GB300 Upgraded to VR200! AI Server Liquid Cooling Goes Fully Standard – Full Analysis of Thermal Industry Specification Upgrade

With the Nvidia GB300 platform ramping up volume production and the next-generation Vera Rubin (VR200) architecture gradually entering validation and mass production, coupled with AMD MI450 and ASIC players synchronously accelerating liquid cooling adoption, the thermal supply chain has officially shifted from a single-track air-cooling model to a new architecture dominated by liquid cooling with air-cooling as auxiliary. This transition makes thermal management a critical component in AI infrastructure with the longest beneficiary cycle and the clearest specification upgrades.

Full Standardization of Liquid Cooling: Rising Demand for Cold Plates and Quick Connectors

The continuous rise in chip thermal design power (TDP) is the fundamental driver behind this upgrade. The GB300 GPU, with CPX integration, has a TDP approaching 2000W, far exceeding the capacity of air cooling. This forces liquid cooling to transition from a high-end optional feature to a standard configuration. AcBel (3017-TW), as an industry leader spanning air cooling, liquid cooling, and full rack-level thermal systems, benefits from continuously improving yields in cold plate modules and is simultaneously expanding dual production capacity in Vietnam and China. With a capital expenditure plan reaching NT$20 billion, and high visibility on backlog orders, AcBel is fully positioned to capture follow-on orders for GB300 and volume shipments of VR200 liquid cooling components.

Foxconn (3324-TW) also benefits from the adoption of liquid cooling solutions on the NVIDIA Vera Rubin platform. As ASIC server customers progressively adopt liquid cooling architectures, high-value components such as CDUs and DIMM Cold Plates are seeing increased demand.

Larger Chip Sizes Drive Component Specification Upgrades: Heat Spreaders and Slide Rails See Structural Growth

The competitive landscape of AI chips is also reshaping thermal component specifications. The AMD MI450 chip is 120% larger than Rubin, directly driving comprehensive upgrades in heat spreaders and cold plates. Additionally, Meta’s in-house ASIC proved less efficient than expected, prompting a shift toward purchasing NVIDIA and AMD platforms. This structural shift directly benefits two major manufacturers: AcBel (3017-TW) and Jian Ce (3653-TW).

On the other hand, as the per-rack value of VR200 significantly exceeds that of the GB series, Chuan Hu (2059-TW) benefits from the rising demand for AI server racks. Slide rail demand is expanding comprehensively due to volume production of GB300 and AWS T3, along with a recovery in traditional server demand. Chuan Hu also has the potential to further penetrate new AI rack applications such as Spectrum-X and Power.

Fu Shih Ta (6805-TW) benefits from a significant increase in QDs (liquid cooling quick connectors) usage on the VR platform compared to GB300, along with an expected market share increase in server slide rails to 20–30%. It also benefits from extended cold plate demand driven by the upgrade to 1.6TB optical transceiver modules.

Flipping Short-Term Noise Perception: Market Reassesses Thermal Profitability Metrics

With the generational shift from GB300 to VR200, the market’s evaluation model for thermal companies is also undergoing revision. Future focus will no longer be limited to short-term fluctuations such as monthly year-on-year revenue growth, but will center on three core indicators: improvement in cold plate module yield and gross margin, actual ramp-up timing of next-generation platforms (VR200, MI450, ASIC), and the speed at which high-value components (CDUs, QDs, heat spreaders) increase their revenue share. Taiwanese manufacturers that can secure early positions on new platform specifications and convert technological advantages into product mix upgrades are expected to undergo market value re-rating during the new platform volume ramp-up phase in the second half. Investors are invited to download the app by Analyst Chen Chih-Lin and tune into live streams to capture the latest industry dynamics together.