摩根大通-第一性原理：AI电力基础设施：追踪电力需求-First Principles-AI Power Infrastructure：Following the Power-20260625

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FirstPrinciples-AIPowerInfrastructure

FollowingthePower

AIiscreatingastructural,multi-yeardemandcycleforpowersemiconductorsdrivenby1)massivegrid/micro-gridinvestmentstofeedAIdatacenters,and2)theneedformoreefficientpowerconversioninsidethedatacenter,fromAC-DCfront-endconversiontopoint-of-loadattheGPU.Bothvectorsdemandadvancedpowersemiconductorcontentsuchassiliconcarbide(SiC),galliumnitride(GaN),next-generationMOSFETs,andintelligentpowermodules.ThisnotediscussestheAIpowersemiconductormarket,theupcomingarchitecturalshiftsinthemarket,theopportunitiesfromtheshiftsandthekeyplayers.

•Weforecastmarkettohave3-yearCAGRgrowthof~82%to2028:BasedonJPMorganforecastsofupto80GWofnewAIdatacentercapacitytobeinstalledin2028(vs.~60GWin2027)wesizetheAIpowersemiconductormarkettobe~$16bnin2028,withupsideto$20bn+understrongercontent/computeadditionassumptionsfromourcalculationof‘25marketsizeof$2.7bn.

•800VDCarchitecturalshiftwillsignificantlyincreasesemiconductorcontent:Thedatacentermktismovingto800Vhigh-voltageDCdistributiontoreducecurrent,copperusage,andpowerlosses.Today’sarchitecturechainsfourtofiveconversionstages(transformer→UPS→PDU→serverPSU→VRM),yieldingonly~85–88%end-to-endefficiency.The800VHVDCmodelremovesthreeofthese:thedouble-conversionUPS(replacedbyDC-nativebatterybackupconnecteddirectlytothe800Vbus),therack-levelstep-downtransformerandPDU(replacedbysimple800Vbusbars),andtheper-serverAC-DCPSU(consolidatedinpowerracksorfurtherupstream).ThenewarchitectureincreasessemiconductorcontentthroughcentralizedAC-DCrectifiersbuiltaroundhigh-voltageSiCMOSFETs.(Inthelongerterm,Solid-StateTransformers(SST)willconvertACdirectlyto800VDC);Solid-StateCircuitBreakers(SSCB)usingSiC;DC-nativebatterybackupunits(BBUs)withbidirectionalDC-DCconvertersandBMSICsandrack-level800V-to-low-voltageconverterstostepdownto48V(two-stage)ordirectlyto6V(single-stage).

•SiCandGaNwilltakeshare:SiliconremainsthelargestdollarpoolinAIpowerbutweexpectSiCcontenttorisefrom$30/kWtodayto$60/kWinthelong-term,GaNfrom$3/kWto$46/kW,whileSigrowsmoremodestlyfrom$150to$180/kW.SiCdominateshigh-voltagegrid-to-rackapplications(SST,SSCB,ESS);GaNwinsinStage1(800V-to-low-voltageconversion);SiliconremainsdominantinStage2(VRM/PoL)oncost/performancegrounds.

AboutFirstPrinciples:Understandingthebackgroundofasector,themeorcompanyisanessentialpartoftheinvestmentprocess.FirstPrinciplesisourpublishedseriesofcompanyandsectorprimers,whichleveragesthisknowledgeofoursectoranalysts.Thefocusoftheseriesisonprovidinganunderstandingofthehistory,keydrivers,andvaluationmethodologies,ratherthanthecurrentrating,estimatesortargetprice.Pleasecontacttheanalystforfurtherdetailsandourcurrentviewsonthetopic.

