The continued expansion of AI computing power is bringing server cooling to the forefront. As GPU power consumption increases, the load-bearing capacity of air-cooled solutions is nearing its limit, leading to a significant increase in demand for liquid cooling, cold plates, CDUs, and related materials. Data center cooling has thus shifted from a supporting component to a key focus of the industry.

Liquid cooling orders have increased significantly.

Vertiv's first-quarter revenue reached $2.65 billion, a 30% year-over-year increase. Modin Manufacturing saw a significant increase in revenue from its AI data center cooling business after securing a $180 million cooling system order from an AI infrastructure developer. Invesco also set a revenue record in 2025 and has begun discussions with Google's procurement team regarding liquid cooling equipment.

Large-scale mergers and acquisitions are occurring in concentrated periods.

In July of this year, Ecolab acquired CoolIT Systems for $4.75 billion. Prior to this, Eaton also acquired Boyd Thermal for $9.5 billion. The two transactions totaled $14.25 billion. The buyers were not interested in the large-scale models themselves, but rather in the supporting capabilities such as cold plates, fans, water pumps, heat exchangers, and thermal conductive materials.

The domestic market is still climbing.

The article states that North American cloud vendors deployed liquid-cooled servers such as the GB200 and GB300 earlier, and orders have already been passed on to the upstream supply chain. The Chinese market still has a large number of air-cooled servers, and the domestic AI chip and software ecosystem is continuously adapting to them. However, as chip power consumption continues to rise, the demand for liquid cooling is expected to increase further.