Nano Micro Semiconductor (NVTS.US) Releases 24kW Power Board: The Reality and Expectations Behind the 800V Narrative Heating Up

The Zhitong Finance App learned that on October 13, the 24kW, 800V to 12V DC-DC power supply board jointly developed by Nanowei Semiconductor (NVTS.US) and Nvidia (NVDA.US) was officially unveiled and is scheduled to be exhibited at the Nvidia MGX Ecological Exhibition at the OCP Global Summit. The target efficiency of the product is 97%, and the power density exceeds 2,000 watts per cubic inch. It eliminates the 50V to 12V intermediate link in traditional architectures, and can be directly installed close to the processor on the computing board. After the news was announced, Nanowei's stock price rose by more than 7% after the market, but when it closed down 7% during the regular trading period, it fell by a cumulative total of about 19% over the previous five trading days. As of press time, the stock was up 2.3% in the premarket.

Between ups and downs, it reflects the growing division of the market over the 800V narrative.

The OCP summit was viewed as a catalyst, and the OCP summit was seen as a catalyst

The timeline for Nanowei's product launch this time is quite delicate. On October 12, Morgan Stanley released a research report stating that the market's concerns about the delay in deploying native 800V power supply for AI data centers “may have been excessive.” Nvidia originally planned to introduce native 800V power supply through Kyber cabinets in the Rubin Ultra series in the second half of 2027, but the cabinet plan has been adjusted, and the first clearly native 800V cabinet may have to wait until around 2028 for the Feynman architecture.

Damo stressed that the delay in native cabinets does not mean that the 800V transformation has come to a standstill. The external power supply module has been shipped as planned, and the 2027 Power Center centralized power supply system is still in progress. The research report specifically mentioned nano-micro semiconductors, juxtaposing them with Adderall, Texas Instruments, Ansemi, and Wolfspeed, believing that the OCP summit is expected to be a positive catalyst for related semiconductor stocks.

Nanowei's choice to release the product on the opening day of the summit was an immediate response to the “800V delay theory” — using an exportable physical proof, research and development in the power conversion process has not stopped.

Innosecco's “cut back” and Nanowei's hidden foundry concerns

However, Nanowei's position in the Nvidia 800V ecosystem is probably not as stable as the words “Nvidia collaboration” sound.

In August 2025, InnoSec was included by Nvidia in the 800V DC power architecture supplier list, and its stock price skyrocketed 70% in two days. The key background is that TSMC, Nanowei's main gallium nitride foundry, announced that it will gradually withdraw from the gallium nitride foundry business within the next two years, and Innosecco is viewed by the market as a direct beneficiary due to its 31% global market share and production capacity advantage of GaN power devices. In its report at the time, Jefferies estimated that the Nvidia segment alone had a total gallium nitride market of 1.5 billion US dollars, and if ASIC included cloud service providers, it would reach 2.5 billion US dollars.

Innosecco's entry means that Nanowei is not irreplaceable in Nvidia's 800V supply chain. However, the shortcoming in foundry production capacity is a structural constraint that Nanowei needs to continuously face.

“Cooperation”: reference design rather than purchase order

What is more noteworthy is that the “strategic collaboration” between Nanowei and Nvidia is a non-exclusive reference design in terms of law, not a purchase order. This means that Nanowei can display the power board at the exhibition, but there is no guaranteed sales revenue.

Nanowei management previously disclosed that it has a design bid reserve of about 450 million US dollars, but most projects will not be implemented until next year. At the end of 2025 and 2027, there is only a small contribution. It will take at least 2 to 3 years for these orders to be converted into revenue. For a company with a market capitalization of about 2.6 billion US dollars, the transition cycle between reference design and mass production orders is the biggest source of uncertainty in valuation.

Financial data provides another perspective. Nanowei's Q2 revenue in 2026 was US$10.5 million, down 27.3% year on year, but increased 22% month-on-month; non-GAAP gross profit margin was 39.5%, up 50 basis points from month to month. The company expects median revenue of US$13.5 million in Q3, an increase of 28% month-on-month, and a return to positive year-on-year growth. Management said that by the end of the year, mobile and low-end consumer revenue will become insignificant, and the high-power market (AI data center and power grid infrastructure) will contribute more than one-third of total revenue.

However, TTM's revenue was only about 36.5 million US dollars, and the corresponding market sales ratio was more than 70 times. According to AInVest's analysis, Nanowei's current market value of about 2.6 billion US dollars far exceeds its rolling revenue of 36 million US dollars and gross margin level of 30%. “The pricing is based on speculative bets on AI power supplies rather than current profitability.”

In other words, what the market bought was not how much money Nanowei is making now, but how many designs it can eventually win the bid for in the 800V power supply architecture.

The OCP summit will last until October 15. For Nanowei, the significance of this 24kW power board is to prove technical capability, but the next step in the story depends on a more practical question: whether the reference design can be converted into a mass production order. Damo admits in the research report that the EV/sales ratio of 800v related companies in the next 12 months has dropped from the June high to about 6.5 times, basically returning to the level before the March GTC conference, but the revenue forecast for the same period has increased cumulatively by about 11%. Valuation is shrinking, and fundamental expectations are improving — the direction of convergence between the two will determine the next round of pricing logic for the 800V circuit.