Power Semiconductors (SiC/GaN)
Critical for data center power efficiency. SiC/GaN power semiconductors reduce losses by 30-50% compared to conventional silicon. Benefiting from the 48V to 800V transition trend.
Investment Confidence
Theme Analysis
Key Drivers
- Surging data center power density (600kW per rack, 2027 Rubin Ultra)
- 800V HVDC architecture transition (NVIDIA 2027 rollout)
- EV-to-DC crossover demand
- Fast-growing AI power revenue (Infineon EUR 1.5bn FY26 to EUR 2.5bn FY27)
- SiC cost reduction trend
Risk Factors
- SiC substrate supply shortage
- GaN mass production stability
- Cost premium vs. conventional silicon
- Wolfspeed financial risk
Catalysts
- 800V HVDC architecture adoption expansion
- SiC 8-inch wafer transition
- Big tech power efficiency targets tightening
- onsemi data center revenue doubling in 2026
Related Investment Ideas
2onsemi — SiC Power Semiconductor Leader, EV+DC Dual Beneficiary
Expanding SiC MOSFET market share. Dual beneficiary of EV traction inverters + data center power conversion. El Catedral 200mm SiC fab operation securing cost competitiveness.
Infineon — Europe's #1 Power Semiconductor, Full SiC/GaN Lineup
Global #1 market share in power semiconductors. Full SiC/GaN/Si IGBT lineup. Benefiting across automotive, industrial, and data center segments. Europe's largest semiconductor company.
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