CITIC Securities: Computing Power Breaks Through the Power Boundary, SST Marks the Start of a New Cycle of Silicon Advancing and Copper Retreating

CITIC Securities' research report indicates that the performance and density improvements of AI chips have led to a surge in power consumption at intelligent computing centers. The traditional uninterruptible power supply (UPS) architecture has reached its limits in various aspects including energy consumption and footprint, prompting a rapid shift in AIDC power supply and distribution towards high-voltage direct current (HVDC). In the short term, HVDC systems and Panama power sources are expected to serve as transitional solutions. In the long term, 800VDC combined with solid-state transformers, leveraging advantages such as medium-voltage direct access, high-frequency isolation, and the silicon-to-copper transition, may become the ultimate solution for high-density computing power supply. It is recommended to pay attention to core components such as SST complete machines, SiC, high-frequency magnetic components, capacitors, and solid-state circuit breakers.