高盛：2025 年数据中心行业考察之旅-要点总结

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Overall demand trends in the data center industry are positive, with companies engaged in projects extending several years into the future [2][3] - Densification of compute and liquid cooling are key elements driving design engagements, with rack power expected to rise significantly [2] - The sustainability of current demand strength is debated, with a need for new AI applications to utilize future capacity [3] Company Summaries - NVT: Focuses on liquid cooling solutions, including air-to-liquid and liquid-to-liquid systems, with strong demand visibility for the next two years [6] - CARR: Plans to roll out a 1 MW cooling product by year-end, with data center revenue expected to double from $500 million to approximately$1 billion [7] - Motivair Corp: A leader in liquid cooling, with expansion plans beyond North America and strong demand, booking orders through 2029 [12][14] - VRT: Discussed its 2.3 MW liquid-to-liquid CDU, with strong interest driven by AI training needs [13] Industry Trends - The shift from general-purpose cloud to purpose-built AI infrastructure is evident, with a focus on high-density AI factories requiring full liquid cooling [8] - The trade-off between efficiency and flexibility is highlighted, as tighter chip clustering for AI reduces future data center flexibility [8] - New AI applications are necessary to utilize the significant capacity implied by NVDA's backlog [8]