According to the news obtained by the WiseMoney APP, China International Capital Corporation has released research reports stating that the importance of advanced AI server power supply continues to increase with the improvement of AI computing power. The AI server power supply is mainly divided into AC/DC and DC/DC. The company expects that by 2024/25, the demand for AI power supply (AC/DC) is expected to reach 10.2GW/11.8GW, and the demand for AI power supply (DC/DC) is expected to reach 3GW/4GW, with the market size of AC/DC expected to reach 15.6-27.2 billion yuan by 2025. Taiwanese manufacturers dominate the AI power supply market, but the team believes that with the introduction of new and upgraded products, domestic brands have the potential to make further breakthroughs and upgrades in the field of AI server power supply.
Server power supply is the core of data center power supply system construction. With the improvement of AI computing power, the importance of advanced AI server power supply continues to increase. Advanced GPU also puts higher requirements on the power and power density of AI server power supply. For example, the H100 server rack with a power of about 10.2 kW needs to be equipped with a 19.8 kW power supply, while the NVL72 rack with a power of about 120 kW needs to be equipped with a 198 kW power supply. However, the server power supply itself needs to achieve power expansion in a limited space, and the power density of traditional server power supplies is mostly less than 50 W/cubic inch, while the power density of AI server power supplies can reach 100 W/cubic inch. This also puts higher requirements on the design of server power supply topology and component applications. China International Capital Corporation believes that the demand for advanced AI power supply will continue to increase in the future.
The AI server power supply is mainly divided into AC/DC and DC/DC. In the process from power grid transmission to chips, the voltage needs to be reduced from 0.01-0.03 million volts to 0.5~1 volts. In this process, the data center power supply architecture is mainly divided into three levels: UPS for protecting circuits, AC/DC power supply for racks, and DC/DC power supply for chips. The input of AC/DC power supply is AC power input by PDU, which is converted into DC power after voltage reduction and rectification. DC/DC power supply further reduces the voltage to a voltage that the chip can use. The difficulty of AC/DC power supply lies in improving the power density within a limited volume, while that of DC/DC power supply lies in how to minimize the loss of the board.
China International Capital Corporation expects that by 2024/25, the demand for AI power supply (AC/DC) is expected to reach 10.2GW/11.8GW, and the demand for AI power supply (DC/DC) is expected to reach 3GW/4GW, with the market size of AC/DC expected to reach 15.6-27.2 billion yuan by 2025. Server power supplies mostly use redundant design, and effective load often ranges from 50% to 60%, which not only ensures safe supply, but also makes power supplies work in the most efficient state. At the same time, the power of other components such as CPU also makes the rack power greater than the total power of GPU. China International Capital Corporation predicts the relevant demand for AI power supply based on the shipment volume of different types of GPU, as detailed below.
Taiwanese manufacturers dominate the AI power supply market. China International Capital Corporation is also bullish on the subsequent performance of domestic brands. At present, Delta and LITE-ON occupy the main share of AI server power supply (AC/DC), while Delta, MPS, Vicor and other companies are core manufacturers of AI server power supply (DC/DC). However, domestic brands such as Shenzhen Megmeet Electrical and Shenzhen Honor Electronic are also continuously increasing their investment in AI server power supplies. The company believes that with the introduction of new and upgraded products, domestic brands have the potential to make further breakthroughs and upgrades in the field of AI server power supply.
Risk
Bullish on the industry, the competition among AI server power supply companies is intensifying.