SICC (02631) rose more than 13% in morning trading. As of press time, the stock was up 9.18% to HK$105.3, with a turnover of HK$425 million.

The catalyst stems from Nvidia's push to upgrade data center power architectures to 800V high-voltage DC, significantly boosting the value and penetration of silicon carbide (SiC). According to Citrini Research estimates, wide-bandgap semiconductors like SiC and GaN account for 64% of the incremental cost in the power conversion bill of materials (BOM) for each 1MW AI server rack. The SiC market size is projected to grow from $3.5 billion in 2024 to $12.4 billion by 2030, with AI infrastructure contributing nearly half of the demand.

Guosen Securities released a research report indicating that, based on data from Japan's Fuji Keizai for 2026, SICC held a 27.6% global market share in conductive-type silicon carbide substrate materials in 2025, ranking first worldwide and surpassing Wolfspeed to become the industry leader. Specifically, its market share reached 27.5% for 6-inch wafers and 51.3% for 8-inch wafers. The company has now established collaborations with more than half of the world's top ten power semiconductor device manufacturers and has entered the supply chains of leading international semiconductor companies.