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As the demand for AI computing power extends from training large models with hundreds of billions of parameters to reasoning with trillion-scale tokens, global data centers are undergoing a systematic reconstruction, spanning from power supply architecture to testing systems. This reconstruction not only signifies a leap in cabinet power from tens of kilowatts to hundreds of kilowatts or even megawatts, but also profoundly alters the market logic of the crucial testing power supply segment. The trend of both volume and price increasing is already evident, and the strategic window for domestic substitution is simultaneously opening.
The expansion of computing power forces the upgrading of power supply architecture, and the test power supply moves from a 'supporting role' to a 'key node'
The continuous rise in AI training and inference demands is driving global cloud service providers into a super cycle of capital expenditure. According to TrendForce's forecast, the total capital expenditure of the world's nine major cloud service providers in 2026 is expected to have been revised up to $830 billion, representing a year-on-year increase of 79%. Such a massive investment directly catalyzes the rapid iteration of AIDC power supply capacity and power supply architecture.
The traditional data center power supply system centered around UPS is gradually giving way to HVDC (High Voltage Direct Current) and even SST (Solid State Transformer) architectures. By 2026, the 800V/±400V HVDC industry chain will enter the prototype testing and small batch introduction stages, and SST is also expected to advance to real-world scenario testing. The implementation of these related architectures is approaching a turning point. The evolution of the power supply architecture directly drives the test objects to extend comprehensively from a single PSU (Power Supply Unit) to Power Shelves, BBUs (Backup Battery Units), complete rack systems, and even HVDC modules.
For test power supplies, this signifies an exponential increase in the diversity and complexity of testing scenarios. The new generation of AI power supply racks necessitates the verification of hundreds of kilowatts of PSUs at rated voltages exceeding 800V. The switching frequency for dynamic load testing reaches up to 10kHz, imposing stringent requirements on both the current slope of the electronic load and the dynamic response speed of the power supply. Test power supplies are no longer peripheral supporting devices; they have become an indispensable and crucial component in the verification of AIDC power supply links.
The test object has undergone capacity expansion and a leap in power level, with a clear logic of both quantity and price increasing
The logic of both volume and price increasing has a very specific projection in the testing power supply industry.
'Quantity' dimension: The scope of test objects has expanded significantly. Taking GB200 NVL72 as an example, a single cabinet is equipped with 8 Power Shelves, each of which integrates 6 5.5kW PSUs. The complexity of the power supply system far exceeds that of traditional servers, leading to a doubling of the corresponding test points and test equipment requirements. The test categories have expanded from the previous single PSU to include multiple power supply components such as Power Shelves, BBUs, DCDCs, and HVDCs, thereby expanding the market demand for industry test equipment.
'Price' dimension: High-powerization drives up technical barriers and individual unit value. The power density of traditional data center cabinets is typically 10-30 kW, while the power of a full GB200 NVL72 cabinet has reached 120 kW, and the planned Kyber NVL576 architecture may further increase to 600 kW. In megawatt-scale testing scenarios, source-load equipment requires multiple units to operate in parallel, placing extremely high demands on the coordination and consistency of master and slave units, thereby raising both the technical threshold and value proposition.
The financial data of industry leaders provides strong evidence. Chroma's measurement and automated testing equipment business achieved a full-year revenue of T$10.545 billion in 2025, representing a year-on-year increase of 55%. In the first quarter of 2026, its revenue reached T$5.390 billion, with a year-on-year growth of up to 145% and a month-on-month growth of 105%. The proportion of this business in total revenue jumped from 40%-43% to 58%, with the increase mainly contributed by the demand for AI servers. This turning point verifies the real driving effect of AIDC on the test power supply industry.
Domestic substitution ushers in a strategic window: high-power technology reserves resonate with industrial chain security
If industry expansion is considered as 'favorable timing', then domestic substitution is gathering 'favorable geographical conditions' and 'supportive human factors'.
From the perspective of competition landscape, China's test power supply market has long been dominated by Taiwanese, European, and American brands, with a localization rate of only 40%-60%, indicating vast potential for substitution. However, in the emerging AIDC sector, the competitive landscape has undergone structural changes favoring domestic manufacturers. AIDC power supply systems are evolving towards power levels above 100 kW, while international leaders such as Zhi Mao Electronics and AMETEK have obvious advantages in the field of low-power test power supplies, but are relatively weak in high-power and high-voltage testing.
This is precisely where the opportunities lie for domestic manufacturers. Previously, the products of domestic test power supply enterprises were predominantly applied in the fields of photovoltaics and new energy vehicles, inherently possessing high-power technology reserves. Taking Aikesiabo as an example, based on nearly three decades of source-load technology accumulation, the company has launched the fourth-generation PRL series of DC high-dynamic feedback loads. Each module can achieve a current slope of up to 60A/μs and has pioneered an energy feedback efficiency of 67%-70%. This has addressed the pain points of traditional testing solutions, such as high energy consumption and significant heat dissipation pressure. Currently, AIDC-related products have entered the trial and small-batch verification phase with top customers. Kewei, on the other hand, has deeply delved into the high-power testing arena, with a comprehensive product matrix covering key scenarios such as PSU, HVDC, and SST. Sample verification with mainstream customers has been successfully completed.
In June 2026, Aikesi Cyber unveiled the industry's first MW-level power supply high-dynamic feedback test platform, integrating PRL series DC loads and PRA series programmable source-load products. This platform covers comprehensive testing capabilities for 800V/±400V DC and DC54V-DC800V load sides, providing an open, efficient, and reproducible third-party testing environment for core equipment in AIDC power supply links. This landmark event demonstrates that domestic manufacturers have the capability to compete with international leaders in the forefront of AIDC test power supply.
Against the dual backdrop of a clear localization trend in the domestic server industry chain and increasing overseas downstream attention to product cost-effectiveness and supply chain stability, domestic test power supply manufacturers with high-power technology accumulation and established product positioning are entering a strategic window period, transitioning from 'technical verification' to 'scale production'.
* Risk warning: Risks such as the development of AIDC power supply systems falling short of expectations, new product development and iteration falling short of expectations, and intensified industry competition still need attention. In addition, some manufacturers, such as Acceo Cyber, have financial and internal control rectification issues that also need to be carefully evaluated.
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