JPMorgan has released a report forecasting the emergence of a $19.2 billion market for AI power chips by 2028. This growth is driven by the installation of 81 GW of new AI data center capacity and the transition from traditional AC to 800V high-voltage DC architecture. The new architecture incorporates SiC solid-state transformers and GaN DC-DC converters, significantly increasing semiconductor content per watt from $175 to $260.