彭博讨论AI工厂将重塑数据中心供电设备格局，但未给出日韩小型电气标的的短期订单或业绩催化

{'type': 'document', 'content': [{'type': 'inline-newsletter', 'data': {'position': 'top'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Next-generation AI factories are forcing power equipment firms to rethink their portfolios in the race to profit from a market expected to be worth more than $200 billion a year.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Artificial intelligence players are working toward a '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TFY6GBKIUPVN'}}, 'link': {'href': 'bbg://news/stories/TFY6GBKIUPVN', 'title': "AI's Power Surge Is Forcing Total Redesign of Data Centers", 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/graphics/2026-ai-data-center-redesign', 'webUrl': 'https://www.bloomberg.com/graphics/2026-ai-data-center-redesign', 'tooltip': "AI's Power Surge Is Forcing Total Redesign of Data Centers", 'destination': {'web': 'https://www.bloomberg.com/graphics/2026-ai-data-center-redesign', 'bbg': 'bbg://news/stories/TFY6GBKIUPVN'}}}, 'content': [{'type': 'text', 'value': 'new type'}], 'meta': {'suid': 'TFY6GBKIUPVN', 'type': 'StoryLink'}}, {'type': 'text', 'value': ' of data center — more powerful, more compact and more energy efficient. That’s forcing companies like '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'SU FP Equity'}}, 'link': {'href': 'bbg://securities/SU%20FP%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/SU%20FP%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Schneider Electric SE'}], 'meta': {'type': 'SecurityLink', 'security': 'SU FP Equity'}}, {'type': 'text', 'value': ' and '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'SIE GR Equity'}}, 'link': {'href': 'bbg://securities/SIE%20GR%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/SIE%20GR%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Siemens AG'}], 'meta': {'type': 'SecurityLink', 'security': 'SIE GR Equity'}}, {'type': 'text', 'value': ', which provide the electrical equipment integral to server farms, to future-proof their offerings. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“It is this big technological shift that will ultimately drive and set the scene for which company is best positioned to outperform,” Bloomberg Intelligence analyst '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 22711075}}, 'link': {'href': 'bbg://people/profile/22711075', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/22711075'}}}, 'content': [{'type': 'text', 'value': 'Omid Vaziri'}], 'meta': {'profile': '22711075', 'type': 'ProfileLink'}}, {'type': 'text', 'value': ' said. '}]}, {'type': 'ad', 'data': {'num': 1, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The potential data center equipment market will be worth around $220 billion annually over the next five years, according to RBC Europe analyst '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 3535473}}, 'link': {'href': 'bbg://people/profile/3535473', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/3535473'}}}, 'content': [{'type': 'text', 'value': 'Mark Fielding'}], 'meta': {'type': 'ProfileLink', 'profile': '3535473'}}, {'type': 'text', 'value': ', a figure that has more than tripled since 2024, when the estimate was $60 billion per year.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'That opportunity has grown as next-generation AI factories become the next frontier in data centers.'}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459839288}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459839288', 'web': 'https://www.bloomberg.com/toaster/v2/charts/ws17qdkgdvlk84ie501mg7mjbht4wrrr'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459839288', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459839288, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://www.bloomberg.com/toaster/v2/charts/ws17qdkgdvlk84ie501mg7mjbht4wrrr', 'alt': '', 'caption': '', 'credit': '', 'fallback': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iCVTfhEWq.Vc/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png'}, 'attachment': {'id': '459839288', 'title': 'Power Equipment Firms Outperform Broader Market', 'subtitle': 'Change since Dec. 31, 2025', 'uuid': 'ws17qdkgdvlk84ie501mg7mjbht4wrrr', 'url': 'https://www.bloomberg.com/toaster/v2/charts/ws17qdkgdvlk84ie501mg7mjbht4wrrr', 'footnote': '', 'source': 'Source: Bloomberg', 'theme': 'business', 'aspectRatio': '2010:1392', 'creator': 'TOASTER', 'responsiveImages': {'large': None, 'mobile': None, 'widget': None, '__typename': 'ChartResponsiveImageSet'}, '__typename': 'Chart'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Today’s data centers typically run on alternating current, which is converted into direct current for chips to operate. But better AI performance requires higher density in data center racks, which requires higher voltages. