The Global Point

Research evidence excerpt

The Global Point

Point |

Monday, 20 July 2026

Asia | CEEMEA | Latin America | Western Europe | Key Rating and Target Price Changes

Asia

Asia Communication Infrastructure - 800VDC Architecture for Next-Generation

AI Data Centers

In this Super-Sector report, we outline likely implications of the 800VDC

transition and potential Asia beneficiaries in the grey space and IT rack

power/cooling in AI datacenters. As GPU rack power density approaches 1MW, we

forecast 800VDC to reach 79% of new global DC capacity by 2030E, with SST

demand surging from 901 MVA in 2027E to 37,152 MVA in 2030E to replace

traditional LV transformers. 800VDC architecture is driving combined BESS and

BBU battery demand at an 80%+ CAGR through 2030E. We see this as a multi-

layer investment opportunity across six segments: DC operators riding AI demand

tailwind; power equipment names riding SST architecture upcycle; BESS and BBU

suppliers benefiting from rising battery demand; IT rack power/cooling vendors

(incl. BBU, MLCC) benefiting from surging power density and cooling requirement;

liquid cooling providers capturing structural thermal upgrades; and power

semiconductor suppliers underpinning the entire conversion chain.

Kyna Wong | Yiming Li, CFA | Air Ma | Angela Hsu | Anusha Madireddy

China ESS and Battery Materials - Soft Sentiment vs Strong Reality; We Remain

Bullish into 3Q

We spent a week in China and met with various corporate and industry contacts

on the ESS battery supply chain. Feedback was mixed: ESS, Battery, and materials

companies remain very bullish on 2H26E and 27E demand outlook while some

lithium traders are more cautious on 27E price outlook. This trip confirmed that the

underlying demand is still solid despite weak investor sentiment. We maintain our