Nvidia(US:NVDA)2025-09-06 07:23Summary of Key Points from J.P. Morgan Research on Cooling Components Industry Overview - The report discusses the cooling components industry, specifically focusing on the potential adoption of microchannel lid technology in Nvidia's Rubin GPU. Core Insights and Arguments 1. Microchannel Lid Technology: - The microchannel lid is a cutting-edge heat spreader solution that integrates the functions of a heat spreader and a cold plate at the packaging level. It features a copper base plate with microchannels and a cover plate, facilitating efficient heat dissipation from the chip below [1][4]. 2. Nvidia's Adoption Timeline: - Nvidia is expected to adopt the microchannel lid for the dual-die version of its Rubin GPU in the second half of 2026, with a potential TDP (Total Design Power) upgrade to 2,300 W, compared to previous expectations of approximately 1,800 W. The single-die version is likely to continue using the traditional cold plate design [1][4]. 3. Impact on Current Suppliers: - The earnings impact on current cold plate suppliers in 2026 is anticipated to be minimal, as the Blackwell GPU, which uses the cold plate, will still represent a significant portion of Nvidia's shipments. Additionally, 10-20% of the Rubin GPU's single-die version may continue to utilize the cold plate [5]. - Suppliers like AVC and Auras need to ensure timely qualification for the microchannel lid to remain competitive, especially as this technology is expected to gain mainstream adoption by 2027 [5]. 4. Quick Disconnect (QD) Suppliers: - The adoption of the microchannel lid is projected to positively affect QD suppliers, as the new design will require more QD units for coolant management, increasing the total QD adoption within the VR series compute tray [5]. Additional Important Information - The report emphasizes the urgency for cold plate suppliers to adapt to the changing technology landscape, as the microchannel lid is likely to become a standard in future GPU designs [5]. - The report includes visual aids (Figures 1 and 2) that illustrate the inner design of the microchannel lid and its manifold system, providing a clearer understanding of the technology [2]. This summary encapsulates the critical insights and implications for the cooling components industry, particularly in relation to Nvidia's upcoming product designs and the potential shifts in supplier dynamics.