The Zhitong Finance App learned that Guojin Securities released a research report saying that judging from the pace of the industry, the three power supplies will follow “mature solution upgrades - modular architecture introduction - package level/chip level power supply evolution.” In the short term, multiphase Buck+DRMOS is still the mainstream base. Increased power of AI chips will drive increases in the number of phases, single phase current capability, low DCR inductance, high reliability capacitors, and high level PCB usage, and the performance delivery is highly certain. In the medium term, solutions such as TLVR, modular POL, and VPD are expected to be introduced at an accelerated pace to further improve transient response, reduce PDN loss, and ease board space constraints. In the long term, IVR, package-grade power supply, and backside power supply will collaborate deeply with advanced packaging, Chiplet, and HBM, and manufacturers with platform collaboration and forward-looking technology reserves are expected to gain long-term card value.
Guojin Securities's main views are as follows:
Demand for AI computing power continues to be released
Driving the AIDC power supply architecture towards 800VDC high voltage DC and power electronics, the power supply bottleneck is also sinking further from the computer room side and cabinet side to the board level and chip side. As the final voltage regulation link directly facing the GPU/ASIC, the tertiary power supply determines the chip's power supply stability, transient response capability, and computing power release level. It is entering a systematic upgrade cycle along with the AI chip's power leap forward.
Demand driven: chip power leaps up, low voltage and high current become the core contradiction
The Nvidia data center GPU thermal design power consumption increased from 400W of the A100 to 1400W of the B300, increasing more than 2.5 times over five years; after the introduction of liquid cooling, the number and power density of GPUs deployed in a single cabinet further increased. Under the restriction that the core voltage remains in the 0.6V1.8V low voltage range, the increase in power consumption is eventually converted into a final power supply current amplification. The 1000 amp current is superimposed on the milliohm PDN impedance, causing the I2R loss to be amplified on a square level. At the same time, rapid fluctuations in AI chip load place higher demands on output voltage stability. The three-tier power supply faces the quadruple constraints of high current, high transient, small space, and high efficiency, and architecture upgrading has become an inevitable direction.
Technology evolution: moving from discrete multiphase bucks to modular, vertical power supply, and package-level integration
In the short term, multi-phase Buck+DRMOS is still the mainstream baseline for GPU/CPU/ASIC core power supply. As single-chip power increases to the kilowatt level, the number of power supply phases, single-phase current capability, digital control accuracy, and the usage of supporting magnets, capacitors, and high-end PCBs are all expected to increase. In the medium term, TLVR, modular POL, and VPD vertical power supplies are expected to be introduced at an accelerated pace, improving transient response, shortening customer design cycles, reducing PDN impedance, and freeing up space around the chip, respectively. In the long run, IVR, package-grade power supply, and back-side power supply will collaborate deeply with advanced packaging, Chiplet, and HBM to further migrate three power supplies to the package and chip.
Impact on the industrial chain: the volume and price of core components have risen sharply, and competitive barriers are shifting to system capacity
In terms of DrMOS, high power and high current drive linear growth in DRMOS usage. Product specifications evolved from 50A to 80A/90A or above, and the total share of the top four overseas manufacturers is about 85%, and tight supply opens the domestic import window; in terms of inductors, high frequency and miniaturization drive up volume and price; in terms of capacitors, MLCC usage has increased by about 13 times compared to general servers, and tight supply of high-end materials is driving up prices. In terms of PCBs, MLCC and silicon capacitors may complement each other in layered applications; in terms of PCBs, embedded inductors/multicapacitors and high capacitors will complement each other; in terms of PCBs, embedded inductors/multicapacitors and high capacitors will complement each other; Layers and 3D The structure has become an important upgrade direction for high power density tertiary power supplies.
Competitive landscape: overseas leaders dominate, domestic manufacturers speed up to catch up
Chip-side MPS and Infineon lead the multi-phase controller and DrMOS markets; Module-side Delta, Flextronics, and Vicor each form differentiated competitive advantages in the fields of full-link system solutions, vertical power supply products, and factorial power architectures; on the passive component side, manufacturers such as Murata and Qiankun Technology have an advantage in high-end MLCC and chip inductors. Among domestic manufacturers, Jehuart has accelerated the introduction of multiphase controllers and DrMOS products. Shennan and Zhongfu have been deeply involved in power supply PCBs three times and have achieved batch delivery, while Platinum and Dragon Magnetic have benefited from high-end chip inductor upgrades.
Risk Alerts
Capital expenditure falls short of expectations; chip power increases fall short of expectations; technology route changes; customer certification and order volume fall short of expectations, etc.