高盛调研：AI数据中心迈向兆瓦时代 液冷技术成关键赛道

Industry Trends - The overall demand outlook for data centers is optimistic among industry participants, with many projects scheduled for the coming years [2] - The transition from traditional cloud architecture to dedicated AI infrastructure is accelerating, driven by increasing power density [2] - Rack power in data centers is expected to rise from 120 kilowatts (Blackwell architecture) to 600 kilowatts (Rubin architecture), potentially reaching 1 megawatt in the future [2] - Liquid cooling technology is becoming a standard in new AI data centers due to its ability to enhance performance and reduce costs [2] Company Developments and Technology Roadmap - nVent Electric (NVT.US) is launching various liquid cooling solutions and will focus on customized cooling designs for AI data centers [3] - Carrier Global (CARR.US) plans to launch a 1 megawatt cooling distribution unit (CDU) by the end of this year, with data center-related revenue expected to double from $500 million last year to $1 billion this year [3] - Vertiv Holdings (VRT.US) has a 2.3 megawatt liquid cooling system favored by hyperscale data center clients and is aligning with NVIDIA's technology roadmap [3] - Schneider Electric is providing on-site power solutions and expanding its liquid cooling presence in the Middle East and Asia, with 96% of its supply chain located in North America [3] Challenges and Controversies - There are differing opinions on the sustainability of demand, with short-term growth potentially affected by customer structure and macroeconomic factors [4] - Existing AI applications may not be sufficient to absorb future capacity, necessitating the development of new application scenarios [4] - Some customers are divided on whether to adopt the latest technology immediately or wait for the next generation of designs [4]