Guojin Securities: Advances in the industrialization of diamond cooling are accelerating, and there is huge potential for future growth

The Zhitong Finance App learned that Guojin Securities released a research report stating that it will completely surpass the upper limits of traditional air cooling, copper liquid cold plates, and even two-phase liquid cooling solutions, and that diamond's ultra-high thermal conductivity will become the ultimate solution. Industrialization is progressing at an accelerated pace, the application side is beginning to verify entry, and the supply side is actively expanding production layout. Diamond cooling has huge potential for future growth, so it is recommended to focus on companies that actively lay out the diamond heat dissipation field.

Guojin Securities's main views are as follows:

What is diamond heat dissipation?

Diamond is the heat dissipation material with the best theoretical comprehensive properties: single-crystal diamond has a thermal conductivity of 2000 to 2,200 W/ (m·k) at room temperature, which is 5 to 6 times that of copper and 9 times that of aluminum, breaking through the thermal conductivity limits of traditional metal materials. In addition to its extremely high thermal conductivity, diamond also has a low thermal expansion coefficient, excellent electrical insulation, and low dielectric constant that is highly compatible with mainstream semiconductor materials. These characteristics make diamond the “ultimate material” to solve heat dissipation problems in high heat flow density scenarios such as AI chips and GaN power devices.

Diamond copper and monocrystal/polycrystalline diamond meet different application requirements: While retaining most of its thermal conductivity advantages, diamond copper significantly reduces preparation costs and processing difficulties. It is the closest technical route to large-scale mass production. It can be directly used as heat sink, and has broad application prospects in high-power chips, radars, lasers, optical modules, etc. Monocrystal/polycrystalline diamond is a more ideal heat dissipation material. Among them, polycrystalline is expected to land first, mainly prepared using HFCVD or MPCVD technology.

Diamond can be used in combination with semiconductor devices through independent heat sinking, bonding, epitaxial growth, etc.: Diamond-based materials can first be directly used as heat sink to replace the original heat dissipation material, process it into a fin structure, and directly attach the diamond to the surface of the heat dissipation shell of the device package through a thermal conductive interface material (TIM). The process is the easiest, can be disassembled and replaced, and is the basic general solution. Single-crystal/polycrystalline diamonds can also be connected to semiconductor devices through bonding and epitaxial technology. Currently, the industry has mature research on the bonding and epitaxial connection methods of diamond/GaN devices. The heat dissipation performance of manufactured GaN wafers, such as diamond-based GaN wafers, has been greatly improved, and the use of diamond and AI chips is expected to become a new industry trend in the future.

Diamond cooling has the potential to become the ultimate solution for AI chip cooling, and industrialization is accelerating

The AI computing power consumption index is growing, and traditional cooling solutions are facing physical limits. Diamond cooling is expected to become the ultimate solution: currently, as GPU chip power density increases and chips evolve to 2.5D/3D stacking, the heat flow density can reach 1000 to 2,500 W/cm2 at local hot spots, completely surpassing the upper limits of traditional air cooling, copper liquid cooling plates, and even two-phase liquid cooling solutions. Diamond's ultra-high thermal conductivity will become the ultimate solution.

The progress of industrialization is accelerating, the application side is beginning to verify entry, and the supply side is actively expanding the layout: Currently, on the one hand, we are seeing the application side continue to accelerate. In February 2026, Akash Systems completed the delivery of the world's first batch of Nvidia H200 GPU servers equipped with diamond cooling technology, and then further launched a diamond-cooled AI server equipped with AMDinstinctmi350xGPU. The Intel CEO announced that it has invested in an artificial diamond wafer company and is optimistic about the application potential of diamond as a cooling material in the chip packaging field. At the same time, domestic supply is improving and actively expanding production. Companies such as Yellow River Cyclone and Wald have announced the expansion of production in the diamond cooling field. For example, Wald has now achieved the maximum size of 320mm*320mm, compatible with mainstream wafer-size diamond heatsinks with a diameter of 50mm-300mm, and has already begun delivery to customers for verification.

Risk Alerts

Large-scale commercial progress falls short of expected risk, and downstream demand falls short of expected risk.