PDF 原檔：260610_800V延後_ms_800v-dc-delay_original.pdf
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Asia Summer School 2026
M June 10, 2026 04:13 AM GMT
Greater China Technology Hardware | Asia Pacific
Power Solutions - Our Thoughts on Rumored 800V DC Delay Impact Foundation for safe and reliable deployment Accelerates deployment readiness
VIDIA
STC
On June 9, SemiAnalysis reported that Nvidia's (covered by Joseph Moore) planned large-scale shipments of native 800V DC power architecture have been pushed back to 2028, later than market expectations, while +-400V remains on schedule for hyperscaler's ASIC deployments. Nvidia has reportedly denied the reports.
Genese. Alricia
Our take: This news is contrary to our supply chain checks at Computex. As we stated in our Computex read-through note, NVDA at GTC Taipei indicated 800 VDC developments are ongoing with 800 VDC power rack being ready for mass production in 3Q26. +-400 VDC development has been redirected to 800 VDC focus across various hyperscalers. ( Exhibit 1 ).
We also note Delta will likely be the first vendor to mass produce 800 VDC standalone power racks in 4Q26 to one of major hyperscalers in the US. We understand the initial shipment volume won't be enormous and it will take some time for 800 VDC protection device development and industrial safety standards to be defined by UL and major regulations. However, 800 VDC developments remains intact, in our view.
Exhibit 1 : 800 VDC equipment readiness
Source: Nvidia, Morgan Stanley Research.
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Sharon Shih
Equity Analyst Sharon.Shih@morganstanley.com
Samantha Chen
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Samantha.Chen@morganstanley.com
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