The Open Compute Project Conference Should Clarify the 800 Volt Debate

We think expectations got ahead of the pace of deployment, but the subsequent "800V delay" narrative has also become too broad. Kyber is no longer the planned Rubin Ultra rack form factor, raising uncertainty around whether native 800V would still arrive with Rubin Ultra. The latest roadmap appears to push that step to 2028, with the Rubin Ultra generation still using 54VDC, and the first clearly 800V-native rack around Feynman. At the same time, 800V power sidecars are already shipping to plan, NVIDIA expects Power Centers in 2027, and the ecosystem has expanded to 80+ industry participants. Following NVIDIA's GTC in March, the group re-rated on greater roadmap detail, including Kyber NVL144 for Rubin Ultra, but that re-rating has since reversed despite improving forward estimates, lowering the hurdle for a positive reaction if OCP reinforces that broader 800V deployment remains intact. Many of the single names most directly impacted are outside our coverage, but most stocks with powe