China International Capital Co. says as AI compute shifts to higher density,
continuous full-load operation and stronger transient load shocks, high-voltage
architectures are the clear development path for data center power systems.
Hardware advances should make 2026 the first year of large-scale high-voltage
architecture deployment. The firm expects SiC and GaN devices to be primary
Beneficiaries of power-system upgrades: SiC likely to lead machine-room-side
(gray-zone) applications, GaN to penetrate at scale inside racks (white-zone),
creating a 'SiC left, GaN right' market split and jointly driving iteration of
data center power solutions.