EuropeanTechHardware&Payments

SandeepDeshpandeAC

(44-20)7134-5276

sandeep.s.deshpande@

J.P.MorganSecuritiesplc

AnthonyGirard

(44-20)3493-6469

anthony.girard@

J.P.MorganSecuritiesplc

CraigAMcDowell

(44-20)7742-4576

craig.mcdowell@

J.P.MorganSecuritiesplc

USSemiconductors&SemiconductorCapitalEquipment/ITHardware

HarlanSur

(1-415)315-6700

harlan.sur@

J.P.MorganSecuritiesLLC

SpecialistSalescontactdetails:

ScottSilver-SpecialistSales-EuropeanTMT

(44-20)7134-0412

scott.silver@

Seepage52foranalystcertificationandimportantdisclosures,includingnon.USanalystdisclosures.

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TableOfContents

AIPowerInfrastructureSnapshot 5

FromGridtoRack 5

InsidetheRack 5

ExecutiveSummary 6

TheNumbersthatMatter 6

TheArchitecturalShift:800VHVDC 6

TheTimeline 7

SiCandGaNTakeShare 7

Keyplayers 7

StructuralDemandforPowerInfrastructure 8

GridExpansionandModernisationdrivenbyAIandelectrification 8

PoweringDataCenters 8

Solar+storageascompellingsolutiontopowerdatacentersbutglobal

deploymentsconstrained 9

SemiconductorContentinEnergyGeneration 11

PowerSemisforAIDataCenters 12

Stage-1:FacilityPowerIntake(GridtoPSUinput) 12

Stage0:AC-DCFront-End(Facility-LevelConversion) 13

Stage1:IntermediateBusConversion(Rack-LevelDC-DC) 13

Stage2:VoltageRegulatorModule(VRM)/Point-of-Load 14

TheHVDC800VArchitecture 15

LegacyDataCenterPowerDeliveryArchitectureInefficiencies 15

HVDCArchitecture:FewerStages,butMoreSemi-Intensive 15

800VArchitectureroadmap&timeline 17

FromGridtoRack 19

HVDCTransmission 19

EnergyStorageSolutions(ESS) 20

Solid-StateCircuitBreakersandSolid-StateTransformers 23

PowerSupplyUnits(AC-DCfrontendconsolidatedincentralizedSSTor

HVDCrectifierinthelongterm) 24

SemiconductorContent(FromGridtoRack) 25

InsidetheRack 26

Powerpathprotectionateverynode 27

Intermediatebusconversionstage(DC-DC800V->48V/12V/6V) 28

VRM/Point-of-Load(POL) 29

FromLateraltoVerticalPowerDelivery 30

PoweringCPUs 31

SemiconductorContent(InsidetheRack) 31

SizingtheAIPowerSemisMarket 32

PowerSemiconductorComponents 35

Widebandgapmaterials 35

MOSFET-PlanarvsTrench 36

Mainpowersemiconductordevices 36

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Beyondtheswitch:othercomponents 38

AIisdrivingbetterpowerMOSFETpricing 40

AIhaspushedpowerdiscretesuppliersintoallocation

40

Strongplayersmovingtoprice-leadingstance 40

Keyplayers 41

Competitivedynamics 41

Infineon 43

MonolithicPower 44

Renesas

45

TexasInstruments 46

STMicroelectronics 47

Navitas 47

AnalogDevices 48

OnSemiconductor 49

Rohm 49

Innoscience 50

Alpha&OmegaSemiconductor(AOS) 51

Wolfspeed 52

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J.PMorgan

AIPowerInfrastructureSnapshot

Figure1:GridtoRackpowerdeliveryinnext-generationarchitecture.

Datacentersite

Renewableenergy

generation

Datacenterhall

SSCB

SiC/GaNswitches

Currentsensors

MCUs

BMSICs

SiCMOSFETs

HVAC&

Liquidcooling

MotorDrivers

IGBTs

Sensors

BidirectionalConverters

UPS-ESS

SST

SiCMOSFETs

IGBTs

GateDrivers

10-35kVAC

UtilityGrid

800VDC

ITRacks

Bidirectional

Converters

Source:J.P.Morgan,companyreports.

Figure2:Infineon’sAIpowercontentwithinadatacenterrack.

Source:InfineonTechnologies.

