As NVIDIA and ASIC platforms expand, AI data center power and liquid cooling capacities face tightening supplies. Chinese firms Megmeet and Honor have successfully entered global supply chains, achieving breakthroughs in high-power sectors. In thermal management, liquid cooling is shifting toward system-level integration, with Vertiv and AVC benefiting from dual GPU/ASIC demand, driving significant long-term value growth.

Key Highlights

• Industry Trends: Surging AI workloads drive power and heat density, triggering supply chain expansions and a rapid shift toward system-level liquid cooling integration.
• Power Supply Pivot: Chinese vendors mark a strategic turning point; Megmeet has joined the NVIDIA ecosystem for major AI projects, while Honor focuses on North American ASIC clients and high-power modules.
• Technical Diversification: R&D efforts now span Solid State Transformers (SST) and DCDC converters, showing a deep commitment to both primary and secondary power stages.
• Thermal Momentum: Vertiv benefits from broad infrastructure needs, while AVC leverages cold plate expertise, with ASIC-related revenue projected to eventually surpass its GPU business.
• Capacity & Execution: Production is shifting to Southeast Asia (Thailand/Vietnam) to mitigate geopolitical risks, though short-term growth remains tied to project delivery timelines and facility retrofitting.

Table of Contents

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

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