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The holy grail is an 800-volt DC system, which can carry almost three times more power than today’s AC cables, Fielding said. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The transition is likely to happen in stages. Companies like France’s Schneider or Germany’s Siemens are developing so-called 800-volt DC sidecars to help existing data centers support more power-hungry AI servers. The technology, which splits pure IT racks and those that fulfill ancillary functions, is a bridge rather than the goal, BI’s Vaziri said.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“Today’s data centers are predominantly AC and will remain operational for 20 to 30 years,” said Ciaran Flanagan, global head of data center solutions and services at Siemens. Sidecars “allow operators to introduce 800 VDC for high-density AI workloads without replacing existing infrastructure.”'}]}, {'type': 'ad', 'data': {'num': 2, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The longer-term goal is an 800-volt DC architecture built around a solid-state transformer, according to RBC’s Fielding. The device combines several power conversion stages into one to reduce energy losses.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'That shift could upend parts of today’s data center supply chain. Uninterruptible power supply systems, which account for roughly 16% of data center infrastructure costs, could become less important because a solid-state transformer eliminates some of the conversion stages they perform.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Power distribution units, conventional transformers, switchgear and backup generators are among products that could see demand decline if the new architecture becomes widespread. '}]}, {'type': 'heading', 'data': {'level': 3}, 'content': [{'type': 'text', 'value': 'Winners and Losers'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'LR FP Equity'}}, 'link': {'href': 'bbg://securities/LR%20FP%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/LR%20FP%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Legrand SA'}], 'meta': {'type': 'SecurityLink', 'security': 'LR FP Equity'}}, {'type': 'text', 'value': ' — Schneider’s smaller French peer — is '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TF2BD9KGZAML'}}, 'link': {'href': 'bbg://news/stories/TF2BD9KGZAML', 'title': '800-VDC AI Designs Favor Integrated Full-Stack OEMs', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': '800-VDC AI Designs Favor Integrated Full-Stack OEMs', 'destination': {'bbg': 'bbg://news/stories/TF2BD9KGZAML'}}}, 'content': [{'type': 'text', 'value': 'heavily exposed'}], 'meta': {'type': 'StoryLink', 'suid': 'TF2BD9KGZAML'}}, {'type': 'text', 'value': ' to power distribution units, leaving it more vulnerable if newer power architectures reduce demand for the equipment. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'On the other hand, products like rectifiers, battery energy storage systems, liquid cooling and solid-state transformers themselves are an opportunity for power equipment manufacturers.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Schneider is also exploring different types of architecture for hyperscalers, spanning products like solid-state transformers, transformer rectifier units and centralized storage solutions, said '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 24347817}}, 'link': {'href': 'bbg://people/profile/24347817', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/24347817'}}}, 'content': [{'type': 'text', 'value': 'Frederic Godemel'}], 'meta': {'profile': '24347817', 'type': 'ProfileLink'}}, {'type': 'text', 'value': ', executive vice president of energy management.'}]}, {'type': 'ad', 'data': {'num': 3, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“What we do is work with each of them on the time horizon of what can be deployed at scale,” he said in an interview, referring to clients. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'While Schneider and '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'VRT US Equity'}}, 'link': {'href': 'bbg://securities/VRT%20US%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/VRT%20US%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Vertiv Holdings Co.'}], 'meta': {'security': 'VRT US Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': ' are expected to remain market leaders, rivals including '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'ABBN SW Equity'}}, 'link': {'href': 'bbg://securities/ABBN%20SW%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/ABBN%20SW%20Equity'}}}, 'content': [{'type': 'text', 'value': 'ABB Ltd.'