Hardware & Networking Watts Up! Shift to 800V Rewiring AI DC Power Stack Driving Multi-Billion Dollar Opportunities; APH, FLEX, TEL, WOLF Best Positioned in Coverage

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Hardware & Networking Watts Up! Shift to 800V Rewiring AI DC Power Stack Driving Multi-Billion Dollar Opportunities; APH, FLEX, TEL, WOLF Best Positioned in Coverage

J P M O R G A N North America Equity Research

09 June 2026

Hardware & Networking

Watts Up! Shift to 800V Rewiring AI DC Power Stack

Driving Multi-Billion Dollar Opportunities; APH, FLEX,

TEL, WOLF Best Positioned in Coverage

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Legacy rack architectures are running out of runway as AI-driven compute, Joseph Cardoso

memory, and interconnect push power envelopes toward 600 kW and beyond, (1-212) 622-9036

joseph.cardoso@jpmchase.com

where excessive amperage, heat, and copper content render low-voltage designs

Manmohanpreet Singh

physically and economically impractical. The industry’s answer is a step-change

(1-212) 622-4527

to 800V, which cuts amperage by ~15x and tames the so-called “copper tax,” albeit manmohanpreet.singh@jpmchase.com

at the cost of introducing new technologies. While the destination is broadly agreed Marc Vitenzon

upon, the journey is likely to unfold in phases, with architectural approaches (1-212) 622-3342

differing simplistically in where AC-to-DC conversion occurs, with some more marc.vitenzon@jpmchase.com

palatable in the near-term given retrofit feasibility and supply chain maturity, while J.P. Morgan Securities LLC

others are better suited in the long-term as power densities inflect higher. The

directional shift is nonetheless clear, and is already shaking up the supplier

landscape from silicon to substation in order to prepare for data center IT loads that

are on track to triple to ~300 GW by 2030, and dollar content scaling even faster,