Morgan Stanley Says 800V Power Delay Concerns Overstated for AI Data Centers; OCP Summit Could Be Catalyst

Morgan Stanley said in a research report on Oct. 12 that worries about delays in the deployment of 800V DC power supply for AI data centers appear overblown. Although Nvidia's first server racks with native 800V architecture may not arrive until around 2028, the broader technology transition remains on track, and the OCP Global Summit scheduled for Oct. 12-15 could provide a clearer roadmap and act as a catalyst for power-management and analog semiconductor stocks.

As AI server power consumption rises, higher-voltage DC systems are seen as a key way to improve data center power efficiency. Morgan Stanley noted that Nvidia had planned to introduce native 800V power through its Kyber rack architecture in the Rubin Ultra generation, initially expected in the second half of 2027, but that plan is being adjusted. The company's third-generation rack, rated at about 570kW, still uses 54V distribution. The first native 800V rack is now expected to appear with the Feynman architecture around 2028, at roughly 1MW. Meanwhile, external 800V power supply modules (sidecars) are shipping as planned, and Nvidia's Power Center system targeted for 2027 remains in progress.

Valuation for 800V-related stocks has pulled back to about 6.5 times forward EV/Sales, roughly the level seen before Nvidia's GTC in March 2026, after earlier gains. Morgan Stanley said fundamental expectations have not deteriorated in tandem; consensus revenue forecasts for the group have actually been revised up about 11% since reports of deployment delays first emerged.

This year's OCP Global Summit will cover topics including 800V DC power, high-voltage distribution and rack power architecture, with Nvidia, Google, Microsoft and Meta participating. Morgan Stanley said investors will focus on deliveries of external 800V modules, the 2027 Power Center rollout and the timing of native 800V racks. If the summit confirms the long-term direction, the bank sees room for a positive reaction in power-related semiconductor names and highlighted ADI, Texas Instruments, onsemi, Wolfspeed and Navitas as potential beneficiaries.