Nvidia(US:NVDA) 傅里叶的猫·2025-10-19 14:11Core Insights - The report from Nomura Securities highlights the urgent need for advanced cooling solutions in AI chips due to rapidly increasing thermal design power (TDP) levels, with projections indicating that TDP for mainstream AI chips will rise from 600-700W in 2023 to potentially over 3500W by 2027 [3][4][10]. AI Chip Cooling Demand - The TDP of AI chips is expected to escalate significantly, with Nvidia's Blackwell series reaching 1000-1400W by 2025 and the Rubin series potentially hitting 2300W in 2026, and 3500W in 2027 [3][4]. - Traditional single-phase liquid cooling solutions are nearing their limits, necessitating new technological breakthroughs to handle TDPs above 2000-3000W [4]. Microchannel Cold Plates (MCL) - MCL is identified as the most practical solution for cooling chips exceeding 3000W post-2027, integrating heat spreaders and cold plates to reduce thermal resistance [5][7]. - MCL maintains compatibility with existing supply chains, utilizing current cooling fluids and components, unlike two-phase liquid cooling which requires extensive redesign [7]. - There are three main challenges to MCL mass production: design precision of microchannels, manufacturing capabilities, and supply chain coordination [8][9][10]. Thermal Interface Materials (TIM) - Upgrading TIM is crucial, with current materials like graphite films being insufficient for future TDPs; alternatives like indium TIM show promise but face challenges in assembly and interface treatment [10][11]. Other Technologies - Emerging technologies such as TSMC's Si integrated microcoolers and Microsoft's embedded microfluidics are considered less likely to be implemented in the short term due to scalability issues [11]. Market Opportunities for Traditional Cooling Manufacturers - Traditional cooling manufacturers like AVC and Auras are expected to see growth due to overlooked liquid cooling demands for non-core chips and the overall acceleration of liquid cooling adoption in AI servers [12][13]. - The market for liquid cooling components in AI servers is projected to grow from $1.2 billion to $3.5 billion between 2025 and 2027, with a compound annual growth rate exceeding 60% [12]. Investment Targets - Jentech is highlighted as a leading player in the microchannel market, with expected revenue from MCL contributing significantly to its overall earnings by 2028 [15]. - AVC and Auras are also recommended for investment, with AVC being a key supplier for Nvidia and Auras having advantages in manifold components [15].