Asia Power Equipment: Implications of 800V DC Data Center Architecture. Call Series Takeaways

研报英文原文证据摘录

Asia Power Equipment: Implications of 800V DC Data Center Architecture. Call Series Takeaways

J P M O R G A N Asia Pacific Equity Research

29 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Asia Power Equipment

Implications of 800V DC Data Center Architecture. Call

Series Takeaways

Recent discussions with investors have centered on whether our coverage could be Power Equipment and Utilities

ACvulnerable if data centers begin moving from traditional AC systems toward an Stephen Tsui, CFA

800V DC architecture. The concern is that adopting 800V DC could change the (852) 2800-8592

product mix and, as a result, influence demand for low-voltage electrical stephen.tsui@jpmorgan.com

equipment. We respond to these questions in this note following a series of Vento Suen

conversations with companies that offer products tied to 800V applications. Our (852) 2800-8546

view is that 800V DC represents an “edge” configuration for data centers rather vento.suen@jpmorgan.com

than a wholesale substitute for the existing AC backbone. It may also open up Alan Hon

incremental growth avenues for firms developing next-generation solutions such (852) 2800-8573

alan.hon@jpmorgan.com

as solid-state transformers, and our discussions indicate several Chinese vendors J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

have already provided prototypes to U.S. cloud service providers, with Morgan Broking (Hong Kong) Limited

commercialization likely in late 2027 or 2028. Korean power companies are also