Key Takeaways Modine shares have surged 63% YTD, fueled by AI-driven data center cooling demand and strong earnings.MOD posted 31% revenue growth, with data center sales up 78% and multi-year pipeline visibility.MOD raised fiscal 2026 outlook, targeting 20-25% revenue growth and expanding EBITDA margins.Shares of Modine Manufacturing (MOD) have been on a tear. The stock is up nearly 63% year to date, outperforming the industry as well as peers, including Vertiv Holdings (VRT) and Johnson Controls (JCI) . Af ...

Company Initiatives - Tecogen plans to advance the validation process for data center cooling solutions to meet developers' requirements for testing data and performance modeling, involving collaboration with potential clients such as hyperscale developers [2] - The company aims to complete the validation of the first batch of samples from contract manufacturers to enhance the manufacturing capacity of air-cooled chillers' metal components, targeting cost optimization through outsourced production [3] Strategic Partnerships - The partnership with Vertiv will be further developed, including sales team training and joint sales activities, aimed at accelerating market penetration through Vertiv's channels, particularly in hyperscale data center projects [4] Business Development - The company is focusing on the negotiation dynamics with data center project tenants, aiming to secure the first orders by 2026, with potential projects involving IT capacity exceeding 200 megawatts [5] Future Growth - Tecogen emphasizes continuous investment in improving data center cooling technology, with the goal of becoming a key supplier in the field and achieving business growth through expanded manufacturing scale or strategic partnerships [6]

Core Viewpoint - Vertiv reported strong financial results for Q4 2025, with earnings per share of $1.36 and sales of $2.9 billion, representing a 23% year-over-year growth, exceeding Wall Street expectations [2] Financial Performance - Vertiv's Q4 2025 earnings per share were $1.36, with sales reaching $2.9 billion, surpassing the expected earnings of $1.29 per share and sales of $2.9 billion [2] - The company experienced a significant increase in order volume, with a year-over-year growth of 252% and a sequential growth of 117% compared to Q3 2025 [2] - For 2026, Vertiv projects earnings per share between $5.97 and $6.07, with sales around $13.5 billion, while Wall Street forecasts earnings of $4.85 per share and sales of $11.7 billion [2] Market Position and Growth Drivers - Vertiv is recognized as a leading provider of liquid cooling and power management solutions, particularly in the data center market [4] - The company is an official liquid cooling partner of NVIDIA, which enhances its capabilities in meeting the cooling demands of next-generation platforms [4] - The increasing complexity and competition in the data center market are expected to drive continued growth for Vertiv [2] Industry Trends - The demand for liquid cooling solutions is anticipated to rise significantly, with projections indicating that the liquid cooling market could reach a scale of hundreds of billions by 2026 [5] - Liquid cooling is becoming the preferred solution over traditional air cooling due to its efficiency and effectiveness in high-power scenarios [4][5] - Major companies like TSMC, NVIDIA, and Microsoft are pushing for the adoption of advanced cooling technologies, indicating a shift from experimental to large-scale industrial applications [5] Investment Opportunities - The growth in data centers is expected to create opportunities for companies in the temperature control industry, particularly in China [6] - Investment focus is suggested on companies providing cooling equipment and manufacturing components, such as Ice Wheel Environment and Linde Co., as well as those with comprehensive liquid cooling solutions like Yingweike [6]

Core Insights - Tecogen Inc. is undergoing a business transformation focusing on the data center cooling sector, with potential projects involving over 200 megawatts of IT capacity and projected revenues of $30-50 million [1] - The company plans to complete the first sample validation with contract manufacturers by the end of 2025 and is collaborating with Vertiv for joint sales and partnerships [1] Business and Technical Development - The company is accelerating its transition to the data center cooling market and has received positive feedback from a well-known managed data center developer [1] - Tecogen is developing dual-power chiller components through contract manufacturers, with the first samples expected by the end of 2025 [2] - The collaboration with Vertiv aims to explore a second path for manufacturing capacity expansion to meet future large-scale delivery demands [2] Stock Performance - On January 5 and January 8, 2026, the company's stock price increased by 5.24% and 5.46%, respectively, despite ongoing financial challenges [3] - Institutional ratings maintain a "100% Buy" recommendation, reflecting market interest in the company's transformation prospects [3] - The company reported a cash position of approximately $14 million in Q3 2025 and anticipates receiving an additional $2.5 million in the coming weeks [3]

