电子行业海外科技周跟踪：维谛展望MW级GPU机柜，打开互联、散热技术想象空间

Investment Rating - The industry rating is "Outperform the Market" [6] Core Views - The report highlights the significant growth in the data center market, with a projected compound annual growth rate (CAGR) of 24% for global data volume from 2023 to 2028, and a 16% CAGR for the global server market [3][4] - The demand for AI servers is expected to drive the increase in GPU density in server cabinets, with projections indicating a rise from 36 GPUs in 2024 to 576 GPUs by 2028-2029 [4] - The report emphasizes the importance of high-speed interconnect technology and liquid cooling solutions in addressing the challenges faced by data centers [4] Summary by Sections Market Overview - The global data center market is expected to add 100GW of capacity from 2023 to 2029, averaging 13-20GW per year [3] - The market value reachable by the company in traditional computing is estimated at $2.5-3 million per MW, while in high-density computing, it is projected at $3-3.5 million per MW [3] AI Server Development - The peak power consumption of AI server cabinets is anticipated to increase from 130kW in Blackwell to over 1000kW in Rubin Ultra [4] - The report notes that the growth in AI model parameters and the need for higher computational power will continue to drive demand for advanced server technologies [4] Company Performance - NVIDIA's FY25Q3 revenue reached $35.1 billion, a 94% year-over-year increase, with data center revenue growing by 112% [5][10] - The company expects FY25Q4 revenue to be around $37.5 billion, reflecting optimism based on the trends in AI server demand [10]