Core Viewpoint - Nvidia has introduced an outdoor DC solution to address the increasing power density issues in cabinets, effectively reducing power loss [1] Group 1: Nvidia's Proposal - Nvidia proposed an 800VDC outdoor solution, utilizing medium-voltage rectifiers or solid-state transformers (SST) as the ultimate solution [1] - The high-voltage direct current (HVDC) system is referenced as a future power supply solution, driven by the exponential growth in computing power demands [1] Group 2: Efficiency of Medium-Voltage Rectifiers and SST - Medium-voltage rectifiers convert medium-voltage AC (typically 1kV to 35kV) directly to DC, achieving over 98% efficiency and reducing footprint [2] - Solid-state transformers combine power electronics with high-frequency transformer technology, also achieving over 98% efficiency [2] Group 3: Market Commercialization Progress - Leading companies are advancing HVDC technology domestically and internationally, with Alibaba starting tenders in 2018 and Tencent planning for 2025 [3] - Internationally, Meta's Prometheus project may tender in 2026, while Google is promoting ±400V standardization [3] Group 4: Industry Chain Differences - The core difference in the industry chain lies in the transformers used, with medium-voltage rectifiers utilizing phase-shifting transformers and solid-state transformers using high-frequency transformers [4]