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].

Core Viewpoint - The company, Invt (002334.SZ), has stated that its liquid cooling products currently do not utilize microchannel technology [1] Company Summary - Invt has clarified its position on the technology used in its liquid cooling products, indicating that microchannel technology is not part of its current offerings [1]

Core Insights - The article discusses the increasing demand for AI computing power and the challenges in thermal management, particularly the introduction of microchannel liquid cooling plate (MLCP) technology as a potential solution [2][57]. Group 1: MLCP Technology Overview - MLCP technology integrates a metal cover and liquid cooling plate with a microchannel design, enhancing cooling efficiency and reducing system size [4][6]. - The cost of MLCP is projected to be 3 to 5 times higher than existing cooling solutions, with manufacturing costs for GPUs potentially increasing by 5 to 7 times if MLCP is widely adopted [2][4]. Group 2: Thermal Management Challenges - The thermal power of the Rubin GPU is expected to rise from 1.8 kW to 2.3 kW, necessitating the introduction of MLCP technology by late 2026 [7][9]. - Current cooling solutions may not suffice for the increasing power demands of AI chips, indicating a critical need for advanced thermal management technologies [2][9]. Group 3: Industry Developments - Boyd, a leading supplier, has delivered 5 million liquid cooling plates to large-scale data centers, highlighting the growing importance of liquid cooling technology in AI computing [10]. - The article emphasizes that MLCP technology is gaining traction in the industry, with ongoing research and development efforts to address its challenges [6][57]. Group 4: Future Outlook - The article concludes that MLCP technology represents a significant advancement in thermal management for high-power AI platforms, despite facing production and technical validation challenges [57][59]. - The upcoming Thermal Management Industry Conference will focus on the latest developments in MLCP and liquid cooling technologies, providing a platform for industry experts to discuss solutions to the growing thermal challenges in AI computing [59].