Rubin Exposed! 20 Million GPUs Shipped! Nvidia's Liquid-Cooled Chain to See Explosive Demand

1.Nvidia: Expects to Ship 20 Million High-End GPUs in 18 Months; Secondary-Side Liquid Cooling Poised for 200 Billion Yuan in Demand

At NVIDIA's GTC Conference on October 29th, Jensen Huang once again provided a detailed analysis of AI market trends. He also unveiled NVIDIA's product lineup, covering future architectures and quantum computing. Taking center stage at the event was the debut of the next-generation Vera Rubin system.This is NVIDIA's third-generation NVLink 72 rack-scale supercomputer, which fully realizes cable-free connectivity. Currently, the Vera Rubin superchip has completed testing in the laboratory and is expected to enter production in October next year.

NVIDIA CEO Jensen Huang stated at the GTC Conference that he expects the company's business scale to reach $500 billion over the next six quarters, with 20 million Blackwell and Rubin Graphics Processing Units (GPUs) to be shipped.Huang also mentioned that Blackwell is now in 'full production' in Arizona.

At this GTC Conference, NVIDIA also revealed its liquid cooling architecture for Rubin servers and switches for the first time. While no clear exploded view was provided, on-site images show that the liquid cooling architecture features a more complex and compact design, with 100% liquid cooling coverage.The optical modules and SSD components are also covered with copper cold plates, and the number of stainless steel bellows used has further increased.

In terms of the liquid cooling market scale, NVIDIA is expected to ship 20 million Blackwell and Rubin GPUs over the next 18 months. Based on the NV72 architecture, this translates to an estimated 278,000 complete racks shipped. Calculated at a liquid cooling value contribution of $100,000 per rack—with the Rubin architecture potentially having a higher contribution ratio—the conservative estimate for the secondary liquid cooling demand within NVIDIA’s ecosystem over the next 18 months reaches $27.8 billion, equivalent to RMB 200 billion. This represents a massive scale and is a strong positive driver for the liquid cooling market.

The architecture of the Rubin complete rack has become more complex, with significant updates especially in the power supply section. The Power Rack is set to become a major trend.

2. Market expectations are positive, and vendors of computing infrastructure stand to benefit.

In the evening of October 29 Beijing time, NVIDIA's stock opened higher and moved upward, with an intraday gain of over 5% at one point, making it the first listed company with a market capitalization exceeding $5 trillion. Meanwhile, a number of A-share listed companies have already made comprehensive layouts in the global computing power industry chain, and they may benefit from the intensification of the AI computing power competition and the continuous expansion of global AI infrastructure.

On the evening of October 29, Foxconn Industrial Internet (FII) released its third-quarter 2025 financial report. In terms of cloud computing business, the company's operating revenue from cloud computing rose by over 65% in the first three quarters compared with the same period last year, and the year-on-year growth in the third quarter alone exceeded 75%. This growth is mainly driven by the large-scale delivery of AI cabinet products for hyperscale data centers and the sustained strong demand for AI computing power.Notably, the cloud service provider business performed exceptionally well: its operating revenue accounted for 70% of the total cloud computing business in the first three quarters, with a year-on-year increase of over 150%, and the year-on-year growth in the third quarter alone surpassed 2.1 times.

Among these, the operating revenue of GPU AI servers for cloud service providers surged by over 300% year-on-year in the first three quarters. In the third quarter alone, the revenue rose by more than 90% quarter-on-quarter and over 5 times year-on-year.

Shipments of general-purpose servers also remained steady, and the overall revenue structure of the cloud computing business continued to optimize.

A relevant person in charge of Foxconn Industrial Internet (FII) stated in a previous investor survey that the company is optimistic about its AI server business in the second half of the year. In addition to the continued volume ramp-up of the GB200, the GB300 will also gradually enter the phase of actual shipments. The GB300 is expected to become a key profit driver for the company's AI server business next year.In terms of switches, the company anticipates that 800G products will be the main shipment focus from 2025 to 2026 and are expected to serve as the core growth engine for its switch business. Meanwhile, the next-generation ASICs for CPO (Co-packaged Optics) and 1.6T switches, which the company is co-developing with multiple clients, are also in progress and will be gradually launched to the market later.

