AI 领域最 “酷” 主题 -AI 加速器的直接液冷技术_ The coolest theme in AI – direct liquid cooling for AI accelerators

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Direct Liquid Cooling (DLC) market, particularly in the context of AI server racks and thermal management technologies. The market is projected to grow significantly due to increasing power densities in AI silicon, with a CAGR of 51% from 2025 to 2030, reaching US$31 billion by 2030 [3][10][14]. Core Insights and Arguments - Market Growth Potential: The upcoming transition to DLC is seen as a critical upgrade rather than a gradual hardware change, driven by competition in AI silicon [11][12]. The market is expected to expand rapidly, with the DLC market size projected to grow from US$1.14 billion in 2024 to US$31 billion in 2030 [10][14]. - Thermal Management Needs: As AI silicon power density exceeds 1,000W TDP, DLC is becoming essential for managing heat in advanced AI racks [4][11]. The report emphasizes that DLC is not just a utility but a strategic enabler of compute performance [14]. - Micro-Channel Lid (MCL) Adoption: The report anticipates that MCL technology will start to be adopted minimally by Q4 2026, with significant growth expected by H2 2027. MCL is projected to serve applications above 3,500W TDP [5][20]. The total addressable market (TAM) for MCL is estimated to reach US$2.7 billion by 2030 [5][10]. - Cold Plate Market Dynamics: Cold plates are expected to remain dominant for applications under 3,500W TDP, with a projected TAM of US$8.9 billion by 2030. Concerns about pricing pressures are considered overblown, as the value of content per rack is expected to increase [6][10]. - Investment Recommendations: Coverage is initiated on three companies—AVC, Auras, and Jentech—all rated as Buy. AVC is recognized as a leader in cold plates, while Jentech is positioned to benefit from MCL adoption [7][28][30]. Additional Important Insights - Market Bifurcation: The report argues against the notion that the cold plate market will suffer from commoditization due to MCL adoption. Instead, it suggests that the market is bifurcating, with both MCL and upgraded cold plates coexisting [21][30]. - Thermal Interface Material (TIM) Challenges: The report highlights the thermal bottleneck posed by TIM 2, which is critical for future AI platforms. MCL technology is seen as a solution to eliminate this bottleneck [17][26]. - Competitive Landscape: The report notes that Nvidia's aggressive TDP roadmap and competition from AMD and Google TPU could accelerate the adoption of MCL technology [19][20]. - Long-term Risks: The potential for vertical integration by ODMs like Hon Hai could disrupt traditional thermal supply chains, posing a long-term risk to existing players [30]. - DLC as the Preferred Method: The report concludes that DLC will remain the dominant liquid cooling method due to its scalability, lower capital expenditure, and feasibility for retrofitting existing data centers [31][32]. This summary encapsulates the critical insights and projections regarding the DLC market and its implications for the companies involved, providing a comprehensive overview of the current landscape and future opportunities.