
Investment recommendation: Prioritizing industry trends while balancing flexibility and company alpha, the following four major directions are worth watching. (1) AIDC Power Hosts (PSU, HVDC, SST): Sungrow Power (300274.SZ), Megmeet (002851.SZ), Oulun (300870.SZ), Jinpan International (688676.SH), Sieyuan Electric (002028.SZ), Eaglerise (002922.SZ), KSTAR (002518.SZ), Kehua Data (002335.SZ), Zhongheng Electric (002364.SZ), Xinfengguang (688663.SH), etc. (2) Utility-scale energy storage: Sungrow Power, Canadian Solar (CSIQ.US), Fluence Energy (FLNC.US), etc. (3) Core incremental components (solid-state circuit breakers, electronic fuses, CBU/BBU, DC/DC, high-frequency isolation transformers, VPD, etc.): Liangxin Electronics (002706.SZ), Blue Lithium Core (002245.SZ), Vicor Corporation (VICR.US), etc. (4) Third-generation semiconductors like GaN and SiC. Considering company alpha, business flexibility, and progress, Sungrow Power, Megmeet, Oulun, Liangxin Electronics, and Jinpan International are recommended.
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