As data center power densities surge, traditional air cooling increasingly fails to meet thermal demands efficiently. This presentation explores the evolution of Direct Liquid Cooling (DLC), tracing its progression from single-phase to two-phase technologies. We begin by examining single-phase DLC, where coolant absorbs heat without phase change, offering reliable yet limited performance. We then transition to two-phase DLC, where phase change enables significantly higher heat flux dissipation through latent heat transfer. Key distinctions in efficiency, system complexity, and deployment readiness are analyzed. The session concludes with emerging trends such as low-GWP dielectric fluids and 3D chip cooling that position two-phase DLC as a critical enabler for next-generation high-performance computing and AI workloads.