Core Viewpoint - Trane Technologies has announced a definitive agreement to acquire LiquidStack, a leader in liquid cooling technology for data centers, to enhance its capabilities in meeting the demands of generative AI and hyperscale computing [1] Company Summary - Trane Technologies is a global climate innovator focused on providing sustainable solutions [1] - LiquidStack is headquartered in Carrollton, Texas, and specializes in high-density liquid cooling solutions for data centers [1] Industry Summary - The acquisition aims to address the unprecedented demands of generative AI and hyperscale computing, indicating a growing trend in the data center industry towards advanced cooling technologies [1]

Group 1 - The core viewpoint is that CDU liquid cooling pumps are expected to benefit from the accelerated construction of AI data centers, with a significant market potential projected for 2026 [1][2] - CDU liquid pumps play a crucial role in regulating coolant flow and pressure, constituting the "heart" of the liquid cooling system, with a value contribution of 30%-40% to the overall system [2] - The estimated market size for liquid cooling systems by NV and Google in 2026 ranges from $9.3 billion to $12.6 billion, translating to a market size for CDU liquid pumps of approximately $1.139 billion to $1.544 billion [2] Group 2 - The primary cold source in the liquid cooling system is also expected to benefit from the growth of AI data centers, responsible for generating and providing cooling capacity [3] - According to QYresearch, the global revenue for data center chillers is projected to reach approximately ¥105.21 billion in 2024 and nearly ¥167.33 billion by 2031 [3] - The refrigeration compressor, which is a key component of the cooling system, accounts for over half of the costs associated with chillers [3]

Core Insights - Motivair by Schneider Electric has launched the MCDU-70, a 2.5MW Coolant Distribution Unit (CDU) designed for high-density data centers, addressing the cooling needs of next-generation GPUs and AI factories [1][2]. Product Features - The MCDU-70 is the highest-capacity CDU from Motivair, offering a flexible and scalable solution that can meet demands of up to 10MW for high-performance computing (HPC) and AI workloads [2][6]. - It is engineered with dual heat exchangers to maintain efficiency and performance, achieving the industry target of 1.5 liters per minute per kilowatt while minimizing system pressure drop [8]. - The CDU portfolio ranges from 105kW to 2.5MW, providing data center operators with greater scalability and flexibility [6][7]. Market Demand - The increasing heat generation from GPUs, which can produce 20 to 50 times more heat than traditional CPUs, necessitates advanced liquid cooling solutions in the AI era [4]. - Organizations deploying AI clusters are facing extreme rack power densities projected to exceed 1MW, highlighting the need for effective cooling solutions [4]. Strategic Positioning - Motivair's solutions are designed to keep pace with the rapid evolution of chip and silicon technology, ensuring that data centers can deliver scalable and reliable infrastructure for AI deployments [5]. - The MCDU-70 is positioned to support large-scale facilities, such as NVIDIA's Omniverse DSX Blueprint, which targets 10MW for gigawatt-scale operations [3][7]. Global Availability - The MCDU-70 is available globally through Schneider Electric's manufacturing hubs in North America, Europe, and Asia, ensuring widespread access to advanced cooling solutions [7][9].

Group 1 - The 2026 Shanghai International Liquid Cooling Industry Exhibition will take place from December 9-11, 2026, at the Shanghai New International Expo Center [3] - The 2026 China (Shenzhen) International Liquid Cooling Industry Technology Exhibition is scheduled for June 10-12, 2026, at the Shenzhen International Convention and Exhibition Center [3] - The 2026 Suzhou Exhibition will occur from September 16-18, 2026, at the Suzhou International Expo Center [5] Group 2 - The rapid growth of big data has increased the demands on data center servers, necessitating higher power density in server cabinets [14] - Liquid cooling technology is becoming essential for data center efficiency, especially with the rise of 5G, edge computing, and AI applications [14][18] - The exhibitions aim to showcase the latest products and technologies in the liquid cooling industry, attracting professional audiences from data centers, power, electronics, edge computing, AI, and renewable energy sectors [14] Group 3 - The 2026 IDC exhibition is expected to cover an area of 15,000 square meters and will feature participation from major organizations such as the National Supercomputing Center in Shenzhen and Tencent [18] - Various technical exchange activities will be held during the IDC 2026 exhibition, focusing on industry hot topics and promoting diversified marketing strategies [19] - The exhibition will include a wide range of products covering cooling liquids, refrigerants, and various cooling devices, showcasing over a thousand new products across the entire industry chain [56] Group 4 - Shenzhen Angpai Technology Co., Ltd. is currently in the A-share IPO guidance stage, with plans to expand production capacity and R&D investment to capture market growth in liquid cooling [66] - The company has a registered capital of 90 million RMB and aims to leverage its professional R&D team and partnerships with universities to enhance its technological capabilities [66][68] - Angpai Technology's product offerings include liquid cooling module design, thermal management system integration, and innovative compressor technologies, with a focus on high reliability and efficiency [71][72]

