Huatai Securities | Technology: OCP Global Summit First Impressions — CPUs Steal the Show, 800VDC Gains Consensus, Copper-Optical Interconnect Routes Multiply
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Drawing on observations from the OCP Global Summit on October 12, 2026, Huatai Securities highlights three takeaways for AI infrastructure. First, as AI agents spread from enterprise to consumer use cases, CPU demand is rising — AMD reiterated its forecast of a USD 220 billion data center CPU TAM by 2030. Second, with Meta, Google and Microsoft planning gigawatt-scale clusters, the industry has converged on 800VDC power distribution, making power scheduling and liquid cooling critical challenges. Third, physical interconnect remains multi-track, spanning NPO/CPO optics and high-speed copper, with adoption timelines varying by scenario; NVIDIA is advancing multiple optical interconnect options. TSMC has raised its 2026 capital expenditure plans meaningfully. The investment chain runs from AI agent penetration to higher CPU demand, heterogeneous computing architecture evolution, and upgrades to liquid cooling, 800VDC and interconnects, benefiting core equipment and materials suppliers. Huatai maintains Buy ratings on Intel (INTC US, target price USD 150.00), ASML (ASML US, USD 2,500.00), Vertiv (VRT US, USD 330.00), Applied Materials (AMAT US, USD 650.00), TSMC (TSM US, USD 540.00) and AMD (AMD US, USD 640.00).
Key exhibits
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