Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **U.S. energy sector**, specifically addressing the **electricity supply-demand imbalance** in the United States, which is projected to exceed **200 GW** in the coming years due to factors such as increased electrification of end-use electricity, growth in industrial and commercial loads, and extreme weather events [1][4][9]. Core Insights and Arguments 1. **Electricity Supply-Demand Imbalance**: - The U.S. electricity grid is significantly less interconnected than China's, limiting the ability to balance supply and demand effectively. The eastern, western, and Texas grids are all facing severe shortages, with a minimum gap of **70 GW** even under conservative estimates [1][7][9]. 2. **Drivers of Increased Demand**: - The rapid increase in **AI computing power** is a major factor contributing to the electricity shortage, with potential demand growth of **80 GW** to **200 GW** from 2024 to 2029 [3]. - The **electrification of end-use** in heating (heat pumps) and transportation (electric vehicles) is accelerating electricity demand [3][5]. - The growth of data centers, cryptocurrency mining, semiconductor manufacturing, and electric vehicle production is driving high and stable electricity demand [5][6]. 3. **Challenges in Power Generation**: - The U.S. has seen a decline in reliable power sources such as coal, nuclear, and hydroelectric power, with a reduction of over **70 million kW** in high-reliability capacity since 2014 [5][6]. - The aging infrastructure and lengthy interconnection processes hinder the timely addition of new capacity, with an average interconnection time exceeding **3 years** [6][10]. 4. **Potential Solutions**: - Expanding effective energy capacity and improving capacity factors are essential. This includes increasing the use of gas, nuclear, and fuel cells, as well as enhancing interconnections between regions [10]. - The application of **energy storage technologies** is crucial for balancing supply and demand, particularly in high-response areas like data centers [11][12]. - User-side management strategies, such as upgrading supply structures, can help reduce peak demand [10]. 5. **Growth of the Energy Storage Market**: - The U.S. energy storage market is expected to grow significantly, with projections of **50%-60%** growth by 2026, driven by data center demand [12][14]. - Data centers are anticipated to contribute an additional **20 GWh** to the storage market by 2026 [14]. 6. **Lithium Battery Industry Outlook**: - The lithium battery sector is expected to benefit from domestic and international storage projects and data center construction, with growth rates potentially reaching **60%** by 2026 [15]. - Supply constraints in battery components, such as lithium hexafluorophosphate and anode materials, are expected to lead to price increases [15][16]. Additional Important Insights - **Nuclear Energy**: There is a growing interest in nuclear technology, particularly small modular reactors (SMRs) and fusion energy, as potential solutions to the electricity shortage [29][30][32]. - **Gas Turbine Market**: The gas turbine market is experiencing explosive growth in orders, with significant demand expected through 2025 [28]. - **High Voltage Direct Current (HVDC) Technology**: The shift towards HVDC technology in data centers is becoming a trend, with solid-state transformers (SST) seen as the future direction [23][24][25]. Investment Opportunities - Key companies in the lithium battery and energy storage sectors, such as **CATL**, **EVE Energy**, and **Xingwangda**, are highlighted as having significant investment potential due to their growth strategies and market positioning [17][18].

Core Insights - The article discusses the increasing importance of high-voltage direct current (HVDC) technology in data centers, particularly in the context of NVIDIA's 800V HVDC architecture, which aims to address power efficiency and component space issues in AI server designs [9][11]. Group 1: NVIDIA's HVDC Technology - NVIDIA's 800V HVDC architecture is designed to improve energy efficiency by reducing the number of AC/DC conversion steps, potentially increasing end-to-end power efficiency by up to 5% [11]. - The architecture aims to lower maintenance costs by 70% due to reduced PSU failures and lower labor costs for component maintenance [11]. - The expected power capacity of NVIDIA's Rubin Ultra NV576 cabinet is projected to exceed 600kW by 2027, significantly higher than traditional server cabinets [9]. Group 2: Market Potential and Growth - Bernstein estimates that the total addressable market (TAM) for NVIDIA's AI server power components will exceed $8 billion by 2027, doubling from $4 billion in 2025 [4]. - The power component share in NVIDIA's VR200 series is expected to be 2-3 times that of the GB200 NV72 series, driven by increased GPU thermal design power (TDP) [3]. - The VR Ultra series, utilizing the 800V HVDC technology, is anticipated to have a power component share 7-8 times that of the GB200 series, reflecting the growing demand for high-density GPU configurations [3]. Group 3: Delta's HVDC Solutions - Delta's 800V HVDC solution aligns with NVIDIA's approach, focusing on a single-step conversion from medium-voltage AC to high-voltage DC, which replaces traditional multi-stage conversion processes [13]. - Delta plans to implement its HVDC solutions in three phases, starting with a transitional 50V server solution and progressing to native 800V servers [15][16]. - The final phase aims to utilize solid-state transformers (SST) for AC-DC conversion, enhancing efficiency to over 92% and significantly reducing operational costs [16]. Group 4: Competitive Landscape - Key players in the HVDC market include Delta, Lite On/Flex Power, and others, with Delta aiming to double its AI power component revenue by 2025 compared to competitors [20]. - Companies like LITE-ON and Flex Power are also focusing on AI server power solutions, with specific revenue targets and product developments in the HVDC space [20][21]. - The competitive landscape is characterized by ongoing collaborations and technological advancements aimed at enhancing power efficiency and reducing costs in data center operations [20][21].