Morgan Stanley says market overly concerned about delays in 800V power supply for AI data centers, OCP Summit may become a catalyst for semiconductor stocks.

动察 Beating AI News Flash: Morgan Stanley released a research report today stating that market concerns over delays in the deployment of native 800V DC power supply technology for AI data centers may be overdone. The timeline for Nvidia's next-generation AI server racks to fully adopt native 800V power supply may be postponed to around 2028, but the overall direction of the technology transition remains unchanged. The Open Compute Project (OCP) Global Summit, to be held from October 12 to 15, is expected to serve as a positive catalyst for related semiconductor stocks.

Morgan Stanley noted that Nvidia originally planned to introduce native 800V power supply in its Rubin Ultra series, scheduled for launch in the second half of 2027, but the related rack designs are being adjusted. Nvidia's latest roadmap shows that the third-generation server racks, with power of approximately 570 kilowatts, will still use 54V DC power distribution, and native 800V racks may have to wait until the subsequent Feynman architecture generation, with products of approximately 1 megawatt. However, 800V external power supply modules are still shipping as planned, and the Power Center centralized power supply system, expected to launch in 2027, is also continuing to advance.

On valuation, the forward 12-month EV/Sales multiple for 800V-related companies has fallen from its June high to about 6.5x, essentially returning to the level before Nvidia's GTC conference in March this year. But over the same period, the forward 12-month expected revenue growth rate for related companies has risen from about 12% to 27%, and since the first reports of deployment delays, revenue forecasts have instead been revised up by a cumulative approximately 11%.

Morgan Stanley believes that if the OCP Summit further confirms the 800V technology roadmap and subsequent deployment arrangements, the power management, analog semiconductor, and power semiconductor sectors are expected to benefit, and it specifically mentioned Analog Devices, Texas Instruments, ON Semiconductor, Wolfspeed, and Navitas Semiconductor. In addition, growing AI data center demand may also drive mature-node capacity to tighten in 2027.