Products · Value chain产品 · 产业链

Where along the heat path does the money go as AI racks get denser?随着 AI 机柜功率密度上升，钱沿着散热路径流向哪里？

Unlike a 29 kW air-cooled rack, a 135 kW liquid-cooled rack buys cold plates and CDUs.135 kW 的液冷机柜要买 29 kW 风冷机柜不需要的冷板和 CDU。

With warm enough water, more of its heat reaches the outdoors without chillers.水温足够高时，更多热量可以不经冷机直接排到室外。

Data reviewed 2026-10-12; 18 makers; 51 of 67 placements backed by an official source数据复核 2026-10-12；18 家厂商；67 个归位中 51 个有官方来源

Every watt an AI chip uses becomes heat. Follow that heat from the chip to the outdoors, and see which companies sell each step along the way.AI 芯片用掉的每一瓦电都会变成热。沿着这股热量从芯片走到室外，看看每一步由哪些公司供货。

Pick a rack to see the stations it buys from选一种机柜，看它用到哪些环节

AI capexAI 资本开支MicrosoftMicrosoft, AlphabetAlphabet, AmazonAmazon, MetaMeta, OracleOracle

On the air route, server fans push heat into the room air. On the liquid route, heat enters liquid at the chip; with warm enough water and a suitable climate it can reach the outdoors without chillers for much of the year.风冷路线：服务器风扇把热量吹进机房空气。液冷路线：热量在芯片处进入液体；水温足够高、气候合适时，一年中大部分时间可以不经冷机直接排到室外。

Who supplies each station每个环节由谁供货

source linked: product page, product release or annual report已链接来源：官方产品页、新品发布或年报partly sourced (two stations share the column)部分有来源（同一列有两个环节）preliminary classification初步分类

Each line spans the stations a company sells into. A longer line means a company covers more of the chain; it does not show market share.每条线覆盖一家公司供货的环节。线越长，覆盖的产业链越完整；它不代表市场份额。

Global HVAC and building companies全球暖通与楼宇企业

Data center and thermal specialists数据中心与热管理专业企业

China data center thermal (A-shares)中国数据中心热管理（A 股）

Taiwan thermal components台湾散热零部件企业

Private companies非上市公司

About this map关于这张图

A solid dot means the company’s own product page, its own new-product release on its own website, or its own annual report (SEC 10-K, CNINFO or MOPS filing) names a product for that station; select the company to see the links. Each source was checked by a script and by an independent model review. A hollow dot is a preliminary classification: the company may sell this, but no checkable official source names the product yet. Controls and prefabricated modules span the whole chain and are listed in each company line. Rack power numbers keep their basis: maximum AC input, designed rack power and TDP are different quantities.实心点表示该公司自己的官方产品页、其官网上的新品发布，或其年报（SEC 10-K、巨潮资讯或公开资讯观测站文件）列出了这个环节的产品，点选公司即可查看链接。每个来源都经过脚本检查和另一模型的独立核对。空心点是初步分类：公司可能有这项业务，但还没有可核查的官方来源写明具体产品。控制与预制模块贯穿整条链，列在每家公司的说明里。机柜功率数字保留原始口径：最大交流输入、设计机柜功率和 TDP 是不同的量。

Data reviewed数据审阅日期 2026-10-12. Personal research, not investment advice.个人研究，不构成投资建议。 Read: Where does air cooling end?延伸阅读：风冷的终点在哪里？