Investment Rating - The report maintains a positive outlook on AI-PCB and core computing hardware, as well as the Apple supply chain and self-controllable beneficiary industries [5][28]. Core Insights - Nvidia's FY26Q3 revenue reached $57 billion, a year-on-year increase of 62%, driven by strong AI demand [2]. - Google plans to double its computing capacity every six months, aiming for a 1000-fold increase in four to five years, indicating robust competition in AI infrastructure [2]. - The ASIC market is expected to see explosive growth from 2026 to 2027, with major companies like Google, Amazon, Meta, OpenAI, and Microsoft increasing their ASIC deployments [2][28]. Summary by Sections 1.1 Consumer Electronics - Apple launched the iPhone 17 series and other products, with strong pre-order demand, indicating a potential surge in AI-related product releases [6]. - The report anticipates a dense catalyst period for edge AI products, particularly in the second half of 2025 and 2026 [6]. 1.2 PCB - Despite a slight decline in shipments due to the October holiday, the PCB industry maintains a high growth rate year-on-year, driven by AI and automotive sectors [8]. 1.3 Components - AI data center upgrades are expected to increase demand for passive components, with significant growth in MLCC usage in mobile devices [19]. - LCD panel prices have stabilized, while OLED production is ramping up, suggesting a positive outlook for upstream suppliers [20]. 1.4 IC Design - The report is optimistic about the memory sector, with expected price increases for DRAM driven by cloud service providers expanding their data center capacities [21][24]. 1.5 Semiconductor Manufacturing - The semiconductor industry is experiencing a trend towards self-sufficiency due to export controls, with domestic equipment and materials gaining traction [25]. - The advanced packaging sector is expected to benefit from strong demand for AI computing chips [25][26]. Key Companies - Nvidia's optimistic revenue forecast for FY26Q4 at $65 billion reflects strong AI demand [28]. - The report highlights the importance of AI in driving PCB demand and the overall growth of the semiconductor industry [28][29].

Summary of Conference Call on Liquid Cooling Solutions Industry Overview - The conference call primarily discusses the advancements in liquid cooling technology, particularly focusing on NVIDIA's upcoming product lines, including the Rubin and Archer series, which are set to be showcased and mass-produced in 2026 and 2027 respectively [1][2][7]. Key Points and Arguments - **Liquid Cooling Technology Adoption**: NVIDIA's Rubin series will utilize liquid cooling technology, including electronic fluorinated liquids and phase change cooling plates, with expected mass production of the Ruby series in late 2026 and Archer series in late 2027 [1][2][4]. - **Power Density Achievements**: The B200 and B300 NVL72 cabinets achieve power densities of 132 kW and 142 kW respectively, with potential future enhancements to exceed 300 kW through immersion cooling methods [1][4]. - **Cooling Medium Usage**: The Rubin dual-side cooling plates will use propylene glycol as a cooling medium, with a volume requirement of 60-70 liters. The main application will be polyether electronic fluorinated liquids, which are environmentally friendly [3][14][15]. - **Cost Structure**: NVIDIA maintains the cost of liquid cooling systems at 6%-7% of total system costs. For example, the liquid cooling portion of the B200 NVL72 cabinet is estimated at $100,000 to $110,000, while the total cabinet price is around $3 million [21]. - **Market Share and Partnerships**: Delta is projected to increase its market share in the CDU market from 0% to 2% in 2024 through collaboration with NVIDIA. The B300 cabinet is expected to have a shipment volume of 30,000 to 35,000 units, with Delta aiming for a 5% share [23][29]. Additional Important Insights - **Technological Variations**: The Rubin series may adopt electronic fluorinated liquids and phase change cooling technology, while the Archer series is exploring various cooling methods, including immersion cooling [4][7]. - **Environmental Considerations**: The use of electronic fluorinated liquids is highlighted for its low boiling point and favorable environmental indicators, contrasting with other cooling mediums like silicone oil, which, while cheaper, has higher viscosity and energy demands [19][20]. - **Future Developments**: The finalization of cooling solutions is expected by early 2026, with ongoing testing of various technologies by leading manufacturers [7][8]. - **Domestic Market Dynamics**: The domestic electronic fluorinated liquid market is still developing, with new entrants like Sinochem and Dongyangguang showing promise, although environmental concerns exist with some products [22][30]. This summary encapsulates the critical aspects of the conference call, focusing on the advancements in liquid cooling technology, market dynamics, and environmental considerations.