Summary of Conference Call on Liquid Cooling Technology Industry Overview - The conference focuses on the liquid cooling technology industry, particularly related to NVIDIA's GB300 and upcoming Rubin series products [1][3][5]. Key Points and Arguments Liquid Cooling Technology Developments - NVIDIA's GB300 features a full liquid cooling plate design that covers chips, memory, and power supply, but faces limitations with single-direction cooling plates, indicating a need for dual-direction plates or microchannel technology by 2026 [1][3]. - Dual-direction plates enhance cooling capacity through phase change and efficient media, while microchannel technology improves conduction efficiency but faces challenges in processing and uniformity [1][3][9]. - Vertiv's experiments with NVIDIA's NV72 system show a significant reduction in liquid usage, from 700 liters to approximately 360 liters, by employing localized silent cooling [1][7]. Cost and Component Changes - The number of quick connectors in GB300 has increased from 108 pairs in GB200 to 252 pairs, leading to a 20% to 30% increase in total cooling plate costs, primarily due to quick connectors and cleaning processes [2][29]. - The overall cost of the GB300 liquid cooling plate has risen from $49,000 to $59,000, driven by increased complexity and component requirements [29]. Future Trends and Challenges - The upcoming Rubin Ultra project is expected to adopt NV576 architecture with a TDP of 1,400 watts, necessitating advanced cooling solutions [8]. - The development of microchannel technology and dual-direction plates will significantly impact the competitive landscape, potentially introducing new players into the market [20]. Supplier Landscape - Current leading suppliers for GB300 include Qihong and Shuanghong, with domestic manufacturers like Industrial Fulian entering NVIDIA's supply chain due to cost control and rapid response capabilities [1][19]. - Domestic suppliers are increasingly participating in the market, with companies like Zhonghang Optoelectronics and Fengguang beginning to sample or collaborate to meet the growing demand for quick connectors [24]. Material and Pump Innovations - The liquid cooling system's evolution includes a shift from traditional materials to advanced options like R1,233 refrigerant, which is more environmentally friendly and has a higher boiling point than R134 [14][15]. - The importance of pumps in liquid cooling systems is rising, especially with microchannel applications requiring high stability and smooth operation [16][33]. Emerging Technologies - New materials such as graphene and silicon carbide are being explored for their thermal management properties, although their widespread application remains limited [31][32]. - Domestic universities are actively researching microchannel technology, which may lead to significant advancements in the field [34]. Additional Important Insights - The liquid cooling technology market is evolving rapidly, with significant opportunities for domestic suppliers to close the gap with established international players [21][22]. - The ASIC server market may adopt liquid cooling solutions, with companies like Google potentially leading the way, although the urgency compared to NVIDIA's needs is still under evaluation [25][26].