Summary of Conference Call Records Industry Overview - The conference call discusses advancements in liquid cooling technology within the server cabinet industry, particularly focusing on the Blackwell and Rubin series of products [1][2][6]. Key Points and Arguments 1. **Blackwell 300 Improvements**: The Blackwell 300 has undergone significant enhancements over the Blackwell 200, including a full cold plate covering that increases the number of liquid cooling plates and connectors, resulting in a 16% increase in infrastructure value and a 30% overall value increase [1][4]. 2. **Liquid Cooling System Value Distribution**: In the liquid cooling system, quick connectors hold a substantial value due to their high quantity, while the material cost of cold plates is relatively low. Major ODM manufacturers like Foxconn capture most of the core value by sourcing and assembling components [5]. 3. **Rubin Architecture Changes**: The Rubin architecture introduces a substantial technological upgrade, moving away from simple iterations to a new cooling solution, which may significantly alter supplier dynamics and market shares [6][7]. 4. **Strategic Collaboration**: Vertu and NV's strategic partnership focuses on developing next-generation cooling systems for the Rubin series, with initial tests using B100. Future cabinet power densities may reach 200-500 watts, necessitating advanced cooling methods [8]. 5. **Cost Implications of Cooling Solutions**: The coupling silent solution may double the cost per kilowatt compared to the existing Blackwell 200 solution, while the all-in-one plate attachment model could reduce costs to 1.5-1.6 times [9][10]. 6. **Future Trends in Liquid Cooling**: As server power densities increase, the adoption of comprehensive liquid cooling solutions is expected to rise, with competition among components intensifying due to declining material costs [7]. 7. **Market Entry Barriers**: New entrants into the Rubin ecosystem will depend more on supply chain relationships, capacity, and pricing rather than technical capabilities [19]. 8. **Material Compatibility Testing**: Liquid materials entering the NV ecosystem must undergo rigorous compatibility testing to prevent corrosion and ensure system integrity, typically starting 3-6 months before product release [17][18]. Additional Important Content - **Electronic Cooling Fluids**: Electronic cooling fluids are more expensive than traditional water-based coolants, with costs averaging 200-300 RMB per liter compared to less than 20 RMB per kilogram for water-based solutions. Despite better cooling performance, the long-term costs may be higher due to the need for continuous replenishment [16]. - **Domestic Supplier Landscape**: Domestic manufacturers like Invec and Bihai have entered the NV supply chain, indicating a shift towards local sourcing despite the historical reliance on foreign suppliers [14][15]. - **Impact of ASIC Shipments**: The anticipated increase in ASIC shipments in 2026 is expected to stabilize the demand for liquid cooling solutions, with no significant decline expected due to the introduction of Rubin [12]. This summary encapsulates the critical insights from the conference call, highlighting the advancements in liquid cooling technology and the strategic movements within the industry.