A single-chip power surpasses one kilowatt; data centers are quietly brewing an 800V revolution.

CITIC Securities believes that as the power of a single AI chip breaks through the 1000W mark, traditional power architectures are approaching their physical limits. To support future GW-level computing power demands, data center power supplies are at a critical point of transitioning from AC to 800V high-voltage DC (HVDC). This is not simply an upgrade in voltage level, but rather a supply chain revolution involving a restructuring of the architecture.

On January 15, CITIC Securities pointed out in its latest report that investors should focus on the segments where the value is most concentrated and the technical barriers are highest in this transformation, particularly those companies that can provide 800V power hosts (PSU/HVDC/SST), as well as indispensable components for solving DC arc-extinguishing problems such as solid-state circuit breakers and third-generation semiconductors (SiC/GaN). For investors, this is not just a technological iteration, but a redistribution of substantial industrial dividends.

Physical Limits Forcing Architectural Restructuring: The Slimming Revolution from 'Coke Bottle' to 'Lipstick'

CITIC Securities highlighted the fundamental driving force of this power revolution: the exponential increase in computing density.

With chips such as the NVIDIA Blackwell B200 surpassing 1000W of power per unit and the possible further increase with upcoming Rubin architecture, rack-level power is moving towards the MW (megawatt) level. The report analyzes that the current 415V AC power supply system has become powerless in the face of such daunting power density.

The report cites striking data comparisons to illustrate the necessity of upgrading to 800V: when transmitting 500kW of power, if the traditional 50V voltage level is used, the required diameter of the copper busbar would reach a staggering 56mm, as thick as a Coke bottle—utterly unacceptable in the space-constrained environment of a server cabinet. However, raising the voltage to ±400V (i.e., 800V system) slashes the diameter to just 14mm, about the thickness of a lipstick.

The report believes that this significant advantage at the physical layer makes high-voltage DC not merely an option, but an inevitable direction for data center development. By using 800V DC power supply, copper usage is drastically reduced, and the power structure is simplified, making transmission of greater power possible.

NVIDIA White Paper Sets Direction: The Ultimate Path of Sidecar Cabinets and SST

The report offers an in-depth interpretation of NVIDIA's 800V power supply white paper, believing it has established a clear evolutionary path for the industry. NVIDIA's roadmap indicates that power solutions will evolve from "AC" to "800V DC (transitional)", then to "800V DC (Sidecar solution)", and finally to the ultimate form of "Solid-State Transformer (SST)".

Notably, the trend of "externalizing the power supply" is worth attention. As power surges, the space occupied by the power module within the rack is growing. Continuing with traditional solutions would mean the power supply would occupy nearly half of the cabinet space, leading to a decline in computational density.

Thus, both NVIDIA and OCP (Open Compute Project) are inclined to separate power supplies to create so-called Sidecar cabinets. According to the report, this architectural transformation has catalyzed new hardware demand: HVDC main units and SST (Solid-State Transformers). Especially SST, considered by the report as the ultimate power solution, can directly step down the power grid’s medium-voltage AC to 800V DC. Though the technology is still at the pilot stage, its potential to save transformers and improve efficiency is enormous.

Hardware Upgrade Dividends: The Rise of 30kW Modules and Solid-State Circuit Breakers

On the hardware side, the CITIC Securities report emphasizes the leaps in PSU (Power Supply Unit) power density. To fit the 800V architecture, single PSUs are progressing from the current 3kW/5.5kW to the 30kW level. This process greatly enhances technical barriers and value, as achieving such high power conversion in a restricted volume requires extensive use of third-generation wide-bandgap semiconductor devices like SiC (silicon carbide) and GaN (gallium nitride).

Furthermore, the report highlights a critical new incremental segment: solid-state circuit breakers. Because DC current has no zero crossing point, traditional mechanical switches generate persistent arcs when disconnecting high-voltage DC, resulting in huge safety hazards.

NVIDIA's 800V white paper explicitly calls for solid-state circuit breakers for protection, using semiconductor devices to achieve microsecond-level fast break and arc-free disconnection. The report believes that this is the best solution to the challenge of HVDC disconnection, and is set to become an essential component of future data center safety systems.

Investment Guideposts: Target High Barriers and Core Incremental Segments

Based on this industry logic, CITIC Securities recommends investors closely track targets aligned with the 800V high-voltage and DC trends.

The report states that investment opportunities are mainly concentrated in four directions: first, in the AIDC power supply mainframe segment where value is most concentrated and technical thresholds are highest, including PSU, HVDC, and SST devices; second, core components born for HVDC pain points—especially solid-state circuit breakers, cabinet-level DC/DC, and electronic fuses as new incremental elements; and last, the underlying materials enabling high power density—third-generation semiconductors (GaN, SiC).

The report firmly believes that in this AI-powered energy revolution, companies providing high-voltage DC solutions will reap substantial alpha gains.

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