Solar Morning Spotlight (5/26): More Insights into 800 VDC & SST Data Center Transition

研报英文原文证据摘录

Solar Morning Spotlight (5/26): More Insights into 800 VDC & SST Data Center Transition

Equity Research

Industry Update — May 26, 2026

Clean Energy

Solar Morning Spotlight (5/26): More Insights

into 800 VDC & SST Data Center Transition

Our Call Praneeth Satish

SemiAnalysis put out a primer on the upcoming transition to 800 VDC & SSTs. Below, we Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

review key differences vs our analysis & incremental insights for our covg. We note that

Michael BlumSemiAnalysis' SST TAM is even larger than our forecast.

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

• TAM. SemiAnalysis sees a ~$13B annual SST TAM by 2030, assuming ~$1.0–1.5/ Ned Baramov, CFA

W ASP. We estimate ~$11B/yr on a lower $0.33–0.41/W ASP but higher AI power Equity Analyst | Wells Fargo Securities, LLC

demand. Given investor pushback that our TAM was aggressive, the SemiAnalysis view Ned.Baramov@wellsfargo.com | 212-214-8021

appears positive relative to market expectations. Eric Shiu

• Batteries. Battery content in 800VDC SST-based data centers could ultimately Associate Equity Analyst | Wells Fargo Securities, LLC

decline. As SSTs become more capable of managing fast load fluctuations, they reduce Eric.Shiu@wellsfargo.com | 212-214-5038

reliance on batteries for short-duration buffering. Jack Farrell, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

• ENPH. For ENPH, the SemiAnalysis take is mixed. GaN-based SSTs are voltage- Jack.L.Farrell@wellsfargo.com | 212-214-8012

limited, which favors low-voltage SSTs deployed closer to the rack, an architecture

ENPH could commercialize sooner. However, if high-voltage SSTs are perfected and