Core Viewpoint - HUT8's Q2 2025 report highlights the advancement of liquid cooling systems, bridging the gap between traditional air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure, with increasing cabinet density and market potential for liquid cooling solutions [1] Group 1: Market Trends - The trend towards liquid cooling has been initiated by the increasing shipment of NVIDIA's GB200 cabinets, which feature cold plate liquid cooling design, marking the beginning of a new era in liquid cooling [2] - The growth of the liquid cooling market is driven by two main factors: the rising power consumption of GPU chip designs necessitating upgraded cooling solutions, and the increasing integration demands of data centers [2][3] Group 2: Industry Dynamics - The integration of data centers is pushing the need for advanced cooling solutions, as traditional air cooling cannot meet the economic and integration requirements of high-performance computing centers [3] - The future of the liquid cooling industry is clear, with a shift from traditional air cooling to liquid cooling solutions, including cold plate, spray, and immersion cooling systems [3] Group 3: Investment Opportunities - Companies to watch in the liquid cooling space include Invec (002837.SZ), Kehua Data (002335.SZ), Wangsu Science & Technology (300017.SZ), Yimikang (300249.SZ), Shenling Environment (301018.SZ), and Gaolan Co. (300499.SZ) [3]