Google, Microsoft and Nvidia just standardized 800 VDC data center power through OCP. The two deployment paths, and who gets paid — $NVTS, $VRT, $ETN, $GEV, $MPWR, Delta.
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800 VDC stocks are the companies building the direct-current power architecture that is replacing AC distribution inside AI data centers. On 11 August 2026, Google, Microsoft and NVIDIA published a joint 800 VDC program through the Open Compute Project, including a Solid-State Transformer specification and a medium-voltage-AC-to-800-VDC conversion workstream. Three proprietary power roadmaps just became one supply chain, and more than 80 manufacturers are building to it.
The reason this matters to an investor rather than an electrical engineer is the second sentence of the OCP post: the goal is "a common set of interfaces and system requirements." When the three largest AI infrastructure buyers agree on one interface, suppliers stop building bespoke variants for each customer and start building volume. That collapses the qualification cycle, and it decides which tier of the power stack captures the margin.
👉 Track the 18 listed names live: the 800 VDC Architecture basket on Macroplane — an equal-weighted index of the power-semiconductor and power-supply layer, up 175.9% over the trailing two years.
The OCP post, authored by engineers at all three companies, covers four concrete things:
The macro framing the authors chose is worth repeating because it sets the size of the prize. The IEA reports data-center electricity consumption grew 17% in 2025, with AI-focused facilities up 50%, and projects global consumption nearly doubling to roughly 950 TWh by 2030. Wood Mackenzie puts the infrastructure investment needed to serve that at $9 trillion through 2040.
Rack power went from tens of kilowatts to well over 100 kW in about four years. NVIDIA's Kyber rack for Rubin Ultra NVL576, due in the second half of 2027, is designed around 600 kW, and Jensen Huang has said megawatt racks follow.
At those currents, low-voltage distribution stops working for reasons that are not negotiable. Power lost to resistance scales with the square of current, so halving the current cuts those losses by four. NVIDIA's own figure: at 800 VDC the same wire gauge carries 157% more power than at 415 VAC. Each AC-DC conversion stage between the utility feed and the GPU also gives up efficiency, and traditional AC distribution lands under 90% end-to-end by NVIDIA's accounting.
None of this is new physics. Electric vehicles moved to 800 V for the same reasons, and the OCP working group says explicitly that it is borrowing from the EV and industrial power sectors: solid-state breakers that clear faults in milliseconds, high-voltage DC connectors, protection devices, monitoring.
This is the fork the OCP post creates, and most coverage of the announcement flattens it.
| Path A — LVDC side power rack | Path B — direct MVAC to 800 VDC | |
|---|---|---|
| What it is | A sidecar rack next to the compute racks converting existing 480 VAC to ±400 or 0-800 VDC | MW-scale transformer-rectifier units or solid-state transformer skids feeding the whole data hall with DC |
| Spec status | Mt Diablo ±400 V sidecar spec published; Mt Diablo 2.0 for native 800 V still to come | SST spec at v0.3, first public draft |
| Facility changes | None upstream, if the AC capacity and row space already exist | Rebuilds the electrical backbone of the hall |
| Who sells it | Power-rack vendors, DC-DC module makers, power semiconductors | Grid-equipment OEMs and SST specialists |
| Revenue timing | Now through 2027 | 2027 and beyond |
| Reason to care | Fastest path to 800 VDC in an existing AI factory | Unlocks DC-native BESS, DC UPS, and future DC microgrids by removing repeated AC/DC conversions |
Path A is the retrofit trade and it is already generating revenue. Path B is the greenfield trade, it is larger per site, and it lands two to three years later. The OCP authors are explicit that neither replaces AC: "800 VDC is not a replacement for existing AC infrastructure. It provides an additional deployment option." Anyone modelling a wholesale switch is modelling the wrong thing.
