AI enters the "liquid cooling era," the market underestimates the "degree of transformation," and the domestic supply chain is accelerating its entry

Institutional views point out that AI has spawned a liquid cooling super cycle worth 220 billion yuan, and the market has generally underestimated the speed and scale of this transformation. Technically, cold plates and microchannel lids (MCL) will divide the market; in terms of structure, NVIDIA's supply chain strategy of "delegation" is opening a historical window for domestic manufacturers to enter the global core supply chain. According to estimates, by 2026, the demand for liquid cooling systems on the NVIDIA platform will reach 69.7 billion yuan, and the demand for ASICs will reach 35.3 billion yuan, with the domestic supply chain accelerating to seize this trillion-yuan cake