法巴银行掘金液冷赛道：AI散热需求将继续暴增，伊顿(ETN.US)与Vertiv(VRT.US)将成赢家

智通财经06-11

智通财经APP获悉，构建人工智能基础设施的竞赛正在为那些能够解决该行业最大挑战之一的公司创造一个强大的新增长引擎：防止日益耗电的 AI 服务器过热。这是法国巴黎银行股票研究分析师 Andrew Buscaglia 最近主持的投资者电话会议传达的关键信息。会议邀请了一位前微软数据中心专家和顾问，讨论了液冷技术的未来。此次讨论让法国巴黎银行对该行业的前景更加乐观，尤其是像 Vertiv (VRT.US...

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20%。随着行业向 800V直流架构发展，并最终接近每个机架约 1 兆瓦的功率负载(这在几年前还显得非常极端)，这种机会可能会进一步扩大。随着运营商寻求在不牺牲性能的前提下管理不断增加的热负荷的方法，这些趋势预计将推动液冷技术更深入地应用于主流数据中心设计。尽管技术不断变革，液冷机仍然至关重要这位专家还反驳了传统液冷机组系统可能会被淘汰的说法。虽然风冷和水冷技术的组合可能会随着时间的推移而演变，但预计液冷机组仍将是数据中心冷却和散热系统的重要组成部分。这种观点或许能让那些担心技术快速变革会使现有制冷基础设施变得不那么重要的投资者感到安心。欧洲机遇涌现在欧洲，法国巴黎银行强调 LU-VE 是其在制冷领域的首选品牌。该公司指出，干式冷却器和“自然冷却”系统正日益普及，这些系统利用环境空气来帮助冷却设施并降低能耗。LU-VE 被认为是这些技术的领先供应商之一。CAREL 和 Belimo的前景则更为复杂。尽管两家公司都涉足数据中心市场，但专家指出，它们能否从液冷转型中获取有意义的增量市场份额仍存在不确定性，尤其是在产品组合不断变化的情况下。为什么投资者应该关注该报告强调了伴随人工智能热潮而出现的一个更广泛的投资主题：基础设施服务与出售芯片一样有利可图。虽然英伟达和其他半导体公司吸引了华尔街的大部分注意力，但人工智能数据中心内部电力消耗和热量产生的快速增长，也给电气设备、冷却系统和设施基础设施带来了相应的支出周期。随着微软、亚马逊、Alphabet 和 Meta 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