Group 1 - Nvidia CEO Jensen Huang's comments at CES regarding next-generation chip cooling technology have raised concerns among investors about the demand for data center cooling equipment, leading to a significant drop in related stocks [1][2] - Huang stated that servers equipped with the next-generation Nvidia Rubin chip will support liquid cooling, eliminating the need for traditional chillers, which are core equipment provided by companies like Trane and Johnson Controls [2] - On the day of the announcement, stocks of data center cooling equipment companies fell sharply, with Johnson Controls experiencing an 11% intraday drop, the largest since 2022, and Modine Manufacturing initially dropping around 21% before recovering to a 7.44% decline [2] Group 2 - The sell-off reflects a reassessment by investors of the investment logic in AI infrastructure, as these companies saw significant stock price increases due to the AI boom, with Johnson Controls rising 52% cumulatively by 2025 [4] - Analyst Timothy Wojs from Baird noted that Huang's comments raised questions about the long-term positioning of chillers in data centers, especially with the increasing prevalence of liquid cooling technology, which allows systems to operate at higher temperatures [5] - Barclays analyst Julian Mitchell mentioned that while Vertiv has a strong position in the liquid cooling sector and may benefit from the discussed technological developments, its cooling business could be negatively impacted [5] Group 3 - Citigroup analyst Andrew Kaplowitz described the investor flight from cooling stocks as "overdone," emphasizing that cooling system manufacturers have established partnerships with chip manufacturers and data center operators, making the risks of falling behind manageable [8] - Kaplowitz acknowledged that Huang's comments highlight the rapid evolution of data center thermal management technology but stated that it was not unexpected for their companies [9] - Huang's remarks also spurred a surge in data storage stocks, with SanDisk's stock rising over 27%, becoming the best performer in the S&P 500 on that day, as he emphasized the demand for memory and storage [9]

Core Viewpoint - Shares of cooling system manufacturers for data centers experienced significant declines following comments from Nvidia CEO Jensen Huang regarding the potential reduced need for traditional water chillers due to the capabilities of Nvidia's next-generation Rubin chips [1][10]. Group 1: Stock Performance - Trane Technologies Plc's stock fell as much as 11%, marking its steepest intraday drop since 2020 [1][12]. - Modine Manufacturing Co's stock dropped by 21% [1][12]. - Johnson Controls International Plc and Carrier Global Corp also saw notable declines amid the selloff [1][12]. Group 2: Technological Implications - Huang indicated that Nvidia's Rubin chips can be cooled using water at higher temperatures, potentially eliminating the need for traditional water chillers [2][10]. - Bloomberg Intelligence highlighted that chillers are a "predominant" component of data-center cooling equipment [2]. Group 3: Market Reactions and Analyst Insights - Analyst Timothy Wojs from Robert W. Baird expressed concerns about the long-term positioning of chillers in data centers as liquid cooling becomes more prevalent [3][4]. - Wojs does not foresee major risks to near-term estimates for cooling-system makers but anticipates potential order concerns later in 2026 [6]. - Citi analyst Andrew Kaplowitz described the stock decline as "overdone," emphasizing the established relationships between cooling-system manufacturers and chipmakers [8][13]. - Barclays analyst Julian Mitchell noted that Vertiv, which has a strong position in liquid cooling, may benefit from the changes discussed by Huang, despite potential headwinds for its chiller business [9][13].

格隆汇1月6日｜由于英伟达首席执行官的言论引发了市场对数据中心冷却产品需求的担忧，制冷系统制 造商的股价周二大幅下跌。制造水冷设备及类似系统的江森自控股价一度暴跌11%，创下2022年以来最 大单日盘中跌幅。摩丁制造一度下跌21%，开利全球和特灵科技也纷纷走低。英伟达首席执行官黄仁勋 在拉斯维加斯举行的CES展会上表示，使用不需要冷水机组的水温，就有可能为搭载英伟达下一代 Rubin芯片的机架进行冷却。巴克莱银行分析师Julian Mitchell写道："鉴于英伟达在整个人工智能生态系 统中的核心地位，人们不应轻视他们的言论，尽管这些言论乍一看相当具有戏剧性。" ...

Core Viewpoint - The cooling stocks for data centers experienced a significant decline following Jensen Huang's comments regarding data center cooling solutions at the CES event, indicating a potential shift in technology that could impact the market dynamics for these companies [1] Group 1: Market Reaction - Data center cooling stocks collectively dropped, with Johnson Controls and Trane Technologies falling by 10% at one point [1] - Modine experienced a decline of up to 20% [1] - Carrier and Vertiv Technologies saw declines exceeding 5% [1] Group 2: Technological Implications - Jensen Huang stated that servers equipped with the new Rubin chip could utilize cooling methods that do not require water, suggesting a significant change in cooling technology [1] - The airflow requirements for the new Rubin chip servers are comparable to those of the existing Blackwell chip servers, indicating a potential for reduced cooling costs and infrastructure changes [1]

智通财经APP获悉，周二，数据中心冷却股集体大跌，摩丁制造(MOD.US)大跌超13%，江森自控 (JCI.US)、特灵科技(TT.US)跌超7%，维谛技术(VRT.US)跌超3%。消息面上，此前黄仁勋在CES展会上 表示，搭载新型Rubin芯片的服务器机架将可采用无需水冷机的温度进行冷却，其所需气流与搭载 Blackwell芯片的机架基本相当。 ...

