Group 1 - The core viewpoint is that AI monetization is accelerating, with strong capital expenditure from cloud vendors, leading to rapid growth in global data center installations [1] - The overall power density of AIDC (Intelligent Computing Centers) is increasing, and high-voltage direct current (HVDC) distribution solutions are becoming a trend [1] - According to CITIC Securities, the market for power distribution equipment corresponding to global data centers is estimated to be approximately 42.7 billion in 2024, with a potential growth to 100.9 billion by 2028, reflecting a CAGR of about 24% from 2024 to 2028 [1] Group 2 - SST (Solid State Transformer) is identified as the latest technology route under high-voltage direct current distribution, offering advantages in conversion efficiency, construction cycle, space occupation, and new energy access compared to HVDC and other solutions [2] - The SST distribution solution is expected to gradually penetrate the market as NV Rubin Ultra chips and NVL576 enter mass production [2] - The selection of targets should focus on product maturity, technological heritage, and customer base [2]

Core Viewpoint - The monetization of AI is accelerating, with strong capital expenditure from cloud vendors, leading to rapid growth in global data center installations [1] Group 1: AI Monetization and Capital Expenditure - AI monetization is gaining momentum, driven by robust capital spending from cloud service providers [1] - The global data center's new installed capacity is expected to maintain a rapid growth trend [1] Group 2: Power Distribution Technologies - The overall power density of intelligent computing centers (AIDC) is accelerating [1] - High voltage direct current (HVDC) distribution solutions are becoming a prevailing trend [1] - Solid-state transformers (SST) represent the latest technological route under high voltage direct current distribution, offering advantages in conversion efficiency, construction period, footprint, and renewable energy integration compared to HVDC and Panama power solutions [1] Group 3: Market Opportunities and Recommendations - SST distribution solutions are anticipated to gradually penetrate the market as subsequent NV Rubin Ultra chips and NVL576 enter mass production [1] - Companies are advised to select targets based on product maturity, technological synergies, and customer base [1]