UBS Data Centre Hub: The Accelerating Shift to 800VDC Architecture
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UBS launches its inaugural Global Data Centre Hub, introducing a comprehensive coverage framework and highlighting the accelerating transition toward 800VDC power architecture. This structural shift is driven by rapidly increasing rack densities, where traditional low-voltage AC systems are reaching physical limits. Elevating voltage reduces current, minimizing copper usage and thermal losses, thereby supporting efficient expansion to hundreds of kilowatts or even megawatt-scale racks.
Strategic partnerships are intensifying the 800VDC technology race, including collaborations between Siemens and Infineon, and Schneider Electric with Foxconn. UBS identifies Delta Electronics as the current leader in this transition, with ABB and Siemens following closely, while noting that Siemens' solid-state breaker capabilities are underappreciated by the market. Schneider retains a strategic advantage through its positioning within the NVIDIA reference architecture.
UBS favorably ranks European capital goods as ABB, followed by Schneider and Siemens, then Legrand. Top picks include Siemens and Schneider, both rated Buy. In the US, GE Vernova, Eaton, and Vertiv are best positioned to capitalize on these dynamics. GE Vernova's solid-state transformer, funded by a hyperscale customer, is expected to begin testing in September. UBS also initiates coverage on Munters with a Buy rating, projecting an approximate 18% organic CAGR through 2026-2028 and earnings doubling over the same period.
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