Core Insights - NVIDIA's CEO Jensen Huang highlighted the rapid advancements in AI technology, particularly with the introduction of Alpamayo, the world's first thinking and reasoning model for autonomous vehicles, which utilizes a 10 billion-parameter vision-language-action model [1][2] - The demand for AI computing is surging, with model sizes increasing by 10 times annually and reasoning generating 5 times more tokens per year, while the cost of tokens is decreasing by 10 times [3] - NVIDIA's new Vera Rubin GPU system features significant innovations, including a design stripped of cables, hoses, and fans, utilizing hot-water liquid cooling at 45°C, which could disrupt the data center cooling market [6][7] NVIDIA Innovations - The Vera Rubin system is expected to be a game-changer in the robotics industry, with a projected cost of approximately $5 million per supercomputer rack-scale system [5] - The system's design allows AI factories to eliminate mechanical water chillers, relying instead on simpler cooling solutions, which has raised concerns for companies like Modine Manufacturing that specialize in data center chillers [7][9] Market Reactions - Modine's stock experienced a significant drop of over 20% following the announcement of the Vera Rubin system, reflecting investor concerns about the future demand for traditional cooling solutions [8][9] - Credo Technology Group also faced stock volatility, with shares falling due to fears that the new systems would replace copper cabling with optical interconnects, although a subsequent recovery was noted as investors reassessed the situation [10][11] Credo Technology Developments - Credo is diversifying its product offerings, focusing on both copper-based Active Electrical Cables and optical interconnect solutions, with recent innovations including ZeroFlap optical transceivers and a strategic acquisition of Hyperlume, Inc. [14][15][16] - The company aims to expand its Total Addressable Market (TAM) by prioritizing optical solutions while maintaining its leadership in the AEC market [16]

Core Insights - The liquid cooling industry is entering a "second development stage" marked by performance realization as AI cluster scale construction progresses [1] Group 1: Rubin Platform and Cooling Solutions - NVIDIA's CEO announced the full-scale production of the Vera Rubin platform, which features a "six-core integrated" design aimed at breaking the computing power ceiling [2] - The Rubin platform will implement 100% liquid cooling coverage and a third-generation fully cable-free design, enhancing thermal management with a modular design [2] - The cooling components for the next-generation Vera Rubin NVL144 platform are expected to reach a total value of $55,700 per cabinet, a 17% increase from the previous GB300 platform [2] Group 2: Liquid Cooling Market Growth - The liquid cooling market is experiencing rapid growth, driven by the expansion of downstream industries such as computing power, energy storage, and electric vehicles [3] - The global liquid cooling market for NVIDIA GPUs is projected to reach $11.9 billion, while the ASIC liquid cooling market is expected to reach $4.6 billion, leading to an overall market size of $16.5 billion (approximately 116.2 billion RMB) by 2026, with a compound annual growth rate of about 59% from 2025 to 2026 [3] Group 3: Stock Performance and Investment Opportunities - 26 liquid cooling concept stocks have seen an average increase of 79.73% since 2025, significantly outperforming the Shanghai Composite Index [4] - Among these, several stocks have doubled in value, including Chunzong Technology, Siquan New Materials, and Yidong Electronics [4] - 19 liquid cooling concept stocks are expected to have a net profit growth rate exceeding 20% in 2026 and 2027, with five stocks having a rolling P/E ratio below 40 [7] - The stock with the highest predicted upside is Zhongke Shuguang, with a potential increase of 47.27% based on target prices [7][8]