Liquid Cooling

Rack densities above ~100kW make direct-to-chip liquid cooling the default. CDUs, cold plates and heat rejection scale with GPU power.

Cold plate→CDU→Facility loop→Heat rejection

Tightness score ⓘ

#17 of 56

▲ Tightening

Supply concentration3

Lead time3

Capex intensity3

Geopolitical exposure3

Pricing power4

Lead time

6–12 mo

Theme 1M

−13.3%

% in uptrend

43%

Metric to watch

Liquid-cooling attach rate, CDU orders, and Vertiv/Modine data-centre backlog.

What would prove us wrong

Weakens if air-cooled designs reclaim high-density AI halls.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
VRT Vertiv	Power and liquid-cooling chain for AI racks	NYSE US	$200.1	+2.98%	−21.0%	−25.7%	+23.6%	−46.8%	2026-10-28
MOD Modine Manufacturing	Data-centre chillers and CDUs	NYSE US	$133.5	+0.14%	−32.6%	−35.8%	+0.0%	−56.5%	2026-11-03
NVT nVent Electric	Liquid cooling and enclosures	NYSE US	$131.0	+4.47%	−20.2%	−7.4%	+29.3%	−28.7%	2026-10-30
TT Trane Technologies	Chillers and thermal systems	NYSE US	$455.0	+2.27%	+0.1%	−3.0%	+17.7%	−9.4%	2026-10-29
JCI Johnson Controls	Building systems and data-centre cooling	NYSE US	$148.1	+2.85%	−1.4%	+5.8%	+24.7%	−6.7%	2026-10-27
3017.TW Asia Vital Components	Cold plates and liquid cooling modules	TWSE Taiwan	NT$3,145.0	0.00%	−7.9%	+29.7%	+109.5%	−14.7%	2026-11-10
3324.TWO Auras Technology	Liquid-cooling components	TPEx Taiwan	NT$1,360.0	0.00%	−10.5%	+47.4%	+36.2%	−20.5%	—

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