FromGridtoRack

Electromechanicalcomponentsarebeingreplacedbysemiconductorsolutionsand

renewablescombinedwithenergystoragesystemsisacompellingsolutiontopowerAIdatacenters:

•SiC-basedSolid-StateTransformers(SST)willreplaceconventionaltransformers(>$1bnsemimarketin2030accordingtoInfineon)

•SiC-basedSolid-StateCircuitBreaker(SSCB)willreplaceelectromechanicalcircuitbreakersforhighvoltages

•EnergyStorageSystems(ESS)andbidirectionalDC-DCconversionwillgrowtoactasbufferforAIpowerdrawsvolatility

•Otherpositivecontributorsincluderenewableenergydeployments(solar).HVACandliquidcooling,microgridsystems

InsidetheRack

Semiconductorcontentinsidedatacenterracksisincreasingfromhigherpowerdensity,moreefficientconversionandhigherpowerdraw:

•Infineonestimates~$175perkWofsemicontentwhichshouldgrowwithhigherpowerracks,guidanceof$100-250perkWdependingonpowerarchitecture.

•AIpowerprotectionbecomesmoreimportantat800VwithaSAMestimatedat~€800mby2030

•Stage1(800Vstepdowntolowvoltage):SiandGaN-basedintermediatebusconvertersexpectedtogrowat~50%+CAGRto2030(Navitas,Infineon),withmoreplayers

enteringthemarket

•Stage2(VRM/PoL):Verticalpowerdeliverysolutionsenabledbypowermodulesincreasescontentperchip(3x-4x).Largestdollarpool.

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ExecutiveSummary

AIiscreatingastructural,multi-yeardemandcycleforpowersemiconductors

drivenby1)massivegrid/micro-gridinvestmentstofeedAIdatacenters,and2)theneedformoreefficientpowerconversioninsidethedatacenter,fromAC-DCfront-endconversiontopoint-of-loadattheGPU.Bothvectorsdemandadvancedpowersemiconductorcontentsuchassiliconcarbide(SiC),galliumnitride

(GaN),next-generationMOSFETs,andintelligentpowermodules.

TheNumbersthatMatter

JPMorganforecastsupto80GWofnewAIdatacentercapacitytobeinstalledin2028(vs.~60GWin2027),ofwhich~63GWwouldbegreenfield.Onabasecaseof65GWofAIcomputeadditionandanaveragecontentof$250perkW,wesizetheAIpowersemiconductormarkettobe~$16bnin2028,withupsideto$20bn+understronger

content/computeadditionassumptions.

SemicontentperkWcurrentlystandsat~$175(perInfineon),withaguidedrangeof

$100–$250perkWdependingonarchitectures.Weexpectthissemiconductorcontenttorisetowardsthehighendofthisrangeandabove,drivenbystrongeradoptionof

verticalpowerdeliverymodulesandthereplacementofelectromechanicalcomponentsbysemiconductorsforbetterefficiencyandsecurityat800V.

TheArchitecturalShift:800VHVDC

Theindustryismovingto800Vhigh-voltageDCdistributionorequivalents(Nvidia,OpenComputeProject)toreducecurrent,copperusage,andpowerlosses.

Today’sarchitecturechainsfourtofiveconversionstages(transformer→UPS→PDU→serverPSU→VRM),yieldingonly~85–88%end-to-endefficiency.The800V

HVDCmodelremovesthreeofthese:thedouble-conversionUPS(replacedbyDC-nativebatterybackupconnecteddirectlytothe800Vbus),therack-levelstep-downtransformerandPDU(replacedbysimple800Vbusbars),andtheper-serverAC-DCPSU(consolidatedinpowerracksorfurtherupstream).

Thenewarchitectureintroduces:(1)centralizedfacility-orroom-levelAC-DCrectifiersbuiltaroundhigh-voltageSiCMOSFETsandinthelongerterm,Solid-State

Transformers(SST)toconvertMVACdirectlyto800VDC;(2)Solid-StateCircuit

Breakers(SSCB)usingSiCformicrosecondfaultinterruptionversusmillisecondsfor

mechanicalbreakers,necessaryforsafetyat800V;(3)DC-nativebatterybackupunits

(BBUs)withbidirectionalDC-DCconvertersandBMSICs;and(4)rack-level800V-to-low-voltageconverterstostepdownto48V(two-stage)ordirectlyto6V(single-stage).

