The recent surge in the power and power supply board sectors is backed by a very clear logic—the disruptive impact of high-power AI loads on the existing power supply system. The technological revolution behind this is creating significant premium space.

From the chip level, the "last inch" power supply challenge has become an urgent problem to solve. Once GPU current demands reach the kiloampere level, the drawbacks of the traditional horizontal power supply scheme are fully exposed—excessive line loss and PCB area constraints. VPD (Vertical Power Delivery) emerged as a solution, with the core idea of directly attaching the power module to the bottom of the GPU and switching to a vertical power delivery path. This change requires a complete overhaul of the power module packaging, cooling systems, and even the entire PCB process.

Looking at the next level, the unit-level changes are also significant. Traditional universal server power supplies (CRPS) generally stay between 800W and 2kW, but AI server PSUs are rapidly increasing in capacity—4kW and 5.5kW are now standard, with some pushing for 8kW-10kW solutions. Interestingly, the value per watt does not decrease linearly with increasing power. Instead, due to the increased difficulty of high-frequency, high-density design, profits are firmly held by leading manufacturers.

At the architecture level, the transformation is even more crucial for the long-term game. HVDC (High Voltage Direct Current) has become a new direction, with 800V PSUs for centralized power supply evolving into the industry mainstream. More aggressive is the SST (Solid State Transformer) solution—using high-frequency semiconductor switches to replace bulky magnetic cores, reducing volume by over 50%, and also decreasing weight. Considering the maximum load capacity of cabinets, SST is almost the most promising technological breakthrough for the next two years.