Global Cooling: 2027E introduced; Global Server cooling TAM raised on higher AI server volumes We introduce 2027E Global Server Cooling market forecast and raise our 2025-26E estimates following the updates of our global server outlook. We raise the Global Server Cooling TAM due to the increased volume forecast for baseboard type AI servers, with a largely unchanged liquid cooling penetration assumption for 2025-26E and a continuous increase trend for 2027E. We model liquid cooling penetration rate to reach ...