Core Viewpoint - The liquid cooling industry is approaching a significant turning point, with expectations for explosive growth in 2024, marking it as the "year of liquid cooling" [1]. Group 1: Industry Dynamics - The demand for liquid cooling components from NVIDIA is expected to double next year, indicating a substantial market opportunity for domestic manufacturers [2]. - Domestic manufacturers are likely to gain unexpected market share, with projections for certain companies' market share increasing from 5-8% to potentially 10-15% [2]. - The collaboration between domestic companies and Taiwanese/American firms for OEM production is anticipated to ensure supply stability, with expected overflow in cold plate manufacturing reaching several billion [2]. Group 2: Key Projects and Collaborations - Meta's Prometheus project is showing signs of acceleration, with domestic liquid cooling leaders poised to capture significant market share due to the project's large scale and favorable procurement model [2]. - Google is projected to procure liquid cooling cabinets worth approximately $3-3.5 billion, with a target of 40,000 units, highlighting the collaboration potential with domestic liquid cooling leaders [2]. Group 3: Growth Potential of Leading Companies - Delta's revenue from liquid cooling is projected to reach around 1 billion RMB in 2024, with expectations to grow tenfold to 10 billion RMB by 2025, and further doubling by 2026, indicating a strong growth trajectory for domestic liquid cooling manufacturers [3].

Core Insights - The article highlights the significant growth and future projections of NVIDIA's GPU series, particularly the Hopper, Blackwell, and Rubin series, indicating a strong revenue potential in the upcoming quarters [1][3]. GPU Shipment and Revenue - NVIDIA's Hopper series GPUs have shipped 4 million units, generating $100 billion in revenue [1] - The Blackwell series GPUs are expected to ship 20 million units over the next five quarters, with projected revenue of approximately $500 billion, marking a fivefold increase compared to the H series [3]. Optical Module Demand - Excluding the already shipped 6 million units, an additional 14 million optical modules are expected to be shipped in the next five quarters, averaging about 2.8 million units per quarter [4] - The demand for 1.6T optical modules is projected to exceed 34 million units, significantly surpassing previous market expectations of 20 million units by 2026 [6]. Pricing and Supply Dynamics - The anticipated supply shortage of 1.6T silicon optical chips is estimated at 10-20%, which may lead to order delays or shifts towards 800G optical modules [6] - The expected price for 1.6T optical modules has been adjusted to $1,000-$1,100 per unit, up from the previous forecast of $800-$900, potentially increasing revenue contributions by 15-20% [6]. Industry Valuation Concerns - The low valuation of the optical module industry is attributed to several factors, including reliance on North American markets, technological risks from new innovations, low manufacturing barriers, and uncertainty in long-term demand [8]. PCB Developments - The Rubin architecture will utilize M9 materials for its PCB designs, enhancing the value of the boards compared to previous generations [9][10]. - The total value of the PCB in the VR200 NVL144 CPX computing tray is projected to exceed $3,000, significantly higher than earlier models [11]. SST Implementation - The demand for SST (Smart Supply Technology) solutions is expected to accelerate, with major companies like Amazon seeking to test SST samples for potential integration in future products [16][17]. - The optimistic outlook for Rubin's shipment pace may enhance the valuation of the SST industry and the performance of related companies in the coming years [17].