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 [1] Group 1: Market Size and Growth - The AI server power module market (including PDU, AC-DC, DC-DC) is expected to reach $7.4 billion in 2025E, $15 billion in 2026E, and $32.5 billion in 2027E, with a CAGR of 110% [2] - The AI server power chip market is projected to grow to $5.5 billion in 2025E, $9.6 billion in 2026E, and $15.4 billion in 2027E, with a CAGR of 67% [2] Group 2: Key Beneficiaries and Trends - The core growth areas in the AI server power supply industry are identified as PSU and DC-DC (VRM + PDB), HVDC + SST architecture, PDU, BBU, and passive components like capacitors and inductors [1] - The value of components in the NVL72 server power system is estimated at approximately $9,647 for PSU, $7,200 for BBU, $4,500 for PDB, and $5,783 for VRM [2] - The evolution of AI server power supplies is expected to follow three main directions: increased penetration of GaN/SiC semiconductors, gradual rollout of 800V HVDC and SST architectures starting in 2027, and rapid adoption of smart power management and digital control [2]

Core Viewpoint - The rapid development of AI is significantly increasing its electricity demand, with projections indicating that by 2026, AI's power consumption will be at least ten times that of 2023, leading to growth opportunities for server power supply systems [2] Group 1: AI Power Demand - The International Energy Agency (IEA) forecasts that AI industry electricity consumption will surge, with the U.S. Department of Energy predicting data center power demand in the U.S. to reach between 74-132 GW by 2028 [2] - Global competition in AI is intensifying, with significant investment plans announced by the U.S. and the EU, which are expected to further drive AI electricity demand [2] Group 2: Server Power Supply Upgrades - AI data centers require a transition of power from high-voltage electricity to chip-level voltage, involving three types of power supplies: UPS, AC-DC server power, and DC-DC chip power [3] - Current trends show that server power supplies are upgrading towards higher efficiency and power density, with future applications of 8kW and 12kW server power supplies anticipated [3] Group 3: Market Size and Growth - The market size for NVIDIA's AI server AC-DC power supply is projected to reach between 35.1 billion to 45.5 billion yuan by 2025, with a year-on-year growth rate of 43%-86% [4] - Major players in the AI server power supply market include Delta and Lite-On Technology, with revenues of approximately 1.82 billion yuan and 900 million yuan respectively in 2023 [4] Group 4: Components and Opportunities - The introduction of BBU (Battery Backup Unit) and supercapacitors in NVIDIA's GB300 server rack is expected to create development opportunities, as these components ensure stable power supply during outages [5] - The estimated value of BBU and supercapacitors in the GB200 NVL72 rack is approximately $10,800 and $7,500 respectively, indicating a low sensitivity of end-user cloud companies to these costs [5]