Summary of Solid-State Transformer Industry Conference Call Industry Overview - The solid-state transformer (SST) industry is experiencing continuous catalysis, particularly in North America and China, with significant developments expected from late 2026 to early 2027, leading to small batch orders and large-scale applications by 2028 [2][16]. Key Points and Arguments - **Core Drivers for Data Center Power Supply Upgrade**: The rapid increase in server power necessitates a simplified power supply circuit due to the limitations of traditional methods, which are space-consuming, inefficient, and generate excessive heat [1][3]. - **Optimization Methods**: Data center power supply systems can be optimized by reducing the number of front-end devices and increasing voltage, which lowers current and heat generation. The SST technology can replace traditional transformers and rectifiers, offering multiple output voltages [5][6]. - **Efficiency Advantages**: SSTs can achieve an overall efficiency of 95%-98%, compared to 90%-95% for traditional HVDC systems, significantly impacting project profitability [6][16]. - **China's Leading Position**: China is ahead in SST applications compared to Europe and the US, with significant adoption in research and demonstration projects by state-owned networks [7][12]. - **Recent Developments**: Key events include Google's proposal for a 400V system, NVIDIA's plans for 800V HVDC, and partnerships like Qinhuai's collaboration with Meituan for commercial SST solutions [8][16]. Competitors and Market Landscape - **Major Competitors**: Key players in the SST market include Delta, Eaton, Schneider, and Weili, with Delta leading in product development and partnerships [11][12]. - **Chinese Companies**: Notable Chinese firms such as Xidian, Sifang, and TBEA are gaining traction, with successful applications in state network projects and ongoing product iterations [12][15]. Industry Trends - **Performance and Cost**: SSTs are positioned as the ultimate power supply solution, offering competitive costs and strong economic viability [13][16]. - **Global Market Entry**: Chinese companies are expected to capture significant market shares in North America, either directly or through ODM partnerships [14][16]. - **Increasing Demand**: The rising power density of server components is driving the demand for high-power density products, making SSTs a necessary choice [14][16]. Key Factors for Future Development - **Performance and Cost Advantages**: These will solidify SSTs as the preferred power supply solution [16]. - **Technological Leadership**: China's technological edge will facilitate entry into international markets [16]. - **Growing Demand**: The increase in server power density will further propel the industry [16]. This comprehensive overview highlights the solid-state transformer industry's current state, competitive landscape, and future prospects, emphasizing the importance of ongoing developments and market dynamics.