H200放开的消息今天已经传的沸沸扬扬了，国内的新闻基本都是这样写的： 但这个新闻最早 是出自彭博，比路 透要早2个多小时。 而彭博的新闻是下面这个写的，也就是说根据彭博的这个描述，目前只是初步讨论，而且完全有可 能只是停留在讨论，永远不会放开。 这事还得回溯到前段时间中美领导层见面，川普说会谈到Blackwell，大家都以为B30A会放开。后来 的事大家也都知道了，川普说没有谈Blackwell。 但又过了两天，WSJ上的消息说是因为川普的高级顾问们都反对，所以才没有谈，我们当时在星球 中就发过这个： 两国领导开会那天上午，有朋友就发我这样的截图： 所以可能高端的Hopper要放开的事也讨论了很久了。 说话正题，这次的说法是H200要放开，先看下H200的性能： | Specification | H100 | H200 | | --- | --- | --- | | GPU Architecture | Hopper | Hopper | | GPU Memory | 80 GB HBM3 | 141 GB HBM3e | | GPU Memory Bandwidth | 3.35 TB/s | 4.8 ...

Summary of Liquid Cooling Technology Trends and Product Pricing Industry Overview - The liquid cooling technology is becoming a necessary choice for high-power data center cooling, driven by strict policy requirements for data center PUE values, which must reach 1.3 for new data centers and below 1.25 for national projects [1][4] - Liquid cooling significantly reduces operational costs, as demonstrated by a client in Beijing who saved 57.5% in annual electricity consumption after upgrading [1][4] Key Points and Arguments 1. **Demand Drivers**: - The demand for liquid cooling technology arises from the need for high-power chip modules (e.g., AI chips, GPUs, ASICs) and high-performance memory and optical modules [3][4] - Domestic GPU manufacturers are increasing density and quantity to compensate for single-chip performance gaps, with companies like Huawei launching systems to compete with NVIDIA's NVL72 architecture [3][12] 2. **Liquid Cooling Solutions**: - Mainstream liquid cooling solutions include direct contact, immersion, and spray cooling, each with its advantages and disadvantages [7][8] - Direct contact cooling is cost-effective, costing approximately 3,000 to 4,000 RMB per kW, while immersion cooling is more efficient but at a higher cost [3][16] 3. **NVIDIA's Product Development**: - NVIDIA's roadmap shows a strong demand for liquid cooling, with power consumption of the Rubin series expected to reach 1,800 watts in 2026 and 3,600 watts in 2027 [1][4][5] - The GB300 liquid cooling system's value increased by approximately 23% compared to the GB200, reaching $85,000 [10] 4. **Market Trends**: - The expected shipment volume for the GB200 cabinet in 2025 is between 25,000 to 30,000 units, primarily to North American cloud providers [2][11] - Domestic liquid cooling manufacturers are gaining recognition and certification from major companies like NVIDIA, with firms like BYD actively participating in the market [21] 5. **Challenges and Innovations**: - The use of fluorinated liquids poses environmental and safety concerns, prompting companies like Intel to explore new mineral oil alternatives [17] - The cost of immersion systems is high due to the need for large quantities of specialized liquids, which limits widespread adoption [18] 6. **Comparative Analysis**: - Compared to NVIDIA, other major players like Intel and AMD are progressing more slowly in high-power, high-density cooling solutions, relying more on traditional air cooling methods [6] 7. **Future Outlook**: - Domestic manufacturers are expected to achieve greater breakthroughs in the future as brand recognition increases and they establish long-term partnerships with leading clients in North America [21] Additional Important Content - The liquid cooling technology is widely applied in memory modules, optical modules, ASIC chips, and switch chips, with increasing power consumption necessitating these solutions [15] - The market share of traditional cooling methods remains significant, accounting for 70% to 80% of the market, due to lower modification costs and higher power density [18][20]

Group 1 - The A-share computing power industry chain experienced a resurgence, with the ChiNext AI Index rising by 3.28% on August 19, driven by strong performances from component stocks such as Chengmai Technology (up 14.77%) and Tianfu Communication (up 13.69%) [1] - The Huaxia ChiNext AI ETF (159381) saw a 3.05% increase, with a recent price of 1.38 yuan, and a cumulative increase of 13.24% over the past week [1] - Guojin Securities reported that overseas AI industry chain performance and capital expenditure exceeded expectations, with strong demand for AI computing hardware [1] Group 2 - The Huaxia ChiNext AI ETF experienced a net inflow of 21.116 million yuan, indicating accelerated capital inflow into high-growth sectors [2] - High-end optical modules hold a 70% global market share in China, benefiting significantly from the current AI computing construction wave [2] - The top three component stocks in the ChiNext AI Index, which includes optical modules, are Zhongji Xuchuang (15.89%), Xinyi Sheng (14.86%), and Tianfu Communication (4.77%) [2]

Core Viewpoint - The article discusses the illegal export of Nvidia's advanced AI chips, particularly the B200 GPU, to China despite U.S. export restrictions, highlighting the emergence of a black market for these products [1][2][3]. Group 1: Nvidia's AI Chips and Black Market Activity - Following the tightening of U.S. export controls on AI chips to China, at least $1 billion worth of restricted Nvidia advanced AI processors have been shipped to mainland China [1]. - The B200 GPU has become the most popular chip in China's semiconductor black market, widely used by major U.S. companies like OpenAI, Google, and Meta for training AI systems [1][2]. - Despite the ban on selling advanced AI chips to China, it is legal for Chinese entities to receive and sell these chips as long as they pay the relevant border tariffs [1][2]. Group 2: Distribution and Sales Channels - A company named "Gate of the Era" has emerged as a major distributor of the B200, having sold nearly $400 million worth of these products [3]. - The B200 racks are sold at prices ranging from 3 million to 3.5 million RMB (approximately $489,000), which is lower than the initial price of over 4 million RMB [3]. - The sales of these chips are facilitated through various distributors in provinces like Guangdong, Zhejiang, and Anhui, with significant quantities being sold to data center providers [2][3]. Group 3: Market Dynamics and Future Outlook - The demand for Nvidia's B200 chips remains high due to their performance and relative ease of maintenance, despite U.S. export controls [11]. - Following the easing of the H20 export ban, the black market sales of B200 and other restricted Nvidia chips have reportedly decreased as companies weigh their options [13]. - Southeast Asian countries are becoming key transit points for Chinese companies to acquire restricted chips, with potential tightening of export controls being discussed by the U.S. government [13][15]. Group 4: Repair and Maintenance Services - There is a growing demand for repair services for Nvidia's high-end chips, with some companies in China specializing in the maintenance of H100 and A100 chips that have entered the market through special channels [17]. - The average monthly repair volume for these AI chips has reached 500 units, indicating a significant market need for maintenance services [17][18]. - The introduction of the H20 chip has seen limited market acceptance due to its high price and inability to meet the demands for training large language models [18].