As AIDC enters a high-power era, competition shifts to power and cooling infrastructure. Power architectures move toward HVDC, while cooling upgrades to liquid systems. Leading firms are integrating "Gray" and "White" space technologies, pivoting CapEx toward advanced power modules and liquid cooling, marking the next critical frontier in AI hardware.

Key Highlights

• Flex has successfully transitioned from a traditional EMS to a comprehensive data center infrastructure provider through strategic acquisitions. Leveraging its robust power product portfolio, the company has secured a position in the Google TPU supply chain and is progressively expanding its AWS Power Rack applications. Over the next two to five years, capital expenditure will pivot significantly toward power supply operations and the structural upgrade to 800VDC/1MW architectures.
• Auras is experiencing rapid scaling in its liquid cooling product lines, with Manifolds and Cold Plates emerging as core growth engines. Liquid cooling revenue is projected to surpass half of the company's total revenue by 2026, propelling overall top-line growth and profitability into a phase of accelerated expansion.

Table of Contents

1. TrendForce’s View
2. Power Industry Updates 
3. Thermal Industry Updates

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