CSC Financial: Booming AI Demand Drives Power Semiconductors into a New Cycle

A CITIC Securities research report states that driven by the explosive growth of AIDC and incremental demand from new energy vehicles, power semiconductors have seen a wave of price increases since 2026. From the perspective of technological iteration, third-generation power semiconductor devices represented by SiC are highly compatible with the high-voltage DC evolution trend of AIDC, and therefore show rising penetration trends across multiple areas such as SST, HVDC, and solid-state circuit breakers, with more pronounced incremental growth. According to estimates, under the explosive growth of AIDC combined with technological iteration, it is expected to bring incremental demand for SiC power devices worth tens of billions by 2030. Both upstream and downstream of the SiC power device supply chain are expected to see synchronized incremental growth.