AIDC电气架构深刻变革，关注SST与服务器电源等环节

鸿道投资01-12

在刚刚结束的CES大会上，黄仁勋展示了英伟达下一代 Vera Rubin 计算平台，并通过多芯片协同的系统化设计，明确了算力演进的新方向——系统级能力正在取代单芯片性能，成为算力提升的核心路径。从英伟达以及主要云服务厂商的方案来看，数据传输效率正逐步成为制约算力扩展的关键瓶颈，推动计算能力以更高的功率密度向有限空间集中。“计算单元”的边界也随之不断放大，从传统的板卡、机柜，持续向 Pod 乃至...

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supply","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDY":0.6,"SNVD.UK":0.6,"NVDU":0.6,"NVDS.UK":0.6,"NVIW.SI":0.6,"NVDD":0.6,"NVDA":0.9,"NVD":0.6,"NVD3.UK":0.6,"NVDS":0.6,"3NVD.UK":0.6,"NVD2.UK":0.6,"NVDX":0.6,"2NVD.UK":0.6},"content_text":"在刚刚结束的CES大会上 ，黄仁勋展示了英伟达下一代 Vera Rubin 计算平台，并通过多芯片协同的系统化设计，明确了算力演进的新方向——系统级能力正在取代单芯片性能，成为算力提升的核心路径。从英伟达以及主要云服务厂商的方案来看，数据传输效率正逐步成为制约算力扩展的关键瓶颈，推动计算能力以更高的功率密度向有限空间集中。“计算单元”的边界也随之不断放大，从传统的板卡、机柜，持续向 Pod 乃至机房级别延伸。随着计算单元尺度的放大，算力提升也不再只是芯片层面的工程问题，而是带来了供电、散热等一系列系统性挑战，并开始对基础设施提出全新的架构要求。一、AIDC用电特点变化：观察AIDC的用电特点，我们发现了几个主要的变化，包括功率密度的飞速增长、单个数据中心负荷持续攀升、算力负载同时性引发的电力负荷大幅波动，以及AIDC对稳定性、可维护性及快速部署的需求。功率密度：以英伟达为例，从Hopper架构到Blackwell，再到即将推出的Rubin架构，其单颗GPU的TDP（热设计功耗）持续提升，单卡/计算托盘功率密度有大幅增长。与此同时，机柜从NVL8向NVL72乃至NVL576演进，单个机柜内要塞下更多的板卡，而每个板卡占用的空间并未增加。功率密度在芯片、板卡及机房层面同步飙升；AIDC进入GW时代：单个算力中心的功率从百MW级别逐渐向GW级别攀升，据媒体不完全统计，美国本土有10个以上在建/拟建的1GW以上的AIDC项目。考虑到数据中心不间断用电的特点，单个大型的数据中心项目用电规模和尖峰负荷可能已经相当于中小型城市。巨大的用电量和负荷，对所在地的电网接入能力提出了较大挑战；负荷波动大：因为算力负载的同时性特征，数据中心的负荷波动是自下而上的系统性波动，在训练型数据中心更加明显。大规模GPU集群往往以高度一致的节奏在计算和通信之间切换，功率需求在毫秒级时间尺度内大幅波动。单颗芯片的负载变化在机房和园区层面叠加时，最终引发的可能数据中心层面几十MW的功率起伏。AIDC的独特需求：AIDC对于不间断供电有极高的要求，在供电架构上要求较高级别的可靠性、冗余及可维护性。很多用于AIDC的部件本身不贵，但出问题可能会损坏计算单元或者造成数据中心断电，潜在损失很大，需要承担很大的安全责任，也因此享受较高的溢价。同时算力处于“军备竞赛”阶段，大厂对项目快速落地的需求带来了基础设施模块化、系统化的趋势；AIDC的用电特点对现有的电气架构提出了一些挑战，带来了一些问题，也引出了对应的解决方案。图1：AIDC用电特点、带来的问题和对应解决方案二、AIDC电气架构演变：当前的AIDC电气架构，可以简单总结为“机柜外交流，机柜内直流”。电从电网下来经过多级变压进入机房楼宇内，以交流电的形式输入到计算机柜内，并在机柜内完成AC/DC、多级降压等步骤，最终由VRM供应到芯片。用一张示意图可以大概展示这个过程：图2：当前AIDC供电方案示意图当前架构为什么需要变化？