International investment banks predict that the total value of liquid cooling components for NVIDIA's next-generation AI servers will approach 400,000 yuan.

According to tech media reports, Morgan Stanley's latest research indicates that NVIDIA's GB300 NVL72 rack-level AI system features liquid cooling components alone valued at $49,860 (approximately 360,000 yuan), marking a roughly 20% increase compared to the GB200 NVL72 system.

The report further highlights that the cooling costs for the next-generation Vera Rubin NVL144 platform will be even higher. With rising cooling demands for both computing and switch racks, the total value of cooling components per cabinet is expected to grow by 17%, reaching about $55,710 (nearly 400,000 yuan). Notably, the cooling modules designed for switch racks are projected to surge by 67%.

As data center CPU and GPU performance continues to advance, power consumption has skyrocketed, driving a clear upward trend in cooling costs. From the GB200 NVL72 to the GB300 NVL72 (20% cooling cost increase) and then to the Vera Rubin NVL144 (17% increase), the liquid cooling industry is experiencing explosive growth amid surging demand.

**The Critical Need for Cooling in the AI Boom** With global AI computing demand persistently surging, data center computing density is rising exponentially, making traditional air cooling insufficient for high-density computing equipment.

As the global leader in AI chips, NVIDIA continues to push power limits—from the H100's 700W TDP (Thermal Design Power) to the B200's 1000W, then the GB200's 1200W, and finally the Vera Rubin (VR200) platform launching in late 2026, where GPU TDP will soar to 2300W. By 2027, the VR300 (Kyber architecture) will reach a staggering 3600W, making cooling capacity a critical bottleneck for computing performance.

Liquid cooling has transitioned from an optional solution to a necessity. NVIDIA's liquid cooling technology follows a clear, progressive upgrade path. Early GB200 systems used a hybrid single-board, unidirectional cold plate + air cooling setup, with cold plates covering high-heat areas like CPUs and GPUs while air cooling handled lower-temperature components like power supplies.

The next-gen GB300 fully upgrades to an all-cold-plate liquid cooling solution, capable of handling 1400W thermal loads. For the ultra-high-power Rubin chips, NVIDIA is developing a two-phase cold plate and immersion cooling hybrid approach.

**Liquid Cooling Industry Enters Explosive Growth Phase** According to IDC forecasts, China's liquid cooling server market is expected to reach $3.39 billion in 2025, a 42.6% year-on-year increase. Long-term projections suggest a 48% CAGR from 2025 to 2029, with the market potentially exceeding $16.2 billion by 2028. NVIDIA-related liquid cooling demand will dominate this growth, serving as the primary market driver.

**Institutional Interest in Liquid Cooling Stocks** Liquid cooling stocks have surged this year. Data shows that companies like Siquan New Materials, Envicool, Kechuang New Materials, and Tongfei Holdings have seen their stock prices double year-to-date.

Financially, many liquid cooling stocks performed well in the first three quarters of the year. Companies like Emicron, Tongfei Holdings, Kechuang New Materials, and Feirongda reported doubled net profits, while Gaolan Holdings, Shuguang Digital Innovation, Siquan New Materials, Emicron, and Tongfei Holdings saw revenue growth exceeding 50%.

Several liquid cooling stocks have attracted institutional attention, with Binglun Environment, Yinlun Co., Feilong Auto Parts, Zhongshi Technology, Siquan New Materials, and Tongfei Holdings receiving over 100 institutional surveys each.

Binglun Environment noted in its latest investor briefing that its subsidiaries, Dunham-Bush and Binglun Heat Exchange Technology, provide primary cooling equipment and heat exchangers for data centers and liquid cooling systems.

Yinlun Co. stated that its "1+2+N" strategy for data center liquid cooling anticipates thermal management eventually accounting for over 50% of its digital and energy division.

Feilong Auto Parts confirmed its liquid cooling production capacity can support rapid business growth, with subsidiary Anhui Hangyi Technology already operating four production lines.

Zhongshi Technology revealed its new VC wick cooling technology is being used in a major domestic client's next-gen AI PCs.

Tongfei Holdings highlighted its comprehensive cold plate and immersion liquid cooling solutions for data centers.