CITIC Securities: Ultimate Cooling Arrives as Diamond Enters Its Industrialization Debut Year
Summary
A CITIC Securities research note argues that diamond-based thermal management is poised for its industrialization debut year, driven by three factors: sharply rising AI chip power consumption, traditional metal cooling approaching physical limits, and improving diamond fabrication processes. The report recommends positioning around two themes — companies first to commercial delivery and those with significant production capacity — highlighting firms already shipping heat sinks in small batches with in-house equipment and leading scale, as well as those with large-size manufacturing and full-supply-chain capabilities that are accelerating expansion.
Bubble analysis
This news concerns the industrialization opportunity for diamond-based cooling materials in AI chips — a niche segment of the AI hardware supply chain, only distantly related to the core question of whether AI is in an investment bubble. It indirectly suggests AI chip power consumption and compute demand are still rising, but offers no direct data on capex, valuations, or funding that could inform the bubble debate.
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