计算机行业事件点评：散热正成为AI算力正面挑战，液冷技术受益

Investment Rating - The report rates the computer industry as "Outperforming the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [8]. Core Insights - The report highlights that cooling challenges have become a significant issue for AI computing power, with liquid cooling technology poised to benefit from this trend. Recent media reports indicate that NVIDIA's Blackwell chip server design faced overheating issues, but these have been resolved, alleviating concerns about supply delays [1][2]. - The demand for AI computing power is projected to continue growing, with substantial market opportunities for liquid cooling and other new technologies. The AI server market in China is expected to reach $13.4 billion, $30.7 billion, and $56.1 billion from 2023 to 2025, reflecting year-on-year growth rates of 101%, 128%, and 83% respectively [1]. - The liquid cooling industry is anticipated to transition from a technology reserve phase to a full-scale promotion phase, driven by the increasing demand for AI computing power in data centers. Companies like Vertiv have raised their long-term revenue growth targets, indicating a positive outlook for the liquid cooling market [1]. Summary by Sections Section: Cooling Challenges - The report discusses the overheating issues faced by NVIDIA's Blackwell chip, which utilizes a 4nm process and has a performance of 20 PetaFLOPS. The need for new cooling solutions has become evident as existing systems cannot handle the heat generated by high-load operations [1]. Section: Market Growth - AI computing power is expected to require a 1 million-fold increase over the next decade, significantly surpassing the 100-fold growth predicted by Moore's Law. This growth is expected to drive demand for liquid cooling products in data centers [1]. Section: Industry Transition - The report notes that the liquid cooling industry is moving towards widespread adoption, with traditional air cooling methods becoming inadequate for high-performance chips like the Blackwell GPU. Companies in the domestic liquid cooling supply chain are positioned to benefit from this transition [1].