Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved Core Insights - The 800V HVDC power rack is a significant development for AI data centers, with two reference designs: NVIDIA's and the OCP standard led by CSP customers [1][2] - Megmeet's design for NVIDIA features a 570kW power output and is adaptable for space-saving in data centers [4] - The OCP version, exemplified by Delta Electronics, has a total power output of 900kW and is designed for compatibility with existing AI server racks [7][10] Summary by Sections 800V HVDC Power Rack Overview - The 800V HVDC power rack is composed of three main components: PDU, PSU, and BBU [13] - The PSU section in Megmeet's design includes 19 modules, each providing 30kW, with a total power of 570kW [5] - The OCP version has a PSU output voltage of ±400V, designed for better compatibility with existing systems [7] Supplier Insights - Key suppliers for the components include Navitas for gallium nitride PFCs, Inneon and ST Microelectronics for silicon carbide MOSFETs, and Dynapack International for lithium batteries [5][10][11] - The estimated content value of the PDU is $0.15 per watt, and the PSU is $0.35 per watt, leading to a total value of $540k for a single HVDC power rack [13][15] Market Demand and Revenue Projections - Meta is expected to require about 4,000 HVDC power racks, while Google will need around 6,000, leading to a total of 10,000 racks over the next two years [12] - Revenue contributions from the HVDC power rack business could reach approximately $1.1 billion in 2026 and $1.6 billion in 2027 for each of Vertiv and Delta Electronics, accounting for about 15% and 10% of their annual revenues, respectively [16]

[Table_Title] 研究报告 Research Report 3 Jun 2025 全球工业与能源 Global Industrial and Energy AI 数据中心机架高压架构对电网基础设施改造需求 The HVDC distribution system of AI data center rack further prove the needs for grid investment in U.S. 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： APPENDIX 1 The existing power distribution system cannot meet the higher energy efficiency requirements of AI data centers. At ...

Core Insights - The recent GTC conference highlighted the update of the AIDC power architecture, marking a significant development in NVIDIA's supply chain [1][2] - Key focus areas include the independence of power units, increased usage of power shelves, and the importance of components like BBU, supercapacitors, and PDU [1][2][3] - The new power architecture is expected to enhance the value and importance of server power suppliers, with Megmeet positioned to benefit as a pioneer in the Power rack solution [1][3] Power Unit Independence - The GTC conference confirmed that Power rack will become the new generation power technology solution, addressing the increasing power demands of GPUs [1][2] - The new architecture involves moving Power shelf, BBU shelf, and supercapacitor shelf out of the IT rack to form an independent Power rack [2][3] Increased Usage of Power Shelves - Concerns about the sidecar solution reducing the usage of Power shelves were alleviated, as the new architecture actually increases their usage due to an additional power circuit [4][5] - The architecture allows for a three-tier voltage conversion process, enhancing the overall power supply reliability [4][5] Market Potential and Value - The Power rack is projected to have a total value of approximately $216,365, with significant contributions from various modules [6][7] - The introduction of the Power rack is expected to create new revenue streams for Megmeet, transitioning its role from a simple AC/DC supplier to an integrated power solution provider [3][6] Implementation Timeline - Short-term plans involve using AC PSU solutions for GB200 and GB300, while mid-term upgrades will adopt the 800V HVDC sidecar power architecture [8] - The market anticipates that by 2025, Megmeet and other suppliers will begin to see new business opportunities from BBU and supercapacitor products, with significant growth expected in 2026 [8][9] Competitive Advantage - Megmeet is currently the only supplier to have released a sidecar integrated solution, positioning it to capture a significant market share in the Power rack segment [9] - The anticipated growth in AI computing power in China is expected to further boost Megmeet's domestic business, laying a foundation for future market expansion [9]

中金研究 从Power shelf到Power rack，电源厂商重要性大幅升级。 本次GTC大会麦格米特携带Power side car的方案进行参展，同时台达也在演讲中提出下一代 Rubin方案将应用Power rack。Power rack集成了Power shelf、BBU shelf、Super cap shelf、PDU等产品，同时IT rack柜需800V到50V转化进一步增加了电源 使用，因此我们认为电源厂商参与的价值量大幅增加。同时这也意味着AI电源行业竞争壁垒增厚，需具备多产品的技术能力。 800V高压应用使得熔断器等电路保护器件用量增加。 从Delta展示来看，其在Power rack、HVDC power shelf、High voltage DCDC等多处都有应用。我们 认为电源单独成柜导致需要高压方案降低电流以减少线损，而高压方案则进一步带动熔断器等器件用量增加以实现灭弧等电路保护措施。 SST是下一代数据中心的供电技术路线。 SST方案能够直接将高至10~34.5KV的电流转化为800V的直流电输出，整体SST方案采用模块化设计，这也意味 着电压在模块与模块之间均等分布。因此在不 ...