Johan Ekroth
AI Infrastructure/Space/Defense Investor, Bottleneck Research
HVDC and 800V DC power delivery is the theme to focus on now, with STMicroelectronics, Navitas, Hyliion and Ideal Power as the preferred bets. Across the AI buildout, power and optics keep gaining narrative strength and attention, while packaging remains critical but is increasingly well understood by the market. x.com x.comÂ
Nvidia's official 800 VDC architecture partners stand to benefit as AI racks move to high-voltage DC power. They span GaN and SiC chipmakers Navitas, STMicroelectronics, onsemi and Infineon; conversion and analog suppliers Alpha & Omega, Power Integrations, Texas Instruments, Analog Devices and Monolithic Power, whose VRM chips are already inside Nvidia GPUs; and rack, building and grid power players Flex, Vertiv, GE Vernova, ABB, Eaton, Schneider Electric and Siemens. x.comÂ
AI power-chain suppliers tied to the 800VDC data-center shift are just starting their first leg higher, and the higher up the chain the better. They span GaN and SiC chips (Navitas, Power Integrations, Texas Instruments), solid-state transformers (SolarEdge, Enphase, Eaton), bus and point-of-load power (Monolithic Power, Infineon), heat (Vertiv, Modine) and volatility management (Fluence). Not yet confirmed fundamentally, but odds favor them as analysts can't model their growth fast enough. … Show more
Navitas's place in NVIDIA's 800 VDC ecosystem carries little pricing power because the silicon tier is crowded. NVIDIA names fourteen silicon suppliers, Navitas among them, and rent comes from scarcity; SiC and GaN also split the socket by stage. Per SemiAnalysis, rollout is phased, and the first stage is a retrofit into existing wiring with the smallest content per site. Unlike optical, no 800 VDC tier has disclosed dollars yet; a first order with a figure and date would change the picture. … Show more
Denser AI accelerators raise the value of efficient power delivery near processors, potentially making Navitas one of the most hidden AI winners in Nvidia's architecture. Its 24 kW board targets single-stage 800V-to-12V conversion at about 97% efficiency in Nvidia's 400 mm by 60 mm format. An 800V-to-6V design developed with Nvidia and Claros offer other paths into the power stack. This is a showcase, not a production order; shipment volumes, revenue and competition remain uncertain. x.comÂ
Navitas offers exposure to Nvidia's push to 800V DC data-center power through its high exposure to SiC and GaN ICs for 800V DC. Nvidia has begun talks with major South Korean power equipment makers on DC infrastructure built around an approximately 800V system, a big signal that Nvidia is really driving the shift. Navitas is among Nvidia's previously named partners, alongside Infineon, Texas Instruments, Eaton and Vertiv. x.comÂ
Pure or heavy silicon carbide players such as STMicroelectronics, onsemi and Wolfspeed look higher-risk and currently unappealing in the AI data-center shift to 800V DC power and solid-state transformers. The better risk/reward in that transition sits with power-electronics names positioned for it, such as Enphase and SolarEdge, whose bidirectional power-conversion know-how suits transformers that step 13 kV utility power down to 800V DC and must handle sudden GPU load swings. x.comÂ
Per Truist, AI data center capacity grows from 24GW to 100GW by 2030, and every watt must be converted, stored and cooled before a GPU runs, paying firms between grid and chip. DC-DC conversion is the layer to watch, as rising density makes each efficiency point worth more: Monolithic Power, Vicor, Infineon, TI, Analog Devices, Renesas, onsemi. Panasonic appears in six layers and Delta in four, paid more than once per rack. Eaton, Vertiv, GE Vernova, Schneider and ABB bring power in. x.comÂ
Navitas Semiconductor's opportunity now spans the entire AI power stack, from the grid to the chip, not just GaN. As StockSavvyShay noted, closing Claros adds integrated voltage regulators next to AI processors and more than doubles Navitas's 2030 AI power opportunity to $8B, covering 10 kV SiC near the grid, 800V rack conversion, GaN in the rack and power at the chip. x.comÂ
Navitas remains a wait-and-see name because its high-voltage products are years from real revenue. The US Army selected it for ALATTIS, a program to build domestic 10 kV silicon carbide power devices, which validates its engineering and fits its roadmap toward solid-state transformers for AI data centers alongside its Nvidia 800 V work. But it is a prototype program with no disclosed value, and 10 kV devices are years from volume revenue. x.comÂ
AI power-semiconductor suppliers stand to make generational money as AI racks outgrow data-center wiring. NVIDIA's 2027 rack pulls 600 kW, while wiring built before 2025 was designed for 40 kW, so 800V DC power sidecars are being bolted beside existing racks. Those need silicon carbide and gallium nitride chips, made at volume by only a handful of companies whose stocks fell 40-60% as EV demand slowed. Amazon, Microsoft, Google and Meta are now new customers that are not bargaining on price. … Show more