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TheTimeline

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Adoptionwillbegradualandisbestunderstoodinthreephases:

•Today(2026-2027):Conventional215V-400VACarchitecturedominates;racksarenot800V-native.Retrofittingworkisunderwayto“future-proof”facilities,

includingsidecarpowerracksandpowershelvesfeeding48VDCintoStage1.

•Short-to-midterm(H22027–2028):Rampof800V-nativeracks(NvidiaKyberrackprogrammedfor2027).Adedicated800VDCPowerSideRackhousingAC-DCPSU,PDU,andBBUconverts480VACto800VDCoutsidetheserverrack.SchneiderandLegranddonotseemeaningful800Vtractionbefore2028.

•Mid-to-longterm(2028+):Powersiderackandtransformerconsolidateintoa

singleSolid-StateTransformerconvertingutilityMVACdirectlyto800VDC,

whichfeedseitherabatteryrackor800V-nativedistributionboardsstepping

voltagesdownto12V/6V.SSTdeploymentsarenotexpectedbeforelate2027/early2028.

SiCandGaNTakeShare

SiliconremainsthelargestdollarpoolbutweexpectSiCcontenttorisefrom$30/kW

todayto$60/kWlongterm,GaNfrom$3/kWto$46/kW,whileSigrowsmoremodestlyfrom$150to$180/kW.SiCdominateshigh-voltagegrid-to-rackapplications(SST,

SSCB,ESS);GaNwinsin800V-to-low-voltageStage1conversion;SiremainsdominantatStage2(VRM/PoL)oncost/performancegrounds.

Keyplayers

Infineon,MonolithicPower,RenesasElectronics,TexasInstruments,

STMicroelectronics,Navitas,AnalogDevices,OnSemiconductor,Rohm,Innoscience,Alpha&OmegaSemiconductorandWolfspeedarethekeyplayersinthismarket.

Today,thecompanieswiththelargestshareinStage1(IntermediateBusconversion)

andStage2(PointofLoad)areInfineon,MonolithicPowerandRenesasElectronics.

Nvidiahaschosenmanyoftheothernamedcompaniesaspotentialfuturesuppliersandwewilllikelyseethembecomelargersuppliersasthearchitecturetransitionsto800VDC.

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StructuralDemandforPowerInfrastructure

Weseetwostructuraldemandvectors:(1)theneedformassivegrid

modernizationandexpansion,and(2)theneedformoreefficientpower

conversioninsidethedatacenter(fromAC-DCfront-endtopoint-of-loadattheGPU).Bothdemandadvancedpowersemiconductorcontentsuchassilicon

carbide(SiC),galliumnitride(GaN),next-generationMOSFETs,andintelligentpowermodules.

GridExpansionandModernisationdrivenbyAIandelectrification

Power-hungryAIisdrivinggridexpansion

TheexplosivegrowthofAIworkloadsandtheacceleratingelectrificationare

convergingintoapowerinfrastructureopportunity.Datacenterpowerdemandgloballyisexpectedtoreach240GW-280GWby2030,withtheUSinstalledbaseprojectedat>160GWalone(basedonvariousestimatesandanalysis).Thisrepresentsamorethandoublingdatacenterpowerneedsfrom2025levels(estimatedataround~115GW).

BNEF'sGridInvestmentOutlook2025expectsglobalgridcapitalspendingtoexceed$470bnthisyear,withtheU.S.contributing$115bn.Separately,totalglobalenergy

transitionspending(encompassingrenewables,grids,EVs,andstorage)hit$2.3trillionin2025(source:BNEF).

