7 January 2026 | 1:19PM EST Equity Research Americas Multi-Industry: NVDA comments: Key Takeaways For HVAC OEMs and Liquid Cooling Players What happened. This week at CES 2026, NVDA (covered by James Schneider) CEO Jensen Huang discussed major power/efficiency advancements in the new Vera Rubin chip platform. As part of his discussion, he made a comment that water chillers were not going to be necessary to cool the next gen Vera Rubin chip because they are able to use liquid cooling instead to cool 45 degre ...

To blame? The next generation of Nvidia's computer chips, announced on Monday, which won't require the same type of cooling systems. That's because the new Rubin platform will feature "extreme codesign†that integrates chips, trays, racks, and more, Jensen Huang, the chipmaker's CEO, said during a keynote speech at the Consumer Electronics Show (CES) in Las Vegas on Monday. 100% liquid-cooled system Describing the 100% liquid-cooled system that's now in production as "a breakthrough,†Huang's brief remarks ...

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 ...

Core Insights - The article discusses the latest trends and developments in the investment banking sector, highlighting key financial metrics and market movements. Group 1: Financial Performance - Investment banks have reported a significant increase in revenue, with an average growth of 15% year-over-year, driven by strong trading volumes and advisory fees [1]. - The total assets under management (AUM) in the sector have reached $5 trillion, reflecting a 10% increase compared to the previous year [1]. Group 2: Market Trends - There is a growing trend towards digital transformation within investment banks, with 70% of firms investing in technology to enhance operational efficiency [1]. - The demand for sustainable investment products is rising, with a reported 25% increase in ESG (Environmental, Social, and Governance) fund inflows [1]. Group 3: Regulatory Environment - Recent regulatory changes are impacting the investment banking landscape, with new compliance requirements expected to increase operational costs by approximately 5% [1]. - The article notes that firms are adapting to these changes by enhancing their risk management frameworks [1].

Daikin's Growth in the North American Data Center Cooling Market November 27, 2025 Today's Agenda 2 • Data Center Market in North America and Our Strategic Goals • Evolving Cooling Needs and Our Initiatives • Future Outlook North American Data Center Cooling Market Trends and Our Perspective 0 0.5 1 1.5 2 2.5 3 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 North American Data Center Cooling market Trend (company estimate) (T JPY) Approx. ¥1.1T Approx. ¥2.7T 3 Our Business Plan and Strategy 2023 2025 203 ...

Core Insights - Modine has officially opened a new manufacturing facility in Franklin, Wisconsin, aimed at expanding its data center cooling capacity and supporting the growth of digital infrastructure in the U.S. [1][2] - The new 155,000-square-foot facility is part of a multi-year $100 million investment to scale production of Airedale by Modine™ data center cooling solutions, expected to create over 300 new jobs by March 2026 [2][5] - Wisconsin is becoming a data center hub due to its abundant water supply, reliable electricity, and naturally cool climate, which help reduce cooling costs for energy-intensive facilities [4] Company Commitment - Modine's investment reflects a strategic commitment to delivering innovative cooling solutions for mission-critical operations and enhancing its engineering, product development, and testing capabilities [2][5] - The company has a rich heritage in Wisconsin, having been founded in Racine in 1916, and continues to emphasize its local roots while expanding its operations [3][4] Future Expansion - In addition to the Franklin facility, the $100 million investment will also include new manufacturing facilities in Grand Prairie, Texas, and expansions in Grenada, Mississippi, and Jefferson City, Missouri [5] - The expansion is designed to support the growing demand for data center solutions and the evolving needs of the digital economy [4][5]

Q3 2025 Earnings Conference Call November 6, 2025 This presentation includes references to calculations that are not based on generally accepted accounting principles ("GAAP"). Reconciliations of each of those non-GAAP measures to the most directly comparable GAAP measures have been included in the Appendix. When forward-looking non-GAAP measures are provided, the Company does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures, because ...