首先是机柜功率的激增，它导致了低压交流配电无法满足要求，机柜功率在搭载Rubin Ultra的Kyber架构下可能接近MW级别，高功率意味着同样电压下的更大电流，会在铜线上产生巨大的热效应，因此需要更高的有效电压以降低电流要求。传统的低压交流供电以及柜内48VDC的母线都需要变化，因此产生了高压直流配电（HVDC）入柜的演进方向。另外数据中心巨大的用电量要求尽量减少交直流转换和降压环节以节省电能损耗。算力集中的需求也带来了供电环节的整合，在板卡层面体现为可能将DC/DC电源模块移出，在机柜层面体现为可能将PSU外置到专门的Sidecar电源机柜，而在机房层面体现为将配电和不间断电源尽量移出机房，并尽量做到小型化、模块化。海外大厂在未来AIDC电气架构方案上体现出来比较强的一致性，都计划采用高压直流配电（HVDC）方案，从机柜层面向机房层面逐渐过渡。近期我们会看到Sidecar电源柜通过800V或者±400V的直流电为计算机柜供电，带来服务器电源层面的巨大变化。台达、光宝等厂商在OCP大会上都展示了适配英伟达MGX生态的800VDC In-Row Power电源柜，谷歌、Meta、微软也会基于共同制定的Mt. Diablo分离式供电架构发布各自的±400 VDC Sidecar电源柜。而在远期，谷歌、英伟达都提出了在机房层面采用高压直流供电，未来的目标都是打造全直流的机房。HVDC可以说是最明确也最快落地的技术方向。除了HVDC配电，还有两个重要的变化分别发生在机房外和机柜内，分别是SST（固态变压器）和VPD（垂直供电的三次电源）。SST的核心原理是通过电力电子技术将工频变压变为高频变压，从而明显减小变压器的体积，并实现电能质量管理等功能。其支持多端输入、体积小、易维护等特点非常适配AIDC的需求。英伟达和谷歌、微软都在不同场合提到了未来对于SST应用的规划。SST在功能上可能会整合变压、交直流转换、不间断电源等功能，还会兼具电能质量管理等功能。SST可能是AIDC远期方案的重要环节。图3：未来AIDC供电方案示意图VPD（垂直供电）则是VRM的一种形态。VRM输出0.8-1.5V的电压，负责给芯片直接供电以及电压管理，是面对算力负载波动的第一道关口。随着芯片功率密度提升，单个芯片需要的VRM单元数量增加，会挤占板上其他部件如HBM等的空间。同时传统的水平供电意味着更长的走线距离，带来更大的寄生阻抗和热效应。VPD应运而生，将电源芯片、电感等模块化并至于芯片背面，通过PCB板与板卡连接，大大节省了走线距离和板上空间，是柜内电源的重要变化。三、重视SST和服务器电源：基于对AIDC电气架构的认知，我们认为SST和服务器电源是当前值得重视的方向，其共同特点是高速增长行业中自身在迭代演进。SST拥有足够大的空间，市场千亿可期。因其体积小、效率高、集成度高等优势天然适配数据中心，成熟后可以快速渗透，市场总盘子足够大。同时从替代性定价角度出发，SST集成了变压、交直流转换、不间断电源等功能，还可以整合电能质量管理等功能，同时可以承接多端口输入，成为数据中心的能源路由器，会具有较高的单位价值。在数据中心之外，我们也已经看到SST在充电等场景的应用落地，更大拓宽了其想象空间。进展上SST也不会是遥遥无期。我们能看到海外头部的能源方案提供商在该项技术上长期的积累和成果，也能看到国内一些企业的示范性项目。需求端，海外大厂也在积极探索下一代AIDC电气架构，SST样机的推出及测试都是近一两年内值得期待的产业变化。服务器电源方面，除了短期可以看到明显变化的Sidecar电源柜，柜内的VRM电源也非常值得重视。谷歌、Meta、AWS等大厂已经采用了模块化的垂直供电方案，而英伟达因为板上空间更充裕过去采用离散的平行供电。但随着芯片功率增加及板上空间的减少，VPD（垂直供电）似乎是比较明确的演进方向。每一次芯片和板卡的迭代也都会带来VRM的迭代，会要求其将更多的电源芯片、电容和电感集成到更紧凑的空间里，同时提出封装、散热方面的挑战。作为最靠近芯片的一环，持续迭代的VRM兼具量增和价增的逻辑，相关的产业环节值得挖掘。这轮PCB扩张周期有望持续5年，如何看待PCB设备的投资机会从刘先明访谈看小鹏自动驾驶发展：围绕数据效率重构的技术路径北美Robotaxi产业跟踪：爆发边缘","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2602189545","isCrawlerRequest":true}