The 800 VDC Architecture basket is built around this layer. It holds the wide-bandgap and power-analog suppliers whose silicon does the actual conversion, plus the power-supply OEMs that package it.
| Company | Ticker | Market cap | Role in 800 VDC |
|---|---|---|---|
| Texas Instruments | $TXN | $273.6B | Broad power analog; named silicon partner |
| Analog Devices | $ADI | $195.1B | Power management and signal chain |
| Infineon | $IFNNY | $80.5B | SiC and silicon power devices, the broad-line incumbent |
| Monolithic Power | $MPWR | $78.2B | High-density PMICs and power stages for AI racks |
| STMicroelectronics | $STM | $49.7B | SiC MOSFETs and power conversion |
| onsemi | $ON | $42.5B | Power Solutions Group; SiC modules |
| Vicor | $VICR | $11.4B | Modular DC-DC, the last-inch converter to the GPU |
| Navitas | $NVTS | $6.0B | GaN and SiC pure-play; the closest thing to an 800 VDC pure bet |
| Power Integrations | $POWI | $3.8B | High-voltage gate drivers and SiC drive ICs |
| Alpha & Omega | $AOSL | $634M | Power discretes and modules |
NVIDIA's published silicon partner list also includes Renesas ($6723.T), ROHM ($6963.T) and Efficient Power Conversion and Innoscience, which are private. Fuji Electric ($6504.T), Littelfuse ($LFUS) and Diodes ($DIOD) round out the basket on the device and circuit-protection side.
On the systems side of Path A, NVIDIA names Delta ($2308.TW), LITEON ($2301.TW), Flex ($FLEX), Bizlink ($3665.TW) and Megmeet ($002851.SZ) as power-system component partners, plus Lead Wealth, which is private. Delta is the one to watch: its product catalogue already lists solid-state transformers, medium-voltage drives and data-center UPS, which puts it in both paths at once. Flex reorganised around this in its Cloud and Power Infrastructure segment, which sells "utility- and facility-level electrical infrastructure" alongside rack- and board-level power.
$NVTS is the highest-beta expression and the basket's best two-year performer at +634%. It is also a $6 billion company with 190 employees selling into a market where Infineon, TI and onsemi all compete. The GaN and SiC content story is real; the pricing power assumption inside a 634% move is the part to underwrite.
The MVAC-to-800 VDC path is where the OCP announcement adds something genuinely new to the investable map. Converting medium-voltage AC directly to 800 VDC at megawatt scale is grid-equipment work, and NVIDIA's data-center power-systems partner list reads like a utility supply chain: ABB ($ABBN), Eaton ($ETN), GE Vernova ($GEV), Hitachi Energy (inside Hitachi, $6501.T), Mitsubishi Electric ($6503.T), Schneider Electric ($SBGSY), Siemens ($SIEGY), Vertiv ($VRT), and Heron Power.
These names are not in the 800 VDC basket, because most of them sit in Power & Grid and Cooling instead. That split is itself informative: the market currently prices $ETN, $GEV and $SBGSY as electrification compounders riding a transformer shortage, not as 800 VDC plays. The SST spec is the mechanism by which those two stories merge.
The shortage is the backdrop. Large power transformers run roughly 3-5 year lead times, Wood Mackenzie's 2025 survey put power transformers at 128 weeks and generator step-up units at 144, and medium-voltage switchgear is effectively sold out through 2028 in many channels. Eaton is spending $340 million on a South Carolina transformer plant that starts production in 2027. A solid-state transformer that replaces a copper-and-steel unit with power electronics is, among other things, a way around a queue.
Heron Power is the pure-play, and it is private. Founded by Drew Baglino, formerly Tesla's SVP of powertrain and energy engineering, it raised a $38 million Series A in May 2025 and a $140 million Series B in February 2026 from investors including Andreessen Horowitz's American Dynamism fund and Breakthrough Energy Ventures. The plan is a factory producing 40 GW of Heron Link solid-state transformers a year, which the company frames as 10-15% of annual production outside China. Baglino's pitch is that an SST removes about 70% of the equipment in a conventional installation, taking cost and failure points with it. Data centers are currently about a third of the business.
There is no way to buy Heron Power today. The listed proxies are the incumbents it is competing against, which is an uncomfortable but honest framing: if the SST architecture wins, $ABBN, $ETN, $GEV, $SIEGY, $SBGSY and Hitachi have the balance sheets, the certifications and the utility relationships to build it, and Delta ($2308.TW) already ships one.
👉 Compare the two tiers side by side: open the 800 VDC Architecture basket and the Power & Grid basket, then flip between 1Y, 2Y and 5Y — the rack tier and the facility tier have re-rated on completely different clocks.