Financial Performance - The company achieved organic sales growth of 6% for the full year 2025[9], and 4% for Q4 2025[22], demonstrating broad-based strength across its operations[9] - Adjusted Segment EBITA margin expanded by 100 basis points to 171% for the full year 2025[9], and 20 basis points to 188% for Q4 2025[22] - Adjusted EPS increased by 17% year-over-year[9] from $321 in FY24 to $376 in FY25[39], successfully offsetting dilution from the R&LC divestiture[9] - Adjusted free cash flow conversion was strong at 102% for the full year 2025[9], validating disciplined capital allocation[9] - Q4 2025 adjusted EPS increased 14% year-over-year, from $111 to $126[24] Orders and Backlog - Orders grew by 7% for the full year 2025, with strong performance in the Americas offsetting softness in China[9] - Backlog grew by 13% to approximately $15 billion, providing visibility into future growth[9] Future Outlook - The company initiated FY26 adjusted EPS guidance of approximately $455, representing over 20% growth[9] - The company expects adjusted free cash flow conversion of approximately 100% for FY26[9] - For Q1 2026, the company anticipates organic revenue to be up approximately 3% and adjusted EPS to be approximately $083[43]

Core Insights - Johnson Controls International plc reported fiscal Q4 2025 GAAP earnings per share (EPS) of $0.42 and adjusted EPS of $1.26, with Q4 sales increasing by 3% to $6.4 billion and organic sales rising by 4% [2][11] - The company achieved a record backlog of $15 billion, reflecting a 13% increase year-over-year, driven by sustained demand in core verticals [4][11] - Full year sales reached $23.6 billion, marking a 3% increase, while organic sales grew by 6% [2][11] Financial Performance - Q4 net income from continuing operations attributable to Johnson Controls was $267 million, with adjusted net income at $798 million [3] - Total cash provided by operating activities was $968 million, with free cash flow at $838 million and adjusted free cash flow at $710 million [19] - The company paid dividends totaling $243 million and initiated accelerated share repurchase transactions amounting to $5.0 billion [19] Segment Results Americas - Q4 sales in the Americas segment were $4.3 billion, a 1% increase from the previous year, with organic sales up by 3% [6] - Segment EBITA margin improved to 19.5%, reflecting productivity gains despite transformation costs [7] EMEA (Europe, Middle East, Africa) - EMEA segment sales increased by 13% to $1.3 billion, with organic sales growing by 9% [8] - Segment EBITA margin expanded to 15.0%, benefiting from positive operating leverage [9] APAC (Asia Pacific) - APAC segment sales declined by 3% to $780 million, with organic sales also down by 3% due to lower volumes in China [10][12] - Segment EBITA margin decreased to 17.8%, reflecting pressures on factory absorption [12] Corporate Developments - The company completed the sale of its Residential and Light Commercial HVAC business to Bosch Group for $8.3 billion, with Johnson Controls receiving approximately $6.9 billion [19][25] - Corporate expenses increased significantly, with GAAP expenses at $269 million, a 105% rise compared to the previous year [13] Guidance and Future Outlook - The company initiated guidance for fiscal 2026, projecting organic sales growth in mid-single digits and adjusted EPS of approximately $4.55 [20] - The deployment of proprietary business systems is expected to enhance the company's ability to deliver consistent results and long-term value [4]

Core Viewpoint - Flex and LG Electronics have formed a partnership to develop integrated, modular cooling solutions aimed at addressing the thermal management challenges faced by AI-era data centers [2][4]. Group 1: Partnership Details - The collaboration will leverage Flex's liquid cooling portfolio and power products alongside LG's high-performance air and liquid cooling modules, including CRAC, CRAH, chillers, and coolant distribution units (CDUs) [4][8]. - The partnership aims to provide data center operators with customizable solutions that can scale with demand, enhancing efficiency and deployment speed [5][6]. Group 2: Technological Advancements - Advanced cooling technologies are essential for efficient heat dissipation in high-density data centers, which are increasingly necessary due to the rise of AI workloads [4][8]. - The integrated solutions will ensure reliable temperature control, maximize energy efficiency, and facilitate rapid deployment of high-density AI workloads [5][6]. Group 3: Market Positioning - This partnership is part of Flex's strategy to enhance its competitiveness in the AI data center market by collaborating with leading global companies [6]. - The co-developed solutions will be included in the Flex AI infrastructure platform, which integrates power, cooling, compute, and services into modular designs [6][8].