According to recent research reports from China Securities Co., Ltd., as the semiconductor industry progresses towards more advanced processes, chip sizes are shrinking while power levels surge, leading to prominent "hotspot" issues. Excessive surface temperatures can compromise both safety and reliability, thereby increasing the demand for efficient heat dissipation solutions. Diamond is identified as an ideal heat dissipation material, featuring a high bandgap, exceptional current-carrying capacity, excellent mechanical strength, and radiation resistance. These characteristics give it a distinct advantage in harsh environments that involve high power density, high temperatures, and high pressures. Applications include diamond substrates, heat sink plates, and diamond structures with microchannels, capable of meeting the core heat dissipation needs of semiconductor devices and server GPUs.

In terms of preparation, chemical vapor deposition (CVD) is the mainstream method, used for producing single-crystal, polycrystal, and nanodiamond materials, with both domestic and international companies already developing relevant products. With the rise in computing power demand and the development of third-generation semiconductors, diamond presents vast opportunities in the high-end heat dissipation market.

The key viewpoints from China Securities Co., Ltd. are as follows:

**Chip "Hotspot" Issues Require Immediate Attention** As the semiconductor industry gradually advances towards 2nm, 1nm, and even atomic-level processes in accordance with Moore’s Law, chip sizes continue to reduce while power increases, resulting in unprecedented thermal management challenges. During operation, chips generate significant amounts of heat, and if not dissipated timely, temperatures can drastically rise, adversely impacting performance and reliability. When internal heat cannot be efficiently diffused, localized “hotspots” can form, causing performance degradation, hardware damage, and increased costs.

**Diamond as an Excellent Heat Dissipation Material** Traditional metal heat dissipation materials (such as copper and aluminum) possess good thermal conductivity; however, reconciling their thermal expansion coefficients with high thermal conductivity and lightweight requirements poses challenges. Diamond’s thermal conductivity can reach 2000 W/m·K, which is 13 times higher than silicon (Si), 4 times higher than silicon carbide (SiC), and 43 times higher than gallium arsenide (GaAs), and exceeds the thermal conductivity of copper and silver by 4-5 times. Therefore, Diamond is the only selected material for applications with significant thermal conductivity demands.

Diamond has three primary applications as a heat dissipation material: diamond substrates, heat sink plates, and the integration of microchannels within diamond structures. The advantages of diamond as a semiconductor substrate material are significant: 1) **High Thermal Conductivity:** Diamond has the highest thermal conductivity among known materials, efficient for heat dissipation in high power density devices. 2) **High Bandgap:** With a bandgap of about 5.5 eV, diamond operates stably in high-temperature and high-voltage environments, making it particularly suitable for high-temperature high-power electronic devices. 3) **Exceptional Current Carrying Capacity:** The current carrying capacity of diamond far exceeds that of traditional semiconductor materials, making it adaptable to high current applications. 4) **Excellent Mechanical Strength:** Diamond's hardness and wear resistance ensure stable performance under harsh working conditions, enhancing device reliability and lifespan. 5) **Radiation Resistance:** Diamond’s radiation resistance makes it suitable for high-radiation environments such as space and nuclear energy applications.

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