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国金证券:AI服务器散热进入液冷时代 导热散热材料需求突显
智通财经网·2025-08-22 02:00

Group 1 - Nvidia's GB300 NVL72 server features a fully liquid-cooled rack design, setting a new trend for AI server cooling solutions, with a significant increase in cooling demand expected alongside rising AI server shipments [1] - The GB300 server's computing power has improved, with inference performance increasing by 1.5 times compared to the previous DGX GB200 model, leading to higher thermal design power (TDP) requirements that traditional air cooling cannot meet [1] - The report suggests focusing on upstream materials for liquid cooling solutions, particularly fluorinated refrigerants and electronic fluorinated liquids, as well as high-efficiency thermal interface materials (TIM) like liquid metals [1][4] Group 2 - Various liquid cooling solutions exist, including cold plate, immersion, and spray cooling, with high-efficiency liquid cooling heavily reliant on fluorinated materials [2] - Liquid cooling can be categorized into indirect and direct cooling, as well as single-phase and two-phase cooling, with cold plate technology being the most mature and widely used, although it has limitations in cooling effectiveness [2] - The demand for electronic fluorinated liquids is projected to reach 12.2 million tons and 25.6 million tons by 2025 and 2026, respectively, driven by increased AI server shipments, representing year-on-year growth of 150% and 110% [3] Group 3 - The combination of efficient TIM materials, such as liquid metals, with two-phase cold plate cooling solutions significantly enhances cooling performance, making cold plate cooling a viable option despite its lower cooling effectiveness compared to immersion and spray cooling [4] - Liquid metal TIM materials are compatible with both GPU and CPU thermal requirements and can be used with various cooling methods, positioning them as ideal thermal materials for high-end chips [4]