This report reviews leading stocks in SiC- and GaN-related power semiconductors and the outlook driven by expanding EV and AI data-centre demand and government policy support. It also covers developments at 4 major companies, along with trends in small- and mid-cap stocks and materials-related names in the latter half.
Power semiconductors convert and control electricity and are becoming increasingly important in applications such as EV drive inverters and data-centre power supplies. SiC and GaN are well suited to high-voltage tolerance, low losses and high-speed switching, and adoption is advancing in different applications for each material.
SiC is widely used in automotive and railway applications and solar power conversion because of its advantages in voltage resistance and thermal design, while GaN is suited to making power supplies smaller and more efficient. The applications are divided across several voltage ranges, including the 600 V class, and cannot simply be discussed uniformly in terms of 600 V.
Among large-cap names, ROHM has confirmed growing sales of Si power devices for servers, with growth in automotive applications also expected to continue. Meanwhile, the adoption of SiC in BMW's next-generation EVs and the divergence between Fuji Electric's UPS demand and semiconductor performance can be confirmed.
Renesas is moving its GaN products into mass production and has announced a 650 V-class bidirectional switch for AI data centres. It has also indicated plans for mass production in mid-2027, advancing a strategy focused on both AI and automotive demand.
Among small- and mid-cap names, Shindengen Electric Manufacturing and Sanken Electric, among others, have automotive-related exposure, while companies on the module and power-supply side are considered more likely to benefit from SiC. Less prominent names involved in materials, substrates and processing equipment may also move in line with expanding SiC demand.