EveryincrementalGWofAIcomputecapacityrequiresnotjustserverhardwareand

cooling,butacorrespondingexpansionofthehigh-voltagetransmissionanddistributionnetwork.SiemensEnergyindicatedthatglobalcustomersareacceleratinginvestments

intransmissioncapacitytointegraterenewables,meetrisingdemandandstrengthengridstability.Navitashighlightedthat"Theexistingenergygridisnotcapableof

supportingtheprojectedrolloutofAIdevelopment,"framinggridmodernizationasa"largeandlong-termseculargrowthopportunity"withAIastheprimarycatalyst

drivingadoptionofhigh-powersolutionsinbothdatacentersandgridenergyinfrastructure.

Datacentergrowthcouldpullforwardgridinvestmentswithnewpolicy

IntheUS,theWhiteHouse'sRatepayerProtectionPledgecommitssevenleadingtechcompaniesto"build,bring,orbuy"theirownpowerforhyperscalefacilitiesandcovergridupgradecosts.TheDepartmentofEnergy'sSPARKinitiativehasallocated$1.9

billionspecificallyforgridupgrades,includingre-conductoringandadvanced

transmissiontechnologies.StateslikeOregonnowmandatethatdatacenterspayfortheactualstraintheyplaceonthegrid.

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PoweringDataCenters

Demand=MoreRacksxMorePowerperRack

Powerdemandisfueledbytwocompoundingfactors:theexpansionofdatacentercapacityandtheincreaseinpowerperrackaseachnewGPUgenerationdemandsmorewattageandpowerdensity.

Powerconstraintsanddistributedarchitecturesmultiplymicrogridprojects

WeareseeingtheinflectionofdistributedAIdatacenterarchitecturesdrivenbypowerconstraints.Frontiermodelsarenowtoobigtofitinonedatacenter,whichis

constrainedbytheamountofpowerandcoolingthatcanbedrawnfromonelocation.

Thusthesolutionistobuilddatacentershundredsofmilesawaysandconnecttheback-endwithmassivebandwidthlow-latencynetworkingoptics(scaleacross).Thismeansdatacenterswillmultiplyacrossgeographicallysparselocations,whichdrivestheneedformoremicrogridinvestmentsateachlocation.

Therackpowerescalation

NVIDIA'sBlackwellB300draws~1,400Wperchipandthisisincreasingto~3,600WwithRubinUltraGPUs.TheVeraRubinarchitecturewiththeKyberrack(programmedforlate2026/2027)isexpectedtodraw~600kWperrack,andfuturegenerationsare

projectedtoexceed1MWperrack.Thisescalationsparksdemandforpowerdeliverysolutionscapableofsupplyingthousandsofampsatlowvoltage,hot-swappablepowerprotection,advancedbusbardistribution,andliquidcoolingintegration.Italso

introducesasidecararchitecture(Kyber),whichdecouplespowerandcoolinginfrastructurefromthecomputechassistoaccommodatethesedensities.

Figure3:Currentarchitecture.PSUinsideeachrack

ACisfedtoapowersupplyunitcontainedinapowershelfofeachrackandisthenconvertedtomid-voltageDCforeachserverboard.Furthervoltagestepdownoccursoneachboard.

Source:SemiconductorEngineering.

Figure4:Newarchitecture.Powerrackfeeding800VDCtoeachITrack

Withthe800Varchitecture,ACcurrentisfedtoapowerrack(sidecar)whichconvertsto800VDCanddistributedviaHVDCbusbartoITracks(800Vnative)wherefurthervoltagestepdownhappens.

Source:SemiconductorEngineering.

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Solar+storageascompellingsolutiontopowerdatacentersbutglobaldeploymentsconstrained

Solar+storageisacompellingalternativetopowerdatacenters

Theeconomicsofsolar-plus-storagehavereachedaninflectionpoint.Inhigh-irradiancemarketssuchasIndia,solar-plus-batterysystemscannowdeliverpoweratcostsbelowcoal-firedgeneration,withthepotentialtomeetupto90%ofelectricitydemand.In

SaudiArabia,utility-scalesolartariffsaverage$0.018/kWh,atorbelowgas-firedparity.Globally,solarLCOE(LevelizedCostofEnergy)hascollapsedfrom~$150/MWhin

2011to~$30/MWh,andbatterycostdeclineshavemadefirm,dispatchablerenewablepowermoreaffordable.Solarenergyaccountedformorethan72%ofallnewelectricitygenerationcapacityintheUnitedStatesin2025,withwindcontributinganother16%

(FederalEnergyRegulatoryCommission).

