2025-12-29 02:20:39

The power supply demands of AI data centers are driving a wave of upgrades across the hardware industry chain. As the power consumption of high-performance computing chips continues to rise, the entire power ecosystem—from PSU power supplies to HVDC high-voltage direct current systems—is experiencing a phase of expansion.

In this wave, several types of players are particularly noteworthy. First, leading manufacturers in the PSU power supply sector, with some companies' 33kW PowerShelf already integrated into the supply chain of top chip manufacturers, adapting to new generation high-end GPU chips. The 800V high-voltage direct current systems have also received certification. Meanwhile, domestic companies focusing on 5.5kW-12kW PSUs are supplying servers in bulk and have entered the ASIC supply chain of global tech giants.

Secondary power supply solutions are also booming. Some companies are the exclusive suppliers of secondary power supplies for AI servers, with mass delivery expected to start in 2026. The supporting value per GPU is approximately 1500 yuan, and this business is expected to become a future growth driver.

High-voltage direct current and liquid cooling solutions are also accelerating their deployment. A leading UPS company holds a dominant market share in HVDC and is actively promoting the commercialization of liquid-cooled power supplies. Expansion into the North American market is progressing smoothly.

Magnetic components and transformers are key hidden winners. Some companies are core suppliers of solid-state transformers, having entered the chip manufacturer's supply chain; others are major suppliers of AIDC transformer orders, with North American capacity deployment underway. High-frequency transformers, as a scarce asset, are especially important in this cycle.

Finally, integrated solutions providers for power distribution and supply are emerging. Some companies are simultaneously involved in UPS, energy storage, and high-voltage conversion fields, offering integrated solutions from power supplies to energy storage. These comprehensive players are playing an increasingly important role in data center construction.

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PebbleHander

· 3h ago

Wow, 1500 bucks for a GPU package? How many cards would it take to break even? Feels like huge profit margins.

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MiningDisasterSurvivor

· 12-29 02:49

Talking about industry chain upgrades again, I heard this routine back in 2018, and in the end, whoever secures big funding is the one who survives. Once the supply chain enters large factories, is it stable? I doubt it. Contract orders can be canceled quickly. The value of a 1500-dollar GPU package sounds nice, with delivery in 2026... I’m waiting to see how many of these "exclusive suppliers" will still be around next year. This time, I’d say it’s all about desperately selling shovels, but shovel manufacturers also need to stay alive. Don’t you know how big the profit margins are?

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AirdropDreamBreaker

· 12-29 02:40

The hardware supply chain price hike is happening again, with PSU, transformers, and liquid cooling all soaring, making it completely unaffordable.

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BearMarketNoodler

· 12-29 02:39

The power chain is back up, and the previously hyped "bottleneck" is now all orders. A GPU supporting value of 1500 yuan each—this number deserves a good look... Are invisible winners always this inconspicuous?

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DefiPlaybook

· 12-29 02:32

According to data, the figure of 1500 yuan for the value of a single GPU package is worth in-depth exploration, as it implicitly involves the valuation restructuring of the entire power supply ecosystem. The timing of mass delivery of secondary power supplies in 2026 is crucial, as it may lead to a reshuffle of the current market positions of players. The risk warning is whether the first-mover advantage can be transformed into sustainable competitiveness. The statement that high-frequency transformers are a scarce asset is somewhat vague. A detailed analysis is as follows—whether scarcity is due to capacity bottlenecks or technical barriers, as they have completely different implications for investment logic. This can be examined from three dimensions: First, how deep is the supply chain for domestic PSU companies with specifications of 5.5-12kW; second, leading market share in HVDC does not equal guaranteed future returns; third, the commercialization pace of liquid cooling solutions is more critical than the power supply itself. Honestly, stories about hardware industry chain upgrades are often told very beautifully, but the key depends on each company's customer stickiness and order certainty. Merely entering the supply chain is not enough.

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GasWrangler

· 12-29 02:26

honestly the 33kW PowerShelf thing is sus... if you actually analyze the thermal inefficiencies, those legacy PSU architectures are demonstrably sub-optimal for the power densities we're talking about here

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