Core Insights - Morgan Stanley predicts that the value of liquid cooling components for NVIDIA's next-generation AI servers will approach 400,000 RMB [2][5] - The cooling component value for the GB300 NVL72 system is approximately 49,860 USD (around 36 million RMB), representing a 20% increase compared to the GB200 NVL72 system [2][3] - The total cooling component value for the upcoming Vera Rubin NVL144 platform is expected to rise by 17%, reaching about 55,710 USD (approximately 40 million RMB) [2][3] Industry Trends - The demand for liquid cooling solutions is surging due to the exponential increase in data center computing density and the rising power consumption of CPUs and GPUs [3][4] - NVIDIA's GPUs are projected to have a maximum thermal design power (TDP) of 2,300W by the time the Vera Rubin platform is launched in late 2026, and 3,600W for the VR300 platform in 2027, making cooling capabilities a critical bottleneck for performance [4] Market Growth - The liquid cooling industry is entering a phase of explosive growth, with IDC forecasting that China's liquid cooling server market will reach 3.39 billion USD by 2025, a year-on-year increase of 42.6% [5] - From 2025 to 2029, the compound annual growth rate (CAGR) is expected to remain at an impressive 48%, with the market size potentially exceeding 16.2 billion USD by 2028 [5] Stock Performance - Several liquid cooling concept stocks have seen significant price increases this year, with companies like Siyuan New Materials, Yinvike, and Kexin New Source doubling their stock prices [7] - Many of these companies reported strong performance in the first three quarters, with net profits for several firms, including Yimikang and Tongfei Co., doubling year-on-year [7] Company Developments - Companies such as Ice Wheel Environment and Silver Wheel Co. have been actively involved in providing cooling equipment for data centers and liquid cooling systems [7][8] - Silver Wheel Co. has outlined a strategic plan for liquid cooling development, anticipating that thermal management will surpass 50% of its overall business scale in the long term [7]

Core Insights - Morgan Stanley's report highlights the increasing value of liquid cooling components in AI systems, with the GB300 NVL72 system's cooling component valued at $49,860, a 20% increase from the GB200 NVL72 system [1] - The next-generation Vera Rubin NVL144 platform is expected to see a 17% increase in cooling component costs, reaching approximately $55,710, driven by rising cooling demands for compute and switch trays [1][4] Industry Trends - The demand for liquid cooling solutions is surging due to the exponential increase in data center computing density, as traditional air cooling methods are inadequate for high-density computing equipment [5] - NVIDIA's GPUs are experiencing significant power increases, with TDPs projected to reach 2,300W for the Vera Rubin platform and 3,600W for the VR300 platform, making cooling capabilities a critical bottleneck for performance [5] Market Growth - IDC forecasts that China's liquid cooling server market will reach $3.39 billion by 2025, with a year-on-year growth of 42.6%, and a compound annual growth rate of 48% from 2025 to 2029, potentially exceeding $16.2 billion by 2028 [6] - NVIDIA's related chip cooling demand is expected to be a major driver of market growth [6] Stock Performance - Several liquid cooling concept stocks have seen significant price increases this year, with companies like Siyuan New Materials, Yinvik, and Kexin New Energy reporting over 50% revenue growth year-on-year [7] - Notable companies such as Ice Wheel Environment and Silver Wheel Co. have received extensive institutional research interest, indicating strong market confidence in the liquid cooling sector [7][10]