According to the Open Source Securities Research Report, in October 2025, Nvidia released 800V white paper 1.0, which systematically demonstrates the technical necessity and feasibility of HVDC power distribution; white paper 2.0 further clarifies that as GPU cabinet power evolves from hundreds of kW to the MW level, traditional 415/480VAC power supply is gradually under pressure in terms of cable number, cabinet interface, conversion level, and floor space, and 800VDC is not a replacement for existing AC architectures, but a new deployment option that coexists with them for a long time and is imported as needed. Open Source Securities believes that the AI data center power density upgrade will also drive technological iteration of high-voltage DC equipment, energy storage conversion and system integration, DC protection, liquid cooling and heat dissipation, and high-voltage connection components, and that enterprises with high-voltage high-power product capabilities, reliability verification, and leading customer introduction advantages are expected to benefit first.

According to the Open Source Securities Research Report, in October 2025, Nvidia released 800V white paper 1.0, which systematically demonstrates the technical necessity and feasibility of HVDC power distribution; white paper 2.0 further clarifies that as GPU cabinet power evolves from hundreds of kW to the MW level, traditional 415/480VAC power supply is gradually under pressure in terms of cable number, cabinet interface, conversion level, and floor space, and 800VDC is not a replacement for existing AC architectures, but a new deployment option that coexists with them for a long time and is imported as needed. Open Source Securities believes that the AI data center power density upgrade will also drive technological iteration of high-voltage DC equipment, energy storage conversion and system integration, DC protection, liquid cooling and heat dissipation, and high-voltage connection components, and that enterprises with high-voltage high-power product capabilities, reliability verification, and leading customer introduction advantages are expected to benefit first.