China Securities Co., Ltd.: Diamond thermal materials have significant advantages, computing power demand and third-generation semiconductor drive high-end market space.

China Securities Co., Ltd. released a research report stating that as the semiconductor industry advances into more advanced processes, chip size shrinks and power surges, the issue of "hot spots" becomes prominent. High chip surface temperature can lead to decreased safety and reliability, driving the demand for efficient heat dissipation solutions. Diamond is an ideal heat dissipation material, with high band gap, extremely high current carrying capacity, excellent mechanical strength, and radiation resistance, demonstrating significant advantages in high power density, high temperature, and high-pressure scenarios. Its application forms include diamond substrates, heat sinks, and diamond structures with microchannels, suitable for semiconductor devices, server GPUs, and other core heat dissipation needs. In terms of preparation, chemical vapor deposition (CVD) is the mainstream method, capable of producing single-crystal, polycrystalline, and nanodiamonds, with related products already developed by domestic and foreign companies. With the increasing demand for computing power and the development of third-generation semiconductors, the future of diamond in the high-end heat dissipation market is promising. The main points of China Securities Co., Ltd. are as follows: The issue of "hot spots" in chips urgently needs to be addressed As the semiconductor industry gradually moves towards 2 nanometers, 1 nanometer, and even angstrom levels in accordance with Moore's Law, the continuous shrinking of size and increasing power bring unprecedented thermal management challenges. Chips generate a large amount of heat during operation, and if the heat is not dissipated in time, the chip temperature will rise rapidly, affecting its performance and reliability. When the internal heat of the chip cannot be effectively dissipated, "hot spots" may form in localized areas, leading to performance degradation, hardware damage, and increased costs. Diamond is an excellent heat dissipation material Although traditional metal heat dissipation materials (such as copper and aluminum) have good thermal conductivity, it is challenging to balance their thermal expansion coefficient with high thermal conductivity and lightweight requirements. As a heat dissipation material, diamond has a thermal conductivity of up to 2000W/mK, which is 13 times that of silicon (Si), 4 times that of silicon carbide (SiC), and 43 times that of gallium arsenide (GaAs), higher than copper and silver by 4-5 times. When high thermal conductivity is required, diamond is the only choice for heat sink material. Diamond as a heat dissipation material has three main application methods: diamond substrates, heat sinks, and introducing microchannels in diamond structures. Diamond as a semiconductor substrate material has significant advantages 1) High thermal conductivity: Diamond has the highest thermal conductivity among currently known materials, capable of effectively dissipating heat in high-power density devices. 2) High band gap: Diamond has a band gap of approximately 5.5eV, able to operate stably in high-temperature, high-voltage environments, especially suitable for high-temperature/high-power electronic devices. 3) Extremely high current carrying capacity: Diamond's current carrying capacity far exceeds that of traditional semiconductor materials, adapting to high current applications. 4) Excellent mechanical strength: Diamond's hardness and wear resistance allow it to maintain stable performance in harsh working conditions, increasing device reliability and lifespan. 5) Radiation resistance: Diamond's radiation resistance makes it suitable for use in high radiation environments such as space and nuclear energy. Risk warning: AI development falls short of expectations; risks in market expansion of new products; risks of macroeconomic fluctuations; policy and standard changes.