CITIC Securities says NVIDIA's Vera Rubin chip upgrade and power‑architecture
changes are the core catalyst for a new AIDC power‑supply cycle. Its review of
2023–present shows the prior cycle was driven by Blackwell chips shipping as
NVL72 full‑rack systems, which materially raised power‑supply value content and
concentrated supplier earnings in 2025–26. NVIDIA's next‑gen Rubin is in
production ramp; chain CapEx, inventories and order signals indicate the
ecosystem is prepared and the upcoming cycle could be stronger. A volume ramp of
Vera Rubin should boost demand for high‑power PSUs and HVDC sidecars, further
increasing power‑supply value; 2027 could mark the start of the next AIDC
power‑supply cycle, allowing suppliers to gain share and realize earnings.
