Nvidia(US:NVDA) 券商中国·2025-08-01 10:55Core Viewpoint - The partnership between InnoPhase and NVIDIA marks a significant advancement in the development of 800V direct current (DC) power architecture for AI data centers, which is expected to enhance efficiency and reliability in power supply systems [3][6]. Group 1: Stock Performance - On August 1, InnoPhase's stock price surged, reaching a peak increase of over 60%, with a market capitalization exceeding 640 billion HKD [1][5]. - The stock closed with a 30.91% increase at 57.6 HKD per share, with a trading volume that exceeded 42 billion HKD, representing an increase of over 1800% compared to the previous trading day [5]. Group 2: Partnership Details - InnoPhase has been officially recognized as a chip supplier for NVIDIA's 800V DC power architecture, indicating a deep collaboration aimed at scaling this technology in AI data centers [3][6]. - The 800V DC architecture is designed to support the increasing power demands of modern AI workloads, transitioning from traditional 54V systems to accommodate megawatt-scale racks starting in 2027 [5][6]. Group 3: Technological Advancements - InnoPhase's third-generation GaN devices are noted for their high efficiency and power density, providing a comprehensive power solution from 800V input to GPU terminals, covering a range from 15V to 1200V [6][10]. - The integration of GaN technology with NVIDIA's 800V DC architecture is expected to facilitate a leap from kilowatt to megawatt capabilities in AI data centers, promoting a more efficient and environmentally friendly computing era [6][11]. Group 4: Company Background - InnoPhase, established in December 2015, focuses on the research and industrialization of third-generation semiconductor silicon-based gallium nitride (GaN) [9]. - The company operates under an IDM model, encompassing chip design, epitaxial growth, manufacturing, testing, and failure analysis, and holds the largest production capacity for 8-inch silicon-based GaN wafers globally [9]. Group 5: Financial Performance - InnoPhase reported a revenue of 829 million CNY for 2024, reflecting a year-on-year growth of 39.8%, driven by increased market demand [11]. - The company experienced a net loss of 1.046 billion CNY in 2024, slightly improved from a loss of 1.102 billion CNY in the previous year [11].