Overview: A Historic Policy Shift for AI Power Infrastructure

On September 4, 2026, seven Chinese government departments, including the Cyberspace Administration of China, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Ecology and Environment, jointly issued the Implementation Plan for Promoting the Coordinated Transformation and Development of Digitalization and Greenization (2026-2030). The policy explicitly proposes exploring an 800V high-voltage direct current (HVDC) power supply architecture for computing facilities and promoting the deployment of single cabinets exceeding 100 kilowatts. This concise directive is widely regarded as a historic turning point for AI data center power infrastructure, fundamentally altering the valuation logic of the AI data center power equipment sector.

Technical Details: The Imperative for 800V HVDC Architecture

The push for 800V HVDC is driven by the extreme power density requirements of AI large model training. For instance, Nvidia GB200 NVL72 single cabinet power consumption has reached 120kW, with the next-generation Rubin architecture expected to exceed 150kW. Under such high power densities, traditional 240V/336V DC power architectures suffer from surging transmission losses, requiring excessively thick cables that create severe thermal and wiring bottlenecks.

The core logic of 800V HVDC is straightforward: increasing voltage decreases current, and transmission losses diminish according to the square of the current. Compared to traditional solutions, the 800V architecture reduces transmission losses by approximately 60% and cuts cable cross-sectional area by more than half. Furthermore, it minimizes AC-DC conversion stages, boosting overall energy efficiency by 3 to 5 percentage points.

Market Context: Nvidia Roadmap and Industry Alignment

This technological shift is already moving from theoretical exploration to practical implementation. Nvidia is actively advancing the 800V DC power rack within its MGX complete cabinet architecture, with plans to bring it to market in the second half of 2026. The synchronized follow-up from Chinese policymakers indicates that 800V HVDC is transitioning from an optional upgrade to an absolute necessity for next-generation computing infrastructure.

Industry Impact: Tiered Supply Chain Beneficiaries

The policy and technological shifts will profoundly impact a tiered supply chain:

  • First Tier (Power Modules and Systems): Megmeet, an officially certified Nvidia supplier, has launched solid-state transformers (SST) with over 98.5% conversion efficiency, directly adapting to Nvidia Kyber rack. Zhongheng Electric, holding a 28% to 31% domestic HVDC market share, has its 800V solution certified by Nvidia and serves as a core supplier for Alibaba and ByteDance. Kehua Data led the formulation of domestic 800V HVDC industry standards, offering integrated liquid cooling and 800V HVDC solutions.
  • Second Tier (Solid-State Transformers): Sifang Co. globally debuted a 10kV direct-to-800V silicon carbide SST, entering Nvidia primary candidate equipment list. Jinpan Technology, a global dry-type transformer leader, has landed a 2.4MW full silicon carbide SST prototype.
  • Third Tier (Liquid Cooling): With single cabinet power surpassing 100kW, air cooling becomes ineffective, making liquid cooling mandatory. Envicool has been included in Nvidia NVL72 catalog, providing integrated 800V HVDC and liquid cooling cabinets. Shenling Environment CDU300 supports up to 150kW per cabinet, aligning perfectly with policy targets.
  • Fourth Tier (Components): The 800V architecture drives a fivefold increase in high-voltage film capacitor usage (Faratronic) and surges supercapacitor demand (Jianghai). Power PCB value per unit jumps from roughly 800 RMB to 5,000 RMB (Zhongfu Circuit), while high-voltage laminated busbars become essential (Weitongli).

Implications for AI Data Centers: Redefining Efficiency Standards

The transition to 800V HVDC represents more than a simple technical upgrade; it marks a critical inflection point where computing infrastructure evolves from adequate to extreme efficiency. As single cabinet power continues to climb, a revolution in power supply architecture becomes irreversible. The integration of high-voltage direct current with advanced liquid cooling systems will redefine the physical and operational standards of AI data centers globally.

Future Outlook: Navigating the Transition and Investment Risks

Despite the bullish outlook, a rational perspective is necessary. The policy use of the word explore indicates that the industry remains in an early promotional stage, where old and new architectures will coexist for a long time. Actual revenue realization depends on downstream data center bidding rhythms, project construction progress, and supply chain maturity. Additionally, following the release of such favorable policies, related sectors may have already priced in expectations in the short term, warranting caution against chasing high valuations.