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

研报英文原文证据摘录

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

Executive Summary: The Power Play: Resistance Is Futile

Our Thesis: As AI continues to proliferate, increasing 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 75-85% efficiency in traditional AC datacenters. Power semiconductors are the building block of this transition. The demand for and the demands

from power semis across the datacenter are increasing and changing as processor power requirements grow, become more diverse, and more dynamic. We think AI power is

becoming the next meaningful growth vector for broad-based semis companies, including SiC and GaN. Beyond just the AI narrative halo for stocks, the AI power semis market is

a rising tide that can lift all boats. We forecast an ~$13B by 2030E (~60% 5-year CAGR), with the potential to become a meaningful revenue driver even for large companies.

5 Key Takeaways In This Report

1. Increasing accelerator TDP (a proxy for power consumption) and compute density within racks are driving exponential absolute power demand increases, while different

operations and workloads drive intense fluctuations in power.

2. As power requirements grow, become more diverse, and more dynamic, power semiconductors are the building blocks for the transition to 800 VDC datacenters, enabling the

power density required for 1MW+ racks.

3. We see stage 2 power and intermediate bus converters (IBCs) as the largest parts of the AI datacenter power TAM by 2030 (~60% of the TAM).

4. In our view, the AI datacenter power market could become >10% of the total power market by 2030E. We see the opportunity as a rising tide that lifts all boats – one that