Can this wave of capacitors take over HBM? Goldman Sachs has already started pushing power infrastructure—after the computing power race is over, it’s now the power supply race, and the industry chain is set to be reshuffled again.

Goldman Sachs states that investments in artificial intelligence infrastructure are shifting from computing power to electricity and power supply links, with capacitors becoming a new bottleneck and demand expected to explode. The increase in server power consumption drives the need for power management, energy storage, and stability, with rapid growth in the application of capacitors in servers, liquid cooling, and high-bandwidth network equipment. Following HBM, capacitors may become a new track for artificial intelligence infrastructure investment, benefiting related manufacturers and the industry chain.