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

−14.4%

% in uptrend

14%

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	$232.5	−5.46%	−5.5%	−11.6%	+43.6%	−38.2%	2026-10-28
MOD Modine Manufacturing	Data-centre chillers and CDUs	NYSE US	$129.8	−6.51%	−31.4%	−33.8%	−2.8%	−57.7%	2026-11-03
NVT nVent Electric	Liquid cooling and enclosures	NYSE US	$126.0	−8.81%	−23.9%	−20.8%	+24.3%	−31.5%	2026-10-30
TT Trane Technologies	Chillers and thermal systems	NYSE US	$410.0	−4.89%	−10.7%	−10.9%	+6.1%	−18.4%	2027-01-28
JCI Johnson Controls	Building systems and data-centre cooling	NYSE US	$149.0	−5.84%	−1.8%	+2.1%	+25.5%	−6.1%	2026-10-27
3017.TW Asia Vital Components	Cold plates and liquid cooling modules	TWSE Taiwan	NT$3,095.0	−0.32%	−9.0%	+48.6%	+106.2%	−16.0%	2026-11-10
3324.TWO Auras Technology	Liquid-cooling components	TPEx Taiwan	NT$1,330.0	−9.22%	−18.4%	+55.6%	+33.2%	−22.2%	—

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