I've spent some time studying 800VDC. And I think the more interesting investment question is not "Who benefits from AI needing more power?" We know that AI needs a lot more power. I think the better question is, who gains and loses power content per MW as the architecture itself changes. Because 800VDC is not just a new way of powering AI racks, it reshuffles the data center power BOM. An important reality check: 800VDC is not replacing AC everywhere. NVIDIA is targeting it for the next generation of MW-scale racks (starting in 2027), but industry estimates suggest that only 15–25% of data centers could be 800V-equipped by 2030. And much of the early deployment should be hybrid/sidecar architectures sitting on top of an existing AC backbone. So AC isn't going away. But the electrical content per MW in highest density AI factories could change. And this is interesting. $VRT Vertiv has legacy UPS and AC distribution exposure that is bound to be cannibalized. But it is building the replacement: - centralized rectifiers - 800V busway - DC energy storage - rack-level DC/DC Cooling is still a huge opportunity regardless of AC vs DC. So Vertiv can lose legacy AC content while gaining multiple DC sockets. My read is that $VRT should be a net content/MW winner. Delta Electronics Delta may have the broadest stack I've found so far, and it has legacy PSU/UPS exposure. But Delta already has: - 800V In-Row Power - 800V→54V DC/DC - embedded BBU - SST - energy storage/microgrids - liquid cooling - even SOFC It is positioning these products around NVIDIA Vera Rubin. This isn't simply replacing a socket that will disappear. Delta is trying to capture a much larger part of the grid-to-chip power chain. IMO, one of the strongest system-level positions in the transition. $ABBN.SWX ABB has a similar advantage upstream. Its Infinitus architecture targets: MVAC → SST → 800VDC → DC distribution/protection. This matters because SST potentially consolidates several pieces of today's electrical chain into one power-electronics heavy system. ABB could lose some legacy LV AC/transformer content while gaining conversion, DC distribution and protection. Net: I think ABB gains content/MW in an 800VDC facility. $IFX.DE This is the semiconductor version of the same trade. 800VDC reduces some copper and iron infrastructure, but increases the importance of power electronics. Infineon already has reference designs for: 800V → 50V and 800V → 12V using GaN, plus SiC and protection solutions. So while some traditional electrical equipment content/MW falls: power semiconductor content/MW should rise. The caveat is obvious: Infineon is huge. $VICR This might be the most interesting small-company case for me. 800VDC doesn't eliminate power conversion, it moves the problem downstream. You still have to efficiently go from: 800V → 48/50V → very low voltages at the processor while rack power moves towards MW scale. Vicor already has high-voltage BCM technology capable of converting 800V/400V to 48V, and high-density power conversion close to the processor is basically the company's core business. Unlike ABB or Infineon: power conversion IS Vicor. I want to be careful here - I'm not saying Vicor has already won a major 800VDC AI socket. But if its architecture wins meaningful designs in the 800VDC → GPU power chain, the impact on a company Vicor's size could be material. That's the asymmetry I'm betting on. $POWL Powell is interesting for almost the opposite reason. It doesn't need to win an 800VDC socket for the thesis to work. It already has content upstream. Grid-connected AI campus? Still needs MV AC infrastructure. Onsite gas turbines? Still generate AC. And Powell has explicitly said that behind-the-meter generation can increase its content per project, because the site becomes a power island requiring more switchgear, switches, controls and services. That already matters: Powell recently landed a >$400M data center order, the largest order in company history. Then there's the optionality. Powell already makes rectifiers and 800–1600V DC switchgear for other markets. That is NOT yet an AI data center product, but it gives Powell a technological starting point if it decides to move further inside the DC architecture. So my thesis is simple: protect the existing MV AC socket first. Potentially add a DC socket later. $BE Bloom is the architectural wildcard. Grid or gas turbine: AC → conversion → 800VDC Bloom: DC → regulated 800VDC Fuel cells generate DC natively, so Bloom potentially removes an AC→DC conversion stage rather than competing to supply it. It still needs regulation, protection and downstream DC/DC. But if DC-native behind-the-meter generation becomes meaningful, Bloom changes the BOM further upstream than almost anyone else on this list. 👇 So who loses? This is probably the biggest thing I changed my mind about. I don't see an obvious public-company loser yet. I see losing sockets: → legacy centralized AC UPS → LV AC distribution → floor PDUs → AC rack PDUs/busways → rack-level AC/DC PSUs → potentially some conventional transformer stages later if SST scales The problem with saying that Vertiv, Eaton, Schneider, ABB, Delta or Advanced Energy are losers is that they're already building the products replacing their own legacy equipment. A company can lose $X of AC content/MW and gain $2X of DC content somewhere else. That's why I think the right framework is NET CONTENT PER MW. My current map: Strongest system-level positioning: $VRT $ABBX.SWX Most interesting smaller power-conversion exposure: $VICR Semiconductor beneficiary: $INX.DE Upstream winner + DC optionality: $POWL DC-native generation wildcard: $BE 800VDC doesn't destroy the AI power-equipment opportunity. It moves the $$$ per MW. From repeated LV AC conversion/distribution. MV infrastructure → centralized AC/DC → DC distribution/protection → DC backup → high-density DC/DC → power semiconductors. Personally, I've placed my bet on $VICR. I'm watching $POWL and $VRT very closely as well, but I'm definitely not stopping here. I'll keep digging for other companies where this shift creates a new socket big enough to actually move the needle. What's your bet?