800 Volt AI Factory
Richardson Dackam@richardsondx
−12.9%
since Oct 1
The idea
I think AI data centers have outgrown the 48 volt power systems built for smaller machines, and the industry is shifting to 800 volt architecture. When that happens, value flows to the choke points: the chips that switch high voltage, the converters near the compute, the manufacturing behind them, and eventually the electrical gear feeding whole campuses. I weighted the basket by that sequence, heaviest where 800 volt sockets are being qualified now, lighter in the layers that get paid later, with a small cash buffer.
What it owns
- The chips and modules that convert high-voltage power down to GPU-level sit inside the sockets data center suppliers are qualifying right now. · Power IntegrationsIt ships gallium nitride devices rated above the high-voltage bus standard that data center architects are moving toward, making it a direct play on high-voltage switching at scale., Monolithic Power SystemsIt converts power right next to the GPU, turning hundreds of volts into the sub-one-volt current that processors demand at enormous amperage., Navitas SemiconductorIt has been publicly named by major data center suppliers for their high-voltage power architecture, making it the most direct bet on that transition actually reaching production., VicorIt builds dense modules that step high voltage down close to the processor, specializing in the exact conversion problem that high-voltage architectures create., Texas InstrumentsIt sells power management chips into nearly every conversion stage, so it gets paid on the transition without needing any single socket win.33%
- Once the rack changes, the busbars, connectors, and power hardware moving electricity through the building have to change with it. · Vertiv HoldingsIt sells the power and cooling gear between the building and the rack, the layer positioned second in the architecture sequence., AmphenolIt makes the connectors and cabling that carry hundreds of kilowatts into a cabinet, and higher voltage at high current makes those parts more valuable, not commodity., Flex LtdIt builds the power pods and rack-level power shelves for hyperscalers, assembling the new architecture at the volume needed for the transition., nVent ElectricIt sells the busbars and enclosures that physically route power through buildings, which require redesign for higher-voltage layouts in modern data centers.23%
- GaN and SiC devices only matter if someone can fabricate, package, and qualify them at scale, and that capacity is scarce. · onsemiIt owns silicon carbide production from substrate to finished device, capturing the specialty manufacturing layer needed for efficient high-voltage switching in data centers., STMicroelectronicsIt runs some of the largest SiC and GaN fabrication plants outside Asia, positioning it to supply wide-bandgap devices if data center demand grows., Veeco InstrumentsIt sells the deposition equipment that GaN device makers need before they can ship a single chip, making it the picks-and-shovels layer underneath rack-level conversion., Amkor TechnologyIt packages power semiconductors, and high-voltage, high-current devices need packaging that handles heat and isolation, which pays better than commodity work.20%
- A small early stake in the grid-to-building layer, which gets paid last as the redesign propagates outward. · EatonIt sells the electrical gear from the grid connection down to the rack, the campus layer that gets paid last as the pressure wave propagates outward., GE VernovaIt makes the transformers and switchgear that feed whole AI campuses, the far end of the pressure wave, and transformer lead times are already stretched., HubbellIt sells the electrical components across a campus build, providing broad exposure to utility and data center electrical spending as AI campuses break ground., WolfspeedIt is a pure-play silicon carbide substrate and device maker that could benefit substantially if rising data center demand tightens supply across the industry.16%
- Cash8%