Up 175.9% over two years, with a spread from +634% ($NVTS) to -15% at the bottom. The shape of that chart is the more useful information: a steep vertical move through the first half of 2026, a peak, and a meaningful drawdown into August that has only partly recovered. The rack tier has been trading as an AI-beta proxy, and it sold off with everything else.
The OCP announcement does not change the earnings of any company on this list in 2026. What it changes is the probability distribution for 2028: a published, multi-buyer interface with safety certification in flight is a materially better setup for a supplier than three competing customer-specific architectures. That is the thing being repriced, slowly, and it is why the facility tier is the less crowded half of the trade.
| Buy the hyperscalers | Buy an infrastructure ETF | Buy the power layer directly | |
|---|---|---|---|
| What you own | $MSFT, $GOOGL, $NVDA — the specification authors | Diluted exposure across data centers, utilities, REITs | The suppliers whose content per rack goes up |
| 800 VDC exposure | Rounding error on the P&L | Blended away | Direct, and concentrated |
| Main risk | You already own the AI trade at AI multiples | Fees plus dilution of the actual thesis | Single-layer concentration, high beta |
| Cost | — | An annual expense ratio | Free to track on Macroplane |
The specification authors are the wrong vehicle. Google, Microsoft and NVIDIA are publishing this standard precisely so they stop paying custom-engineering premiums. The value transfer runs toward whoever can build to a common interface at volume, and away from whoever was charging for bespoke.
800 VDC is additive, and OCP says so in writing. Existing AC infrastructure keeps running. The adoption curve is new builds and retrofits with spare AC capacity, not a fleet replacement. Substitution will be slower than the announcement's tone implies.
The specs are early. The SST spec is v0.3. Mt Diablo 2.0, which covers native 800 V rather than ±400 V, has not been published. Anything modelled off a v0.3 draft carries revision risk.
Certification is the actual gate. UL, NFPA, IEEE and IEC work is described as in progress. High-voltage DC in an occupied building is a code problem before it is an engineering problem, and code timelines do not respond to AI capex enthusiasm.
Standardization compresses margins. "Build once, sell everywhere" is good for volume and bad for pricing power. Common interfaces are how a differentiated component becomes a commodity. The suppliers with the most to lose are the ones currently earning custom-design premiums from a single hyperscaler.
Less copper per watt. The stated benefit is moving more power with less conductor. That is a mild negative for the cable and busbar tier over time, even as total buildout grows.
Two of these names are levered to the same story twice. Delta ($2308.TW) and Vertiv ($VRT) appear in the cooling, power and rack tiers simultaneously. That is a feature when AI capex accelerates and a concentration problem when it does not.
800 VDC is a power-distribution architecture that delivers 800 volts of direct current from the facility to the rack, replacing the chain of AC conversions used today. Higher voltage means lower current for the same power, which cuts resistive losses and copper, and removing conversion stages raises end-to-end efficiency above the sub-90% typical of AC distribution. It is being standardized through the Open Compute Project by Google, Microsoft and NVIDIA.
A solid-state transformer replaces the iron-core magnetics of a conventional transformer with power electronics. In the OCP specification, a medium-voltage SST is a megawatt-scale converter that takes medium-voltage AC and outputs 800 VDC directly, and which can act as a medium-voltage UPS when paired with energy storage. Heron Power claims an SST removes roughly 70% of the equipment in a conventional installation.
NVIDIA's published partner list splits into three tiers. Silicon: Analog Devices ($ADI), Infineon ($IFNNY), Monolithic Power ($MPWR), Navitas ($NVTS), onsemi ($ON), Power Integrations ($POWI), Renesas ($6723.T), ROHM ($6963.T), STMicroelectronics ($STM), Texas Instruments ($TXN), Alpha & Omega ($AOSL). Power-system components: Delta ($2308.TW), Flex ($FLEX), LITEON ($2301.TW), Bizlink ($3665.TW), Megmeet ($002851.SZ). Data-center power systems: ABB ($ABBN), Eaton ($ETN), GE Vernova ($GEV), Hitachi ($6501.T), Mitsubishi Electric ($6503.T), Schneider Electric ($SBGSY), Siemens ($SIEGY), Vertiv ($VRT).
