On May 25th, within the energy consumption structure of data centers, cooling and power supply efficiency are among the key variables determining operational costs and expansion rates. CPT Markets indicated that if improvements in cooling efficiency can significantly lower the energy consumption threshold per unit of computing power, the constraints on the expansion of related infrastructure may change, leading to adjustments in the pricing of upstream factors such as electricity and metals. From an industry chain perspective, optimizations in cooling materials and structures not only affect energy consumption but also influence equipment density, construction timelines, and maintenance costs. CPT Markets believes that when efficiency gains are replicable, the market is more likely to interpret this as an "improvement in supply-side efficiency," thereby altering expectations for the future electricity demand curve. Simultaneously, the growth in data center loads and the allocation of grid flexibility resources remain one of the core contradictions: even if point efficiency improves, overall expansion may still drive up demand for stable power sources and peak-shaving resources, creating new investment themes and structural opportunities. Subsequent focus points include the pace of technology implementation, the sustainability of cost reductions, and the adoption speed among large-scale users. CPT Markets analyzed that if efficiency improvements are consistently realized, market expectations regarding electricity costs and upstream material demand may undergo a rebalancing, with increased volatility in related assets likely to follow.