2025-08-18 15:10Summary of Conference Call Records Industry Overview - The conference call discusses the liquid cooling technology industry, highlighting its emergence as a promising sector similar to the early stages of the optical module industry. The market sentiment towards liquid cooling is currently very optimistic, with expectations for significant growth starting from 2024 [1][5][9]. Key Points and Arguments - Market Dynamics: There has been a noticeable inflow of capital into the AI computing sector, which has positively impacted equity assets and laid a solid foundation for the industry [2][3]. - Company Performance: Domestic companies like Taicheng Light and Shijia Photonics are performing well, but their growth rates are not as strong as Xuchuang Information and Yisheng, which have a valuation advantage [3][4]. - Liquid Cooling Technology: Liquid cooling is expected to become a standard feature in products post-GB300, with the market for liquid cooling systems projected to expand significantly due to its application in high-heat scenarios such as GPUs, ASICs, and power supplies [1][5][9]. - Technological Evolution: The industry is witnessing a shift from traditional cold plate technology to Rubin phase-change liquid cooling, which may define future directions [6][9]. - Market Potential: The estimated market space for NVL72 shipments is projected to reach $7-8 billion, potentially exceeding $10 billion when including upgrade costs [3][18]. Important but Overlooked Content - Components of Liquid Cooling Systems: The systems consist of key components such as cold plates, quick connectors, water separators, and CDU (Cold Distribution Unit). Indirect liquid cooling is currently the mainstream solution [10][12]. - Competitive Landscape: In the internal liquid cooling market, Taiwan's Qihong holds a dominant position, while traditional cooling companies like AVC and Coolermaster are significant players in the external market [14]. - Future Market Expansion: The liquid cooling market is expected to grow as more companies enter the field and technology advances, with a focus on companies that can innovate and adapt to the evolving AI infrastructure [11][22]. - Reliability Assessment: Evaluating the reliability of liquid cooling companies can be done through product strength, timeline of market entry, and the presence of channel intermediaries [22][25]. - System Integration Capability: This capability is deemed crucial and challenging to achieve, as it involves assembling numerous components into a cohesive and efficient system [26]. Conclusion The liquid cooling technology sector is poised for significant growth, driven by advancements in AI infrastructure and increasing market demand. Companies that can demonstrate strong product innovation and system integration capabilities are likely to emerge as leaders in this evolving landscape.