Summary of Liquid Cooling Materials Conference Call Industry Overview - The conference focuses on the liquid cooling materials industry, particularly in the context of AI chip cooling and data centers [1][2][4]. Key Points and Arguments Types of Liquid Cooling Media - Liquid cooling media are categorized into three types: water-based, oil-based, and fluorinated liquids, each with distinct advantages and disadvantages [1][3][5]. - **Water-based Media**: High thermal efficiency, low cost (around tens of yuan per kilogram), but prone to leakage and microbial growth [5]. - **Oil-based Media**: Cheapest option (around 10 yuan per kilogram), but poor fluidity and potential fire hazards [5]. - **Fluorinated Liquids**: High performance but expensive (high-end options like 3M perfluoropolyether cost 400-500 yuan per kilogram) and face regulatory risks regarding PFAS [1][6]. Trends in AI Chip Cooling - The trend in AI chip cooling is shifting from traditional air cooling to liquid cooling solutions due to high power density requirements [2][4]. - Single-phase cooling plates are being replaced by dual-phase cooling plates, which are expected to be widely adopted by 2024 [2]. Cost Considerations - The cost of cooling media is significant in system design. For example, a single cabinet requiring 120-150 kW can cost up to 1 million yuan when using high-end fluorinated liquids [1][10]. - Using alternative media like triol or silicone oil can significantly reduce costs [10][11]. Future Trends - The combination of full immersion cooling and dual-phase cooling plates is seen as a future trend to reduce costs and address high heat flux density issues [1][13]. - The industry is moving towards designs that minimize liquid usage and optimize heat dissipation through techniques like zoning and partitioning [1][13]. Market Dynamics - Major data centers in China, such as Alibaba and ByteDance, are currently using single-phase silent liquid cooling systems, indicating a trend towards advanced cooling technologies despite high costs [18]. - Alibaba is also exploring cooling plate technology to find more economical solutions [19]. Challenges and Innovations - Dual-phase cooling technology is gaining traction, especially with NVIDIA's upcoming Ruby architecture, but faces challenges such as medium boiling point limits and pressure handling [7][24]. - The use of refrigerants in dual-phase systems is expected to grow, with potential for mainstream adoption by mid-2026 [24]. Additional Important Content - The volatility and maintenance requirements of different cooling media vary, with silicone oil and fluorinated liquids requiring less frequent additions compared to triol [14][16]. - The efficiency of cooling media is measured by specific heat capacity, with water being the most efficient but limited in application due to its non-insulating properties [22]. - The domestic market for fluorinated liquids includes major manufacturers like Juhua, New Zhiyuan, and Tianjin Changlu, indicating a competitive landscape [21]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of liquid cooling technologies and their implications for the AI and data center industries.