Makers of cooling systems saw their stocks sell off Tuesday after comments by Nvidia Corp.’s chief executive raised fears about demand for their products from data centers. Johnson Controls International Plc, which makes water-cooled chillers and similar systems, slid 6.2% in its worst day since July. Modine Manufacturing Co. closed down 7.5% after paring an earlier drop of as much as 21%. Trane Technologies Plc fell 2.5%. Most Read from Bloomberg Photographer: Bridget Bennett/Bloomberg It’s possible t ...

来源：视频滚动新闻 数据中心降温概念股特灵科技（TT）美股盘初跌超10%，开利全球（CARR）跌约6.6%，江森自控 （JCI）跌10.8%，摩丁制造（MOD）跌13.5%，维谛技术（VRT）跌6%。投资者关注英伟达CEO黄仁 勋最新讲话。 ...

每经AI快讯，1月6日，数据中心冷却股集体大跌，江森自控、特灵科技一度跌10%，Modine一度跌 20%，开利、维谛技术跌超5%。 ...

Core Insights - Johnson Controls (JCI) stock experienced a decline due to concerns that Nvidia's new Rubin chip platform could significantly lower cooling requirements in data centers, potentially affecting HVAC companies' future performance [1] - The selloff also impacted other major HVAC players, including Trane Technologies (TT) and Carrier Global (CARR), as investors reacted to Nvidia CEO Jensen Huang's comments at CES 2026 [1] Group 1: Impact of Nvidia's Rubin Chip Platform - Nvidia's Vera Rubin chip platform is expected to have similar cooling needs as the Grace Blackwell chip, despite increased power demands, indicating that "no water chillers are necessary for datacenters" due to advancements in liquid cooling [2] - Barclays analyst Julian Mitchell highlighted that companies focused on space cooling, chillers, and air handling with limited involvement in liquid cooling could be particularly affected [3] Group 2: Company Exposure to Data Center Cooling Changes - Johnson Controls has a low-double-digit percentage of total sales from data centers, making it one of the most exposed HVAC providers to the changes in cooling requirements [3] - Trane Technologies derives approximately 10% of its sales from data centers, while Carrier Global has about 5% exposure, both of which could face challenges from reduced chiller intensity in future data center designs [4] Group 3: Potential Beneficiaries - nVent Electric (NVT) may benefit from these developments as it has no presence in space cooling, chillers, or air handling, but holds a strong position in datacenter liquid cooling [5] - Vertiv Holdings (VRT) is also positioned to benefit due to its strong historical presence in precision air cooling and a solid position in liquid cooling [5]

Market Overview - The Dow is up by 0.5% today, but remains in the red for the week [1] - The NASDAQ has increased by over 1% today, turning positive for the week, while the S&P 500 is up just under 1% [2] - The bond market shows a slight increase in yields, with the 10-year Treasury yield up by 3 basis points today [3] Sector Performance - Technology has been a strong performer this week, with large-cap tech (XLK) up by 2% [4] - Consumer discretionary, led by Tesla and Amazon, is up by 1.3%, while energy has seen a decline of about 3% [5] - Notable stock movements include Nvidia up by 3.74% and Goldman Sachs up by 2% [6] Economic Outlook - Markets are reacting to cooler inflation data and a strong growth backdrop anticipated for 2026 [7] - Investors are focusing on potential rate cuts, earnings, and sector rotation as they prepare for the new year [7] - The Federal Reserve has cut rates by 175 basis points from the highs, indicating a move closer to a neutral rate [13] Fiscal Stimulus and Growth - Significant fiscal stimulus is expected to impact the economy in 2026, including corporate and personal tax changes [16] - The potential for increased capital expenditures (capex) is anticipated due to new corporate stimulus measures [16] AI and Technology Sector - The AI theme remains volatile, with a shift from broad market exposure to more selective stock picking expected in 2026 [18] - The MAG 7 tech stocks have shown mixed performance, with some like Alphabet and Nvidia performing well, while others like Microsoft and Meta have lagged [19] Small Cap Stocks - Small caps have recently rebounded, but there are concerns about sustainability given past performance trends [23] - The current small-cap index composition differs significantly from historical norms, leading to skepticism about future growth [25] Retail Sector Insights - Rivian's stock has been upgraded by Wedbush, citing 2026 as a pivotal year for the company [27] - KB Home reported fourth-quarter earnings that missed estimates, indicating ongoing challenges in the housing market [29] - Nike's second-quarter results reflect a turbulent year for retailers, with uneven performance across the sector [31] Honeywell's Performance - Honeywell's stock has underperformed compared to the broader industrial market, largely due to limited exposure to AI and data center growth [90] - The company is expected to benefit from the spin-off of its aerospace business, which could enhance its market position [92] EV Market Outlook - The EV market is facing headwinds, including the expiration of tax credits, but long-term demand is expected to remain strong [74] - ChargePoint's CEO emphasizes the importance of innovation and product development to drive growth in the EV charging sector [78] - The commercial and fleet markets for EVs are anticipated to grow as businesses seek lower total cost of ownership [86]