The Power Play: Resistance Is Futile - Ahead of the Curve

研报英文原文证据摘录

The Power Play: Resistance Is Futile - Ahead of the Curve

TD SECURITIES (USA) LLC SECTOR NOTE

May 19, 2026

■Semiconductors The Power Play: Resistance Is Futile - Ahead of

the Curve

Joshua Buchalter, CFA THE TD COWEN INSIGHT

646 562 1303

AI datacenter infrastructure is now measured in gigawatts, with power the highest operating

joshua.buchalter@tdsecurities.com

cost, and energy capacity often gating compute capacity. High voltage architectures are

Jeff Osborne being evangelized to more efficiently deliver power to more dense server racks. In this report,

646 562 1391 we model a $13B greenfield TAM (~60% 5-year CAGR), outline key sockets, and highlight

jeff.osborne@tdsecurities.com

companies best positioned to benefit.

Lannie Trieu, CFA

415 646 7217 Our Thesis: As AI demand appears to continue unabated, increasing rack density of power-

lannie.trieu@tdsecurities.com hungry AI accelerators is driving the industry towards a new 800 VDC architecture. This is

Sean O'Loughlin, CFA critical as investors struggle with the datacenters increasing from ~4.5% of US electricity

646 562 1327 consumption in 2024 to 7-12% by 2028, per Lawrence Berkeley National Lab. As AI continues

sean.oloughlin@tdsecurities.com to proliferate, increasing rack density of power-hungry AI accelerators is driving the industry

towards a new 800 VDC architecture that can drive 92-95% energy efficiency, versus just

Sam Reiff, CFA

75-85% efficiency in traditional AC datacenters.312 577 2217

sam.reiff@tdsecurities.com Power semiconductors are the building blocks of this transition. The demand for and the

Ethan Potasnick demands from power semis are increasing and changing as processor power requirements

646 562 1425 grow and become more diverse and more dynamic. Net, we see AI Power becoming the next