Vertiv和Celestica上调指引，液冷按下提速键

Summary of Conference Call Notes Industry Overview - The focus is on the AI and cooling industry, specifically the night cooling (夜冷) sector, which is becoming increasingly essential in the context of rising power consumption in mainstream computing chips and AI clusters [2][4]. Key Points and Arguments 1. Transition of Night Cooling: Night cooling is shifting from an optional to a necessary component in data centers due to increasing power density and consumption in AI applications [2][3]. 2. Market Trends: The penetration rate of night cooling technology is continuously increasing, indicating its growing importance in the AI era [2][3]. 3. Performance of Leading Companies: - Vedi: Recently raised its earnings guidance, reflecting sustained demand for night cooling solutions driven by AI development [4][7]. - Celestica: Also raised its earnings guidance, indicating strong demand for ASIC-based solutions, which are critical for major tech companies [5][6]. 4. Investment Opportunities: Companies like 英美克 (InnoTek) are highlighted as long-term investment opportunities due to their leading market position in night cooling technology and their entry into the North American supply chain [4][6]. 5. Financial Performance: - Vedi reported Q2 revenues of $2.638 billion, exceeding previous guidance of $2.35 billion, with a year-over-year growth of 35% [7]. - The company expects Q3 revenues between $2.51 billion and $2.59 billion, with a year-over-year growth of 20% to 24% [8]. 6. Capital Expenditure: Companies are increasing capital expenditures to expand production capacity to meet strong global demand [9]. Additional Important Content - The report emphasizes the rapid development of the ASIC market and its strong demand, which is not negatively impacting the GPU market, indicating both sectors are growing simultaneously [9][10]. - Other companies worth monitoring in the night cooling space include 森林环境 (Forest Environment), 银河股份 (Galaxy Co.), 铜飞股份 (Copper Fly Co.), and 高兰股份 (Golan Co.), which are all actively involved in various aspects of the night cooling supply chain [6]. This summary encapsulates the critical insights from the conference call, highlighting the industry's trajectory, key players, and financial performance indicators.