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

−16.5%

% in uptrend

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	$209.6	+1.52%	−5.9%	−28.6%	+29.5%	−44.2%	2026-10-28
MOD Modine Manufacturing	Data-centre chillers and CDUs	NYSE US	$106.1	−0.53%	−32.7%	−49.4%	−20.5%	−65.4%	2027-02-03
NVT nVent Electric	Liquid cooling and enclosures	NYSE US	$115.5	−1.05%	−24.2%	−32.5%	+14.0%	−37.2%	2026-10-30
TT Trane Technologies	Chillers and thermal systems	NYSE US	$424.1	−0.19%	−10.0%	−11.5%	+9.7%	−15.6%	2027-01-28
JCI Johnson Controls	Building systems and data-centre cooling	NYSE US	$142.6	−1.42%	−6.5%	−7.0%	+20.1%	−10.2%	2026-10-27
3017.TW Asia Vital Components	Cold plates and liquid cooling modules	TWSE Taiwan	NT$2,775.0	−8.72%	−15.4%	+1.1%	+84.9%	−24.7%	2026-11-09
3324.TWO Auras Technology	Liquid-cooling components	TPEx Taiwan	NT$1,170.0	−10.00%	−20.7%	+12.0%	+17.2%	−31.6%	—

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