Nvidia(US:NVDA)2025-08-12 15:05Summary of Conference Call Records Industry Overview - The liquid cooling market is expected to reach a scale of over 100 billion, driven by advancements in chip technology and increasing computing power demands [1][2] - Liquid cooling technology is gradually replacing air cooling, expanding its application from GPUs to switches and large-scale overseas data centers [2] Key Points and Arguments - Demand and Supply Dynamics: - Profit expectations have been revised upwards, leading to changes in supply dynamics. Taiwanese manufacturers are seeking outsourcing opportunities in mainland China, reflecting an urgent demand shift [3][4] - The liquid cooling technology is projected to see rapid penetration in data centers due to lower operational costs (OPEX) and strict energy consumption policies [3][8] - Market Performance: - The liquid crystal sector has shown strong performance, with leading companies reaching new highs and new entrants emerging [5] - Companies providing complete product solutions, such as Invec and Shengjing Environment, are seen as having greater commercial potential compared to those offering only a full range of products [5] - Key Players in the Domestic Liquid Crystal Industry: - The largest and most comprehensive supplier in the domestic liquid crystal industry has clear overseas order expectations, indicating significant performance elasticity [6] - Adaptation Environment, while smaller than Invec, has potential for growth through Southeast Asian orders and gradual entry into the North American market [6] - Future Prospects of Key Companies: - Keke New Source is expected to enter the AV product field and has a partnership with Dongguan Zhaoke for thermal materials, with projected performance exceeding 200 million after integration [7] Additional Important Insights - Liquid Cooling in Data Centers: - The application of liquid cooling technology in data centers is essential due to the increasing thermal power of AI chips and the need for lower PUE values [8][9] - The global trend towards stricter energy efficiency standards is pushing the adoption of liquid cooling solutions [8] - NVIDIA's Liquid Cooling Supply Chain: - NVIDIA's supply chain is structured in a pyramid, with NVIDIA at the top, followed by OEM and ODM manufacturers, and specialized cooling module suppliers at the base [12] - Market Trends in North America: - Major North American cloud providers are accelerating the adoption of liquid cooling solutions, with companies like Meta and Google leading the way [16] - Impact of Domestic Chip Clusters: - The iteration of domestic chip clusters is opening new liquid cooling solutions, significantly impacting the global market [17] - Liquid Cooling in Energy Storage: - Liquid cooling temperature control systems are becoming mainstream in the energy storage sector, with market share expected to reach 53% by 2024 [20] - Potential for Data Center Liquid Cooling: - Data center liquid cooling technology is expected to see both volume and price increases, with companies like Invec and Shengjing Kecai recommended for significant growth [21]