Data Centre Central: 800VDC looming faster. Introducing UBS DC value chain Coverage Map & Valuations

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Data Centre Central: 800VDC looming faster. Introducing UBS DC value chain Coverage Map & Valuations

hat there is a race Analyst

between the key current technology vendors. We expect product launches and chris.leonard@ubs.com

production starts newsflow to continue to drive differentiation between the +44-20-7568 3958

electrical equipment suppliers this year and see Data Centre World expo in Gabriel Huber

Singapore at the end of September as the key catalyst. Based on developments so Associate Analyst

far, we think Delta Electronics is leading this space, followed by ABB and Siemens gabriel.huber@ubs.com

while in the past Siemen's capability in 800V space was slightly underappreciated +44-20-7883 0295

by the market (vs clear progress in solid state circuit breaker as per Infineon supply

agreement). While Schneider has some content that can come under pressure (eg

UPS), we are reassured by its positioning in refence architectures with NVIDIA and

latest manufacturing agreement of standardised modules with Foxconn (details

inside). We have some concerns over Legrand's portfolio and the likely migration

of in-rack power distribution units to side-car PDUs. We believe the company will

have to back up its existing defensive message on this topic with launches new

products directly addressing the new architecure at DC World expo in September

(where it will also be hosting a CMD on 29th).

Stock views: In our European Capital Goods coverage, in terms of level

technology progress positioning, our view is ABB > Schneider / Siemens

> Legrand and our top picks in this space are Siemens and Schneider (both Buy

rated). With respect to our U.S. coverage, we remain positive on all industrial

companies exposed to AI infrastructure investment, with our preference reflecting