No. Heron Power is a private company founded by former Tesla executive Drew Baglino. It raised a $38 million Series A in May 2025 and a $140 million Series B in February 2026 from backers including Andreessen Horowitz's American Dynamism fund and Breakthrough Energy Ventures, and is building a factory targeting 40 GW of solid-state transformer output a year. The listed comparables are the grid-equipment incumbents on NVIDIA's partner list.
The sidecar path is available now against the published Mt Diablo ±400 V specification. NVIDIA's hybrid MGX-compatible power rack is slated for the second half of 2026, with a row power center in 2027. The Kyber rack for Rubin Ultra NVL576, designed around 600 kW, arrives in the second half of 2027. Facility-scale direct MVAC-to-800 VDC conversion is the decade-out architecture, and it depends on certification work that is still in progress.
Per watt delivered, yes. NVIDIA states that at 800 VDC the same wire gauge carries 157% more power than at 415 VAC, and the three-wire DC topology needs fewer conductors than three-phase AC. Absolute copper demand still rises, because total data-center power is growing faster than the efficiency gain. The effect is a headwind to copper intensity, not to copper volume.
This is not financial advice — it's research and education. The specifications discussed are early drafts, several of these companies trade on foreign exchanges with different disclosure standards, and the basket referenced is an equal-weight tracking tool, not a product. Do your own work.
800 VDC is a power-distribution architecture that delivers 800 volts of direct current from the facility to the rack, replacing the chain of AC conversions used today. Higher voltage means lower current for the same power, which cuts resistive losses and copper, and removing conversion stages raises end-to-end efficiency above the sub-90% typical of AC distribution. It is being standardized through the Open Compute Project by Google, Microsoft and NVIDIA.
A solid-state transformer replaces the iron-core magnetics of a conventional transformer with power electronics. In the OCP specification, a medium-voltage SST is a megawatt-scale converter that takes medium-voltage AC and outputs 800 VDC directly, and which can act as a medium-voltage UPS when paired with energy storage. Heron Power claims an SST removes roughly 70% of the equipment in a conventional installation.
NVIDIA's published partner list splits into three tiers. Silicon: Analog Devices ($ADI), Infineon ($IFNNY), Monolithic Power ($MPWR), Navitas ($NVTS), onsemi ($ON), Power Integrations ($POWI), Renesas ($6723.T), ROHM ($6963.T), STMicroelectronics ($STM), Texas Instruments ($TXN), Alpha & Omega ($AOSL). Power-system components: Delta ($2308.TW), Flex ($FLEX), LITEON ($2301.TW), Bizlink ($3665.TW), Megmeet ($002851.SZ). Data-center power systems: ABB ($ABBN), Eaton ($ETN), GE Vernova ($GEV), Hitachi ($6501.T), Mitsubishi Electric ($6503.T), Schneider Electric ($SBGSY), Siemens ($SIEGY), Vertiv ($VRT).
No. Heron Power is a private company founded by former Tesla executive Drew Baglino. It raised a $38 million Series A in May 2025 and a $140 million Series B in February 2026 from backers including Andreessen Horowitz's American Dynamism fund and Breakthrough Energy Ventures, and is building a factory targeting 40 GW of solid-state transformer output a year. The listed comparables are the grid-equipment incumbents on NVIDIA's partner list.
The sidecar path is available now against the published Mt Diablo ±400 V specification. NVIDIA's hybrid MGX-compatible power rack is slated for the second half of 2026, with a row power center in 2027. The Kyber rack for Rubin Ultra NVL576, designed around 600 kW, arrives in the second half of 2027. Facility-scale direct MVAC-to-800 VDC conversion is the decade-out architecture, and it depends on certification work that is still in progress.
Per watt delivered, yes. NVIDIA states that at 800 VDC the same wire gauge carries 157% more power than at 415 VAC, and the three-wire DC topology needs fewer conductors than three-phase AC. Absolute copper demand still rises, because total data-center power is growing faster than the efficiency gain. The effect is a headwind to copper intensity, not to copper volume. This is not financial advice — it's research and education. The specifications discussed are early drafts, several of these companies trade on foreign exchanges with different disclosure standards, and the basket referenced is an equal-weight tracking tool, not a product. Do your own work.