因 ASIC 液冷趋势上升及机架级人工智能服务器增长，上调 2026 年预期；2026 年总可寻址市场（TAM）增长 66%-Global Tech_ Raising 2026E on ASIC rising liquid cooling trend and rack-level AI servers ramp up; +66% TAM growth in 2026E

Summary of Global Tech Conference Call Industry Overview - The report focuses on the Global Server Cooling market, particularly the adoption of liquid cooling technologies in AI servers and ASIC servers [1][21][28]. Key Points Market Growth and Projections - The Total Addressable Market (TAM) for liquid cooling in AI training servers is projected to grow to US$3.8 billion in 2025 and US$7.9 billion in 2026, representing a 171% and 106% year-over-year growth respectively [1][15]. - The overall Global Server Cooling TAM is revised to US$7.2 billion in 2025 and US$12.0 billion in 2026, reflecting a 98% and 66% year-over-year growth [21][29]. Liquid Cooling Adoption Rates - Liquid cooling penetration for AI training servers is expected to rise from 15% in 2024 to 45% in 2025 and 74% in 2026 [1][22]. - Full rack AI training servers will have a 100% liquid cooling penetration rate, while baseboard-based AI training servers will see penetration rates of 27% in 2025 and 52% in 2026 [4][22]. Segment Analysis - For general/HPC/AI inferencing servers, liquid cooling penetration is anticipated to increase from 1% in 2024 to 4% in 2025 and 6% in 2026 [23]. - The report indicates a potential upside from ASIC servers, with liquid cooling adoption driven by advancements in ASIC chips and improved ROI [28]. Component Breakdown - The TAM for liquid cooling components is detailed as follows: - Cold plates: US$1.1 billion in 2025, growing to US$2.2 billion in 2026 - Manifold: US$897 million in 2025, increasing to US$1.6 billion in 2026 - Rear Door Heat Exchanger (RDHx): US$214 million in 2025, rising to US$283 million in 2026 - Sidecar: US$1.3 billion in 2025, reaching US$2.4 billion in 2026 - CDU/RPU: US$779 million in 2025, escalating to US$2.2 billion in 2026 [13][29]. Competitive Landscape - Key suppliers in the liquid cooling market include: - Hon Hai: Buy rating, market cap of US$77.1 billion - Quanta: Neutral rating, market cap of US$35.6 billion - Wiwynn: Buy rating, market cap of US$15.9 billion - Lenovo: Buy rating, market cap of US$15.9 billion - Dell: Buy rating, market cap of US$85.3 billion [32]. Additional Insights - The report highlights the importance of liquid cooling in meeting the increasing power demands of AI servers, particularly as computing power continues to rise [1][10]. - The adoption of liquid cooling technologies is expected to be a significant driver for the growth of the server cooling market, with major tech companies like Amazon, Microsoft, and Google investing in these solutions [28]. This summary encapsulates the critical insights from the conference call regarding the trends, projections, and competitive landscape of the global server cooling market, particularly focusing on liquid cooling technologies.