NVIDIA first proposed a scheme for external DC power supply cabinets to effectively reduce power loss. Minsheng Securities: Focus on Foxconn Industrial Internet, Lenovo, and others.

Recently, the Mingsheng Securities Fangjing team released a research report stating that NVIDIA has proposed an 800VDC external cabinet solution, using medium-voltage rectifiers or SST as the ultimate solution, mainly because large models are experiencing a leap from quantity change to quality change, with computational power demand continuously rising. NVIDIA's hardware technology roadmap is evolving towards efficiency and speed, and high-voltage direct current systems can solve the problem of increasing GPU computational power and power density index, effectively reducing power loss. The reason is that medium-voltage rectifiers and SST are more efficient compared to UPS solutions and traditional HVDC solutions. Medium-voltage rectifiers are a type of power electronic device that directly converts medium-voltage alternating current (typically 1kV to 35kV voltage levels) into direct current, with the core function being efficiently integrating medium-voltage grid inputs and direct current outputs. According to NVIDIA's white paper, medium-voltage rectifiers are like the "Panama Power". Solid-state transformers are a new type of power transformer that integrates power electronic technology with high-frequency transformers. Both Panama Power and solid-state transformer systems can achieve over 98% efficiency, take up less space, and have a higher cost-effectiveness. From the perspective of market commercialization progress, top domestic and foreign companies are all pushing for the implementation and ecological construction of HVDC technology. In 2018, Alibaba began bidding, Tencent will do so by 2025, and Meta's Prometheus program may start in 2026. Google is promoting standardization at 400V, with the core difference in the industrial chain being the transformer. The middle of the entire industry chain is system integrators, and the downstream is CSP manufacturers or operators. In the transformer cabinet of medium-voltage rectifiers, phase-shifting transformers are placed inside; in the transformer cabinet of solid-state transformers, high-frequency transformers are placed inside. The Mingsheng Securities Fangjing team points out that NVIDIA has proposed an external DC solution for the first time to solve the increasing power density problem of cabinets, effectively reducing power loss. Recommendations are as follows: 1) Terminal manufacturers to benefit first: Hangzhou Zhonhen Electric, Kehua Data Co.,Ltd., Sungrow Power Supply; 2) Transformer as the core change: Shenzhen JingQuanHua Electronics, Eaglerise Electric & Electronic, Newonder Special Electric, Hainan Jinpan Smart Technology; 3) Delta Power PCB suppliers benefit from volume: Jiangxi Welgao Electronics, SHENZHEN JOVE ENTERPRISE LIMITED; 4) Focus on cabinet internal changes: Beijing Relpow Technology; 5) Server contract manufacturers: Foxconn Industrial Internet, Huaqin Technology, LENOVO GROUP.