First Principles - AI Power Infrastructure Following the Power

研报英文原文证据摘录

First Principles - AI Power Infrastructure Following the Power

J P M O R G A N Europe Equity Research

25 June 2026

First Principles - AI Power

Infrastructure

Following the Power

AI is creating a structural, multi-year demand cycle for power semiconductors driven European Tech Hardware &

by 1) massive grid/ micro-grid investments to feed AI data centers, and 2) the need for Payments

more efficient power conversion inside the data center, from AC-DC front-end Sandeep Deshpande AC

conversion to point-of-load at the GPU. Both vectors demand advanced power (44-20) 7134-5276

semiconductor content such as silicon carbide (SiC), gallium nitride (GaN), next- sandeep.s.deshpande@jpmorgan.com

generation MOSFETs, and intelligent power modules. This note discusses the AI J.P. Morgan Securities plc

power semiconductor market, the upcoming architectural shifts in the market, the Anthony Girard

opportunities from the shifts and the key players. (44-20) 3493-6469

anthony.girard@jpmorgan.com

• We forecast market to have 3-year CAGR growth of ~82% to 2028: Based J.P. Morgan Securities plc

on JP Morgan forecasts of up to 80GW of new AI data center capacity to be Craig A McDowell

installed in 2028 (vs. ~60GW in 2027) we size the AI power semiconductor (44-20) 7742-4576

craig.mcdowell@jpmorgan.com

market to be ~$16bn in 2028, with upside to $20bn+ under stronger content/ J.P. Morgan Securities plc

compute addition assumptions from our calculation of ‘25 market size of US Semiconductors &

$2.7bn. Semiconductor Capital Equipment /

• 800V DC architectural shift will significantly increase semiconductor IT Hardware

content: The data center mkt is moving to 800V high-voltage DC distribution Harlan Sur

to reduce current, copper usage, and power losses. Today’s architecture chains (1-415) 315-6700