}], 'meta': {'security': 'ABBN SW Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': ', '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'ETN US Equity'}}, 'link': {'href': 'bbg://securities/ETN%20US%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/ETN%20US%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Eaton Corp.'}], 'meta': {'security': 'ETN US Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': ' and Siemens could narrow the gap as data centers adopt new power technologies. “Product composition matters because some products could get cannibalized,” Vaziri said.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'ABB and Eaton may be well positioned because of their expertise in high-voltage electrical equipment and acquisitions, Vaziri said. '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'GEV US Equity'}}, 'link': {'href': 'bbg://securities/GEV%20US%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/GEV%20US%20Equity'}}}, 'content': [{'type': 'text', 'value': 'GE Vernova Inc.'}], 'meta': {'security': 'GEV US Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': ', which is testing a solid-state transformer, may be a contender, while Siemens could draw on its high-voltage systems experience outside the data center market. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Schneider will likely stand out in liquid cooling from the recent acquisition of Motivair, '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'ENR GR Equity'}}, 'link': {'href': 'bbg://securities/ENR%20GR%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/ENR%20GR%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Siemens Energy AG'}], 'meta': {'security': 'ENR GR Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': '’s gas turbine business is set for continued gains and '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'ALFA SS Equity'}}, 'link': {'href': 'bbg://securities/ALFA%20SS%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/ALFA%20SS%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Alfa Laval AB'}], 'meta': {'type': 'SecurityLink', 'security': 'ALFA SS Equity'}}, {'type': 'text', 'value': ' is worth paying attention to thanks to its pioneering work in heat exchangers, according to Alphavalue analyst '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 21949411}}, 'link': {'href': 'bbg://people/profile/21949411', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/21949411'}}}, 'content': [{'type': 'text', 'value': 'Kulwinder Rajpal'}], 'meta': {'profile': '21949411', 'type': 'ProfileLink'}}, {'type': 'text', 'value': '.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Schneider also just agreed to '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'THHII6T9NJLT'}}, 'link': {'href': 'bbg://news/stories/THHII6T9NJLT', 'title': 'Schneider to Buy Industrial AI Firm Cognite for $3.1 Billion (3)', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-06-30/schneider-to-buy-industrial-ai-firm-cognite-for-3-1-billion', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-06-30/schneider-to-buy-industrial-ai-firm-cognite-for-3-1-billion', 'tooltip': 'Schneider to Buy Industrial AI Firm Cognite for $3.1 Billion (3)', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-06-30/schneider-to-buy-industrial-ai-firm-cognite-for-3-1-billion', 'bbg': 'bbg://news/stories/THHII6T9NJLT'}}}, 'content': [{'type': 'text', 'value': 'buy Cognite'}], 'meta': {'suid': 'THHII6T9NJLT', 'type': 'StoryLink'}}, {'type': 'text', 'value': ' for $3.1 billion to expand its industrial data and AI software operations.'}]}, {'type': 'heading', 'data': {'level': 3}, 'content': [{'type': 'text', 'value': 'Time to Prepare'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'As they jostle for hyperscalers’ attention, the good news for equipment makers is that they have time to prepare. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“The full solid-state transformer, 800-volt DC ideal solution, doesn’t fully exist in a technical and commercial capability today,” Fielding said, adding that a meaningful earnings impact is unlikely before 2030.'}]}, {'type': 'ad', 'data': {'num': 4, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Even then, only about 20% of data centers will operate on 800-volt DC by 2030, Fielding estimates, citing limited component availability and safety standards as potential barriers to adoption.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“From Siemens’ perspective, this is not a question of AC versus DC,” said Siemens’ Flanagan. “Both will play important roles for years to come.”'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Schneider’s Godemel sees regulation and supply chain bottlenecks for solid-state transformers as key challenges, though “we will fix it.”'}]}, {'type': 'inline-newsletter', 'data': {'position': 'bottom'}, 'content': []}], 'data': {}}