On June 16, Tianyu Semi rose 5.35% in regular trading, trading at HK$97.85/share, with turnover of HK$234 million.

On the news front, Morgan Stanley raised its price-to-sales multiple for Tianyu Semi H-shares from 12x to 14x, lifting the target price from HK$86.6 to HK$106.6 while maintaining an Outperform rating. The bank explicitly stated that 800V DC power cabinet mass production progress has not been interrupted, contradicting earlier reports suggesting delays beyond 2028.

The upgrade is underpinned by accelerating AI data center power demand. NVIDIA is driving data center power architecture toward 800V high-voltage DC upgrades, significantly boosting SiC content and penetration. According to Citrini Research, SiC and GaN wide-bandgap devices account for 64% of incremental BOM costs per 1MW AI cabinet. The SiC market is projected to grow from US$3.5 billion to US$12.4 billion by 2030, with AI infrastructure contributing nearly half of demand. Tianyu Semi holds 51.3% global market share in 8-inch SiC substrates and has indirectly entered NVIDIA's supply chain through its 12-inch product.

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