CITIC Securities said AI compute is entering a full‑liquid‑cooling era, with
liquid cooling shifting from an optional configuration to required
infrastructure. Mainstream platforms — NVIDIA Rubin, Google TPU v7/v8, AMD
Helios and ByteDance’s AI Rack 3.0 — are moving from high‑share liquid or
air‑liquid hybrid designs to 100% liquid‑cooled, fanless architectures. Coupled
with tight local capacity overseas, accelerating exports by Chinese suppliers
and the roll‑out of China’s national standards, 2026 could be a turning year for
concentrated order and earnings realization across the liquid‑cooling supply
chain.
