2025 年 9 月 24 日，阿里巴巴在杭州举办的 2025 云栖大会上正式宣 布与英伟达达成重磅 AI 合作，聚焦 Physical AI 全流程技术合作， 包括数据合成处理、模型训练、环境仿真强化学习及模型验证测试等。 此次合作将阿里云人工智能平台 PAI 与英伟达 Physical AI 软件栈 深度整合，致力于加速具身智能、自动驾驶等尖端 AI 应用的开发周 期。阿里巴巴集团 CEO 吴泳铭透露，公司已在 2025 年投入超 3800 亿 元人民币用于 AI 领域的研发和基础设施建设，并计划追加投资，打 造超级 AI 云计算平台，构建类似安卓的 AI 操作系统——通义千问。 最新发布的通义大模型 Qwen3-Max 性能超越 GPT-5 和 Claude Opus 4，跻身全球前三。 美光发布 FY25Q4 业绩，云存储业务增长强劲 2025 年 09 月 28 日 电子 英伟达拟向 OpenAI 投资最高 1000 亿 美元，美光 FY25Q4 业绩超预期 英伟达与 OpenAI 达成战略合作，拟投资至多 1000 亿美元 9 月 22 日，英伟达与 OpenAI 宣布达成里程碑式战略合作意向。通 ...

宏观热点 近日，商务部等八部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意见》（以下简 称《指导意见》）。《指导意见》聚焦供需两侧协同发力，从4方面提出14项任务举措。一是丰富数字 消费领域供给。扩大数字产品消费，提升数字服务消费，创新数字内容消费，拓展数字消费渠道，以数 字消费新供给激发消费新需求。二是培育壮大数字消费经营主体。提升数字消费企业创新能力，赋能中 小企业数字化发展，支持数字消费企业发展壮大，不断增强内生动力和创新活力。三是优化数字消费支 撑体系。打造数字消费平台载体，完善快递物流配送体系，提升支付便利化水平，强化要素投入保障， 加强财政金融支持，构建高效协同的数字消费生态体系，夯实数字消费发展基础。四是营造数字消费良 好环境。开展消费促进活动，推动国际交流合作，促进规范健康发展，统筹促进与规范、国内与国际， 以更优环境推动数字消费高质量发展。 六部门联合发布建材行业稳增长方案，严禁新增水泥、玻璃产能 9月24日，工业和信息化部会同自然资源部、生态环境部、住房城乡建设部、水利部、农业农村部等六 部门近日印发《建材行业稳增长工作方案（2025—2026年）》（以下简称《工作方案》）， ...

Core Viewpoint - The explosive growth in AI computing power demand is driving the advancement of liquid cooling technology towards higher-end solutions [1] Group 1: Microfluidic Cooling Technology - Microsoft has developed microfluidic cooling technology that delivers cooling liquid directly to the chip's interior through tiny channels, significantly improving cooling efficiency [3] - The cooling efficiency of this technology is three times higher than existing cooling plates, reducing the maximum temperature rise of chips by 65%, which supports denser data center deployments and extends hardware lifespan [3] - AI plays a crucial role in this technology, as Microsoft collaborated with Swiss startup Corintis to design biomimetic structures for precise cooling liquid coverage and to identify thermal signals for adaptive cooling [3][4] Group 2: Technical Challenges and Future Prospects - The design of internal channels in chips poses technical challenges, requiring a balance between sufficient depth to prevent blockage and avoiding excessive etching that could cause breakage [4] - Microsoft has iterated on this technology over a year, and it may enable new chip architectures, such as 3D chips, which generate significant heat [4] - Future research will focus on integrating microfluidic cooling technology into Microsoft's chip products, with advantages in cost and reliability [4] Group 3: Competitive Landscape and Market Implications - Other tech giants, such as NVIDIA, are also pushing for advancements in liquid cooling technologies, with NVIDIA requesting suppliers to develop new micro-channel liquid cooling plate technology [4] - The traditional cold plate liquid cooling method remains prevalent, characterized by high maturity and widespread application, which may dominate the market in the short term due to its operational simplicity and total cost of ownership advantages [5] - The transition to new liquid cooling solutions may alter the supply chain landscape, presenting opportunities for domestic liquid cooling supply chain companies, including traditional VC firms, liquid cooling module manufacturers, heat sink manufacturers, and 3D printing firms [5]

Core Insights - Microsoft is innovating in chip cooling technology to address the increasing thermal challenges posed by AI workloads, with a new microfluidic cooling system that enhances efficiency by up to three times and reduces GPU temperature rise by 65% [4][5][21] Group 1: Technology Innovation - The new microfluidic cooling system involves embedding cooling liquid directly into the chip, significantly improving heat dissipation [4][5] - Microsoft has iterated on the design for a year to ensure the microchannels do not clog while maintaining chip integrity [7] - The cooling system allows for safe "overclocking" during peak loads, enhancing performance without overheating [9][28] Group 2: Industry Implications - The global energy demand for data centers is projected to double from approximately 460 TWh in 2024 to over 1000 TWh by 2030, highlighting the urgent need for efficient cooling solutions [12][14] - In the U.S., data centers consumed about 176 TWh in 2023, accounting for 4.4% of total electricity consumption, indicating a significant impact on energy resources [15] - Efficient cooling technologies can reduce overall energy consumption and carbon emissions, aligning with ESG goals [25] Group 3: Competitive Landscape - Microsoft is investing heavily in cloud and AI infrastructure, with capital expenditures reaching $24.2 billion in Q4 2025, indicating a strategic push to dominate the AI infrastructure market [29][31] - The company is developing proprietary chips to reduce reliance on external suppliers like NVIDIA, enhancing control over cooling and architecture [31] - Other tech giants like Google and Amazon are also advancing their cooling technologies and chip designs, indicating a competitive race in the AI infrastructure space [36][37] Group 4: User Experience - Improved cooling technology directly impacts user experience by reducing latency and preventing service interruptions during high-demand periods [19][28] - The microfluidic cooling system is expected to lower operational costs, potentially translating to lower subscription fees for AI services [21][22]