Figure5:Levelizedcostofenergybyenergysources,in$perMWh

Source:Infineon.

Table1:Sourceofelectricityfordatacenterscomparison

ElectricitySource

ConstructionPeriod

GlobalaverageLCOE(USD/MWh)

UtilitysolarPV

1-4years

60

Windonshore

2-5years(permittingbottleneck)

50

Nuclear(new)

5-15years

90

GasCCGT(Combined.CycleGasTurbine)

2-4years

80

GasGT(GasTurbine)

1-3years

220

Gridconnection

3-7+years

US:350,Europe:240,China:600

Source:IEA.

Theonlyreliableelectricitysourcesthatcanbeaddedwithinanacceptabletimeframe(~2years)aresolarPVandgasturbines,alignedwithdatacenterprojecttimelines.

HighergaspricesduetogeopoliticalissuesmakesolarPVamorecompelling

alternative.Hyperscalershaverespondedaccordingly(Googlesecuredover1.6GWofwind,solar,andstorageforitsMinnesotaandTexasdatacenters;MetasignedPPAsfor1.2GWofsolarcapacity).TheIEAexpectsrenewables(includingsolar)andbattery

storagetoaccountforthelion’sshareofdatacenterpowersupplycapacityadded,withnaturalgasalsobeingasignificantcontributorintheUSspecifically.

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Figure6:Annualaveragedatacenterpowersupplycapacityadditionsbyfuelandregion-IEABaseCase

10

Source:IEA.

Butthebindingconstraintonsolardeploymentisinfrastructure.

Theconversionratefromeconomicallyviableprojectstocommissioned,grid-connectedcapacityisnotstraightforward.IntheUS,mediangridinterconnectionleadtimesrun

threetofiveyears,transformershortageshaveextendeddeliverytimesfromweeksto

years,andmostqueuedsolarprojectsnevergetbuilt.InEurope,gridconstraintsput

morethan120GWofplannedrenewablecapacityatriskacross20EUcountries,withpermittingtimelinesstretchingup.Onthesupplyside,Chinesemoduleovercapacityhasdrivenpricesbelowproductioncostsformostmanufacturers,compressingmargins

acrossthevaluechainandunderminingtheinvestmentneededtosustaindeploymentgrowth.

SemiconductorContentinEnergyGeneration

Figure7:Powersemicontentinenergygeneration

Lightgreen-mainlyIGBTsDarkgreen-mainlySiC

Source:Infineon.

Powersemiconductorcontentforenergygenerationisestimatedat~€3,000perMWofpowergenerationusingrenewableenergy(wind/solar)towhichshouldbecombined

grid-scalebatterystoragesolutionsaddinganother~€3,000ofcontent.

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PowerSemisforAIDataCenters

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Powerundergoesmultipleconversionstagesfromtheutilitygridtotheprocessordie,andateachstageenergyislostasheat.Improvingefficiencyateverynodeiscriticalforcoolingconstraintsandenergysavings.

Figure8:AIPowerDeliveryFlow-Today’sarchitecture

Stage-1:FacilityPowerIntake

MVUtilityGrid

Stage0:AC-DCStage1:IBCStage2:PointofLoad

Multi-phaseandsinglephasePOL

1VDC(PSU)Converter(IBC)

UPS

400VAC220VAC48VDC12/6VDC

1VDC

1VDC

RackTrayCoreCompute

20kVAC

Transformer

DieselGenerator

Grid

PowerSupplyIntermediateBus

DataCenter

Source:J.P.Morgan,Companyreports.