In terms of optical communication and high-speed connectivity, Zhongji Innolight can provide cloud data center customers with high-speed optical modules such as 400G, 800G and 1.6T. For telecom equipment customers, it offers high-end comprehensive solutions including 5G fronthaul, midhaul and backhaul optical modules, as well as optical modules applied in backbone network and core network transmission.On October 26, the company stated on the Hudongyi platform that shipments of its 1.6T products are continuing to increase.

In terms of PCB/substrate, Shenghong Technology's main products cover the full range of rigid printed circuit boards (with multi-layer boards and HDI as the core) and flexible printed circuit boards (single/double-sided boards, multi-layer boards, and rigid-flex boards). These products are widely used in fields such as artificial intelligence, next-generation communication technologies, and big data centers.

According to the company's semi-annual report, Shenghong Technology has become a core partner of many leading domestic and foreign technology enterprises. It has the manufacturing capability for high multi-layer boards with over 100 layers, and is among the first enterprises globally to achieve large-scale production of 6th-order 24-layer HDI products, as well as master the technical capabilities for 8th-order 28-layer HDI and 16-layer Any-layer HDI. Meanwhile, the company is accelerating the deployment of next-generation products to support cutting-edge artificial intelligence products and autonomous driving platforms

In terms of heat dissipation and power supply, Envicool has launched a full-chain liquid cooling solution. It covers end-to-end products ranging from cold plates, quick connectors, manifolds, CDUs (Cooling Distribution Units) and cabinets to SoluKing long-life liquid cooling fluids, pipelines and cold sources. It also covers end-to-site delivery scenarios, from server manufacturing plants to data center operation sites.In recent years, Envicool has provided a large number of refrigeration products and systems for large-scale data centers of users including ByteDance, Tencent, Alibaba, Chindata, GDS, JD Cloud & Data, China Mobile and China Telecom. 

Kres(Suzhou) Power Systems Technology Co., Ltd is an emerging company focused on fluid power solutions, and serve for the markets of Energy, Construction, Agriculture, Manufacturing, Transportation, Medical, Data Centers, etc., and was founded in 2022 with leading-edge engineering capabilities and innovative products to keep up with the changing customer needs. Including OCP standard UQD, UQDB, BMQC, manifold, EPDM hose and hose assemblies, FF9 full flow dual interlock quick disconnect coupling (a better replacement for FD83 series products), API heat transfer products, Gates EPDM hose and Wika products.

KRES FF9 connectors are specifically engineered for fluid transmission, electronic cooling, and data center liquid cooling applications, where full flow, fluid compatibility, and safety are of paramount importance. The FF9 series ball valve quick-disconnect couplings adopt a full-flow design and are now available in 2-inch, 1.5-inch, and the popular 1-inch sizes. The FF9 double interlock liquid cooling quick-change connector features a swivel structure at its tail, facilitating easy connection and disconnection. Additionally, its two connector halves are completely identical, simplifying maintenance, installation, and service processes.

· 100% full-flow interlock ball valve: The FF9 double interlock ball valve has a diameter of up to 21mm, ensuring large flow while reducing pressure drop, achieving large flow and low pressure drop, and has obtained SGS ROHS reports and Huace performance test reports.

· KRES interlock ball valve adopts a double interlock design with two locking mechanisms to prevent accidental disconnection and ensure data security.

· The FF9 liquid cooling quick-change ball valve has identical connector halves, making maintenance, installation, and service simple.

· As a liquid cooling quick-change ball valve for data centers, it has reliable and stable performance with minimal leakage, meeting the maintenance needs of safe machine relocation or shutdown.

· Standard body material of the liquid cooling quick-change connector: 304 stainless steel, with wide fluid compatibility, and other materials can be provided upon request.

· Standard sealing material of the liquid cooling quick-change connector: EPDM ethylene propylene diene monomer synthetic rubber, and other materials can be provided upon request.

· Operating temperature range of the liquid cooling-specific ball valve: -40℃ ~ 120℃