Sealand Securities: GPU+ASIC Adoption Accelerates, Adding Momentum to Liquid Cooling Market Growth

Stock News2025-12-25

Sealand Securities released a research report stating that beyond NVIDIA (NVDA.US) GPU servers, ASIC servers are also gradually introducing liquid cooling solutions. With leading CSPs accelerating the scaled deployment of self-developed ASIC chips and commercial adoption, the penetration rate of liquid cooling in data centers is rising rapidly. Some domestic companies in mainland China have already become partners of top chip manufacturers, and the region is expected to produce world-class liquid cooling providers. The firm maintains a "recommend" rating for the computer industry. Key insights are as follows:

1. **AI Server Liquid Cooling Adoption Accelerates, Technology Solutions Continue to Evolve** Chip power consumption has surpassed air cooling limits: NVIDIA’s VR300 (3600W), AMD’s MI355 (1400W), and Google’s TPU v7 (~980W) have TDPs approaching or exceeding 1000W, making liquid cooling essential. Rapid penetration growth: TrendForce estimates liquid cooling adoption in AI data centers will reach 40% by 2026 (up from 14% in 2024). Ongoing technological upgrades: Cold plate liquid cooling is currently mainstream, but NVIDIA may drive Rubin Ultra architecture toward microchannel cooling (MCCP/MCL) in the future.

2. **ASIC Chip Shipments Likely to Be Revised Upward, Liquid Cooling Market Could Reach $16.5B by 2026** Rising demand for non-GPU cooling: ASIC chip shipments in data centers may exceed 8 million units by 2026 and surpass 10 million by 2027, potentially matching GPU shipments and becoming a key growth driver for liquid cooling. Market size projection: At $1,376 per AI chip, NVIDIA’s GPU liquid cooling market could hit $11.9B by 2026, while ASIC liquid cooling may reach $4.6B, bringing the total data center liquid cooling market to $16.5B (~¥116.2B), with a 59% CAGR from 2025–2026.

3. **Domestic and Global Demand Catalyzes Order Fulfillment for Mainland Manufacturers** As a bellwether for mainland liquid cooling firms, Auras Technology (as of November 2025) has reported record-high revenue for 10 consecutive months, with accelerating YoY growth. The company expects stronger performance in 2026 and higher gross margins. Twinhead predicts over 50% revenue growth in 2026, with liquid cooling products sustaining growth for at least 2–3 more years. With mainland companies partnering with top chipmakers and AI infrastructure consensus solidifying, rising industry penetration is likely to accelerate order execution, revenue expansion, and profitability for domestic liquid cooling providers.

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