Guotai Asset Management sees China power grid investment growth staying steady into 15th Five-Year Plan

NVIDIA Corporation

NVIDIA Corporation

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  • Guotai Asset Management flagged a sharp selloff in power-grid names tied to reports of delayed mass adoption of Nvidia-led single-ended 800VDC architecture.
  • Semi Analysis expects Rubin to keep using 50VDC, reducing near-term need for 800VDC; bulk shipments seen only after 2028.
  • ±400VDC remains on track for rollout in 2H 2026, aimed at hyperscaler in-house ASIC deployments; 2026 still seen as HVDC inflection year.
  • Morgan Stanley warned 2026 gas-turbine orders may peak, raising longer-term oversupply risk; upstream component tightness could slow capacity additions.
  • China grid capex outlook remains firm, with State Grid signaling higher investment; overseas demand supported by renewables integration, North American AIDC power shortages.


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