Core Viewpoint - The necessity of liquid cooling technology in data centers is driven by increasing chip power consumption and regulatory requirements for energy efficiency, making it essential rather than optional for new large-scale data centers [1][2]. Group 1: Reasons for Adopting Liquid Cooling - Chip power consumption is escalating, with the H100 card consuming 700 W, the B200 card at 1.2 kW, and the B300 card reaching 1.4 kW, necessitating liquid cooling as air cooling becomes inadequate [1]. - Regulatory standards for new data centers mandate a Power Usage Effectiveness (PUE) of ≤ 1.15, which is achievable with liquid cooling (1.05-1.15) but not with air cooling (1.3-1.5) [1]. Group 2: Types of Liquid Cooling Technologies - Cold plate cooling involves copper plates attached to chips with circulating cold water, accounting for 65% of 2024 shipments, favored by cloud and internet giants [1]. - Immersion cooling submerges entire systems in insulating liquids, achieving the highest cooling efficiency, representing 34% of 2024 shipments, primarily for supercomputing and intelligent computing centers [1]. - Spray cooling uses nozzles to directly spray liquid onto components, with a projected penetration rate for 2024 [1]. Group 3: Value of Liquid Cooling Cabinets - The total cost of a system using NVIDIA's GB200 NVL72 is approximately $84,000, with server-side components costing around $36,000 and rack-side components about $48,000 [2]. - The next-generation GB300 will see an increase in cooling plates and connectors, raising the total system price to $100,000, with the cost increase primarily in components [4]. Group 4: Market Size and Growth - The Chinese liquid cooling server market is projected to reach 20 billion yuan in 2024, marking an 84% year-on-year increase, with expectations of 30 billion yuan in 2025, a further 50% growth [4]. - By 2026-2027, the introduction of NVIDIA's Rubin series is expected to raise the liquid cooling penetration rate from 30% to over 70%, with a projected market for components worth 50 billion yuan by 2027 based on 50,000 new cabinets [4]. Group 5: Industry Supply Chain - Suppliers in North America include Yingwei, providing cold plates and connectors, and Shenling Environment, delivering external CDU units, with confirmed orders from major cloud providers [4]. - Numerous manufacturers are in the process of validating their cooling plates and CDU units, with immediate production upon approval expected until 2026 [4]. - Component opportunities include quick connectors priced at $30-50 each, heat exchangers at $500-800 each, and various other components with high volume but lower individual prices [4].
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