Core Viewpoint - The AI server power supply market is projected to become a trillion-yuan market, with rapid growth expected between 2025E and 2027E, driven by advancements in GaN/SiC technology and the adoption of 800V HVDC and SST architectures [2][3]. Market Size and Growth - The AI server power module market is expected to reach $74 billion in 2025E, $150 billion in 2026E, and $325 billion in 2027E, with a CAGR of 110%. The AI server power chip market is projected to grow from $55 billion in 2025E to $154 billion in 2027E, with a CAGR of 67% [4][6]. - The global AI server power market (chip basis) is anticipated to grow from approximately $55 billion in 2025 to $154 billion in 2027, driven by the continuous ramp-up of NVIDIA's NVL72 and other high-power ASIC models [6][39]. Key Components and Directions - The AI server power supply system can be divided into three layers: power supply system (UPS, HVDC, PDU), AC-DC conversion (PSU, PMC, BBU), and DC-DC conversion (PDB, VRM). The core drivers are high power density, high efficiency, and intelligent management [5][13]. - Future developments in AI server power supplies are expected to focus on three main directions: the upgrade of power supply architecture, the enhancement of core power devices, and the intelligentization of power management [9][10]. Incremental Growth Areas - The main incremental growth areas in the AI server power supply industry include: 1) PSU and DC-DC benefiting from GaN/SiC penetration, leading to increased value [10]. 2) The transition to 800V HVDC and SST architecture, which is expected to drive power system upgrades [10]. 3) The increasing importance of PDU and BBU in high power density and intelligent management scenarios [10][18]. Component Value Breakdown - The estimated value of the NVL72 server power system is approximately $70,855, with key components valued as follows: PSU at $9,647, BBU at $7,200, PDB at $4,500, and VRM at $5,783 [28][29]. - The market for DC-DC converters is projected to grow from $13.61 billion in 2025 to $28.47 billion by 2032, with a CAGR of 9.66% [21]. Competitive Landscape - The UPS market is expected to maintain high demand due to its critical role in ensuring power continuity and efficiency in AI data centers, despite the rise of HVDC systems [15][16]. - The market for GaN power devices is becoming increasingly competitive, with significant growth expected as companies focus on scaling production and integrating supply chains [24].