Huatai Securities: With the upgrade of computing power, the AI power supply may show four major trends.

According to a report from Huatai Securities, under the trend of transitioning from "scale out" to "scale up" in AI super node cabinets, AIDC power density is experiencing nonlinear growth. With the next-generation cabinets, Nvidia's Kyber and Byte's AI Rack 3.0, surpassing 500kW in power, issues related to bus size and heat dissipation under high current conditions may push the 800V DC solution from a preferred option to a necessity, with both domestic and international 800V industrialization expected to progress simultaneously. The increasing demand for high-density, low-loss, and highly controllable power delivery to chips may lead to four major trends in AI power supply and distribution: higher voltage, multi-layer backup power, module integration, and upgraded front-end solutions. Under these four trends, power supply manufacturers capable of providing HVDC/HV IBC are likely to benefit; companies with capabilities in mechanical and electrical modular systems, as well as those with experience in SST technology, are expected to gain advantages; the strong interoperability between automotive-grade 400V/800V systems and AIDC means that related automotive semiconductor and power semiconductor companies will also benefit.