Stage-1:FacilityPowerIntake(GridtoPSUinput)

Beforeanyelectronicconversiontakesplace,rawpowermustbedeliveredfromthe

utilitygridtotheserverrack.Powerentersthedatacenterfromtheutilityatmedium

voltage(typically10-35kV)andissteppeddownviaMV/LVtransformersto400-480VAC.Fromthere,itpassesthrough:

1.AutomaticTransferSwitch(ATS)thatarbitratesbetweentheutilityfeedandbackupdieselgeneratorsupongridfailure;

2.UninterruptiblePowerSupply(UPS)thatbridgestheseconds-longgapbeforegeneratorsreachfulloutputandcontinuouslyconditionstheACwaveform;

3.PowerDistributionUnit(PDU)thatdistributesconditionedACtoindividualracks.ThisoutputsACat200-480VwhichistheinputtothePowerSupplyUnit(PSU),

wherethefirstelectronicconversion,AC-DC(Stage0),begins.

Semiconductorcontent

Thisstageislesssemiconductor-intensivethandownstreamstagesinthecurrent

architecture,containingmainlyelectromechanicalcomponents,thoughtheUPS

rectifierandinverterstagesrelyonhighpowerIGBTs.Innextgeneration

architectures,thisstagecontainsmoresemiconductorcomponents,includingSiCMOSFETstoreduceconversionlosses,featuringaSolid-StateTransformer(SST)andSolid-StateCircuitBreakers(SSCB).Theadditionofenergystoragesystems(ESS)replacingtheUPSandatthegridlevelarealsosemiconductorintensive.

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Keyplayers:HighVoltageSiCproviders(1.2kVandbeyondSiC)includingInfineon,Navitas,Wolfspeed,Rohm,STMicro.

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Stage0:AC-DCFront-End(Facility-LevelConversion)

Thefirstconversionstagetransformsgrid-levelACpowerintoDC.Inatraditionaldatacenter,thisoccursinthePowerSupplyUnit(PSU)attherackorserverlevel,

converting220V+ACto12Vor48VDC.

Semiconductorcontent

TheAC-DCfront-endPSUisbuiltaroundhigh-voltageswitchingtransistors,traditionallysiliconsuper-junctionMOSFETs,butincreasinglySiC

MOSFETsandGaNHEMTsforhigher-efficiency.SiCisgainingtractioninhigh-powerPSUs(3kWandabove)duetoitshigherbreakdownvoltageandsuperior

thermalconductivity,whileGaNisincreasinglypreferredfortheprimary-sideswitchingstagesduetoitshigh-frequencyswitchingcapability,whichenablessmallermagneticsandhigherpowerdensity.

Keyplayers:Infineon(1.2kSiCMOSFETs,GaNHEMTs,PFCControllers),

Wolfspeed(650V,1.2kVSiCMOSFETsanddiodes),onsemi(SiCMOSFETs,diodes),STMicro(SiCMOSFETs,MasterGaN,integratedGaNdrivers),Navitas(integrated

GaN+driver,SiCMOSFETs),TexasInstruments(GaNFETs,PFC/LLCcontrollers)

Stage1:IntermediateBusConversion(Rack-LevelDC-DC)

Ina48V-busarchitecture(thecurrentmainstreamstandard),powerisdistributedat48VDCacrosstherackbackplaneandthensteppeddownto~12Vordirectlyto~1Vattheserverboard.Inemerging800Varchitectures,thefirstrack-levelDC-DCstageconverts800Vdowntoanintermediatevoltage(typically48Vor50V).

ThisiswhereGaNisgrowingrapidly.NavitasSemiconductorhasintroduceda10kWall-GaNDC-DCplatformachieving98.5%peakefficiencyfor800V-to-50Vconversion.Navitashasalsodebuteda800V-to-6Vpowerdeliveryboardthateliminatesthe

traditional48Vintermediatebusentirely,achievingupto96.5%efficiencyat1MHzswitchingfrequencywithapowerdensityof2,100W/in³.Toputthesefiguresin

perspective,eachpercentagepointofefficiencygainedat100kWrackscalesaves~1kWofwasteheat,withadirectreductionincoolingrequirements.

Semiconductorcontent

Currentarchitectures(48Vsteppeddowntolowvoltages)usedifferentpower

modulessolutionsdependingontopology.In800VDCarchitectures,high-voltageGaNHEMTs(typically650Vrated)aregainingtr