Summary of Conference Call Records Industry Overview - The conference call discusses the liquid cooling technology industry, particularly focusing on NVIDIA's advancements and the domestic market in China. The liquid cooling market is expected to grow significantly, with projections indicating a potential market size of 50 billion yuan by 2028 [2][27]. Key Points and Arguments NVIDIA's Liquid Cooling Technology - NVIDIA has faced thermal issues with the GB200 model, leading to the adoption of an all-purpose plate liquid cooling solution for the GB300, which has passed testing [1][2]. - Future Rubin series chips may utilize two-phase all-purpose plates or two-phase coupled silent liquid cooling, explicitly excluding water-based liquids [1][3]. - The single cabinet power for future models could reach 300-500 kW, necessitating more efficient cooling solutions due to increased chip thermal density [2][3]. Market Dynamics - The domestic liquid cooling market is projected to double in size to approximately 3 billion yuan in 2023, still significantly smaller than overseas markets [1][13]. - Companies like Alibaba are shifting from self-built data centers to leasing due to slow construction speeds, planning to invest 380 billion yuan over three years [2][20]. - The competition remains stable, with many companies still exploring effective air cooling solutions due to deployment speed being a critical factor [13][14]. Technical Developments - The dual-plate liquid cooling system has undergone iterations to address volatility, low toxicity, and cost control [1][4]. - The transition from copper to aluminum for liquid cooling plates is aimed at reducing costs, although complex processing may offset some savings [1][8]. - The total cost for a single cabinet using a single-plate system is approximately $100,000, with hardware accounting for 30%-40% of that cost [7][8]. Future Trends - The future of liquid cooling systems is expected to include both all-purpose and immersion cooling solutions, with potential cost increases of 1.5-1.8 times for different configurations [10][11]. - The domestic market is still in its early stages, with significant growth potential as companies adapt to new technologies and cooling methods [13][27]. - Efficient management and optimization of cooling media will be crucial for future developments, especially as the market scales [27]. Challenges and Considerations - The use of water-based media in single-plate systems has low initial construction costs but high total ownership costs over the lifecycle [2][27]. - The complexity of manufacturing two-phase cooling plates increases labor and processing costs, impacting overall pricing strategies [9][8]. - The industry faces challenges in maintaining system stability and addressing the toxicity and volatility of cooling media, particularly in single-phase systems [24][23]. Competitive Landscape - Domestic manufacturers like Huawei and Alibaba are exploring various cooling technologies, with Huawei's Ascend 910C chip showing competitive performance [16][22]. - The market is characterized by a mix of established players and emerging companies, with significant investments in research and development for liquid cooling technologies [12][15]. Additional Important Insights - The shift towards aluminum in liquid cooling systems is driven by its compatibility with refrigerants and cost-effectiveness, despite concerns over corrosion [28]. - The choice of refrigerants is critical, with 134A being a common option, but facing regulatory challenges that may necessitate the development of more environmentally friendly alternatives [30]. - The overall trend indicates a move towards more integrated and efficient cooling solutions that can handle the increasing demands of high-performance computing environments [32].