The GPT-5 era has arrived! Can it reignite the AI market once again?
Tech giants are 'burning cash' to ramp up AI! Could these two industries emerge as hidden winners?
This week, the earnings of tech giants have been a series of blockbusters.
$Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ The companies have successively disclosed better-than-expected earnings,reinvigorating faith in AI.
Notably, The capital expenditures of these three companies indicate that tech giants will continue to make substantial investments in AI.
Google stated that its full-year capital expenditure will increase by 13% to 85 billion dollars, up from the 75 billion dollars predicted earlier this year.
Meta has raised the lower limit of its 2025 capital expenditure. The company now expects its full-year spending for 2025 to be between 66 billion and 72 billion dollars, up from a previous lower limit of 64 billion dollars.
Microsoft's total capital expenditure of 24.2 billion dollars in the fourth quarter of fiscal year 2025 set a new record for a single quarter, representing a nearly 13.1% increase from the previous quarter; the company expects its capital expenditure for the next quarter to exceed 30 billion dollars.
Meta's Chief Financial Officer Susan Li mentioned in the earnings report,due to continued substantial investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company expects further increases in spending next year.
Based on this, the current market sentiment regarding the future trajectory of AI is highly optimistic.
And previously,"Trump Announces the 'American AI Initiative'! Four Major Investment Themes You Must Know"also indicated that in the Trump 2.0 era, data centers and power infrastructure could be among the beneficiaries of this AI wave.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959325620-JlotveplN2.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
However, it is noteworthy that with the rapid development of the global artificial intelligence industry, the competition for electricity demand is becoming increasingly fierce, and high power consumption is also driving up the demand for cooling systems.
Media analysis suggests thatthe current biggest constraints in AI data center construction are "electricity" and "cooling," rather than GPUs. Futubull has compiled a list of relevant companies in these two industries for mooers to reference:the current biggest constraints in AI data center construction are "electricity" and "cooling," rather than GPUs. Futubull has compiled a list of relevant companies in these two industries for mooers to reference:
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959322974-IpOtHxNSgT.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
1、電力
高盛數據顯示，AI部署已推動數據中心電力需求激增160%，而國際能源署(IEA)預測，2026年全球數據中心耗電量將較2022年的460太瓦時翻倍，從需求端看，AI的每一個環節其實都是耗電大戶。
而從電力整個產業鏈來看，包括獨立電力生產商、電氣設備、垂直整合型公用事業公司、核電等各個環節都有望成為AI熱潮中的大贏家。
獨立電力生產商獨立電力生產商包括 $Vistra Energy (VST.US)$、 $Talen Energy (TLN.US)$These two companies have recorded increases of 50% and 85%, respectively, this year.
Specifically, Vistra is one of the largest power producers and retail energy suppliers in the United States, with a capacity of 37 gigawatts (GW), which is sufficient to meet the electricity needs of 20 million households, demonstrating its strong presence in the power supply sector. Notably, VST also has 2.4 GW of nuclear power generation capacity, making it the fourth-largest nuclear power supplier in the U.S.
Talen Energy, on the other hand, is an independent power company in the U.S. that recently partnered with Amazon to initiate a nuclear energy transition, supporting the sustainable development of AI data centers.
It is worth noting that,Another key difference between Vistra and Talen Energy is that Vistra has a battery storage system.As intermittent power supply grows, these assets will be crucial, providing flexibility in power trading, an area where Vistra is increasing its investment.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959321270-MiCobRlGBC.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Electrical equipmentElectrical equipment to watch includes $GE Vernova (GEV.US)$ 、 $Eaton (ETN.US)$ 、 $Bloom Energy (BE.US)$ 、 $SIEMENS AG (SIEGY.US)$ 、 $Honeywell (HON.US)$ 、 $Emerson Electric (EMR.US)$ 、 $Graham (GHM.US)$ 。
Among them, $GE Vernova (GEV.US)$It is a leading global power technology company, with business spanning the power, wind energy, and electrification sectors.Its technologies play a significant role in the global power supply, generating approximately 30% of the world's electricity. The company's stock price has doubled this year.
GE Vernova's financial performance in the second quarter of 2025 highlighted its market strength. Driven by robust demand in the power and electrification sectors, revenue surged to $9.1 billion, representing an 11% increase year-over-year. The electrification sector, a key growth engine, saw its revenue rise to $2.2 billion, with EBITDA nearly doubling to reach 14.6%.This underscores the high-profit potential of AI-enabled services such as predictive maintenance and grid analytics.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959320916-gNaqis2nga.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Furthermore, $Bloom Energy (BE.US)$ a global leader in power solutions, recently partnered with Oracle to provide fuel cell power for AI data centers.
Bloom Energy's energy solutions power some of the world's most critical digital infrastructure, following agreements with Equinix, American Electric Power (AEP), and Quanta Computing.To date, Bloom Energy has deployed over 400 MW of power for global data centers.
Additionally, Bloom Energy's microgrid systems offer significant advantages in terms of power supply stability and continuity compared to traditional grids, diesel generators, batteries, and solar+battery combinations:
● AlwaysON:Bloom Energy systems have the "AlwaysON" feature, providing uninterrupted power supply and avoiding issues such as line failures in traditional grids or cold starts of diesel generators.
● Reliability:Unaffected by traditional grid lines, battery charging requirements, or solar irradiance, it can provide stable power in various environments.
● Fuel Supply:Self-sufficient, not dependent on power storage or fuel transportation, ensuring uninterrupted power supply.
● No Pollutant Emissions:Compared to the exhaust emissions from diesel generators, Bloom's technology produces no air pollution, making it a cleaner option.
From this year's trend, Bloom Energy has risen nearly 70%, with its stock price reaching new highs.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959321005-SHRppazdgH.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Vertically integrated utility companyDue to the surge in AI power demand, utility stocks have become beneficiaries of AI, such as the American energy giant US Energy. $Constellation Energy (CEG.US)$ 、 $PG&E Corp (PCG.US)$ 、 $Dominion Resources (D.US)$ 、$Exelon (EXC.US)$ 、 $Southern (SO.US)$ 、 $Sempra Energy (SRE.US)$ 、 $The AES Corp (AES.US)$ 、 $American Electric Power (AEP.US)$ 、 $Duke Energy (DUK.US)$ 、 $NextEra Energy (NEE.US)$ and so on.
Among these, Constellation Energy, which doubled last year, continues to perform strongly this year, with a year-to-date gain of over 53%.This company is a leader in green power generation, primarily using clean energy sources such as nuclear, wind, solar, and hydroelectric power. Impressively, CEG holds a 10% share of the carbon-free electricity market.
Earlier this year, the company signed two agreements with the U.S. government to provide over $1 billion in power and services to upgrade the capacity of the country's largest nuclear power plant. Additionally, CEG has entered into 20-year power purchase agreements with Microsoft and Meta.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959321095-I8moHJCqeV.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Nuclear PowerNuclear power stocks have become market darlings since the AI boom.
Wall Street generally believes that the ideal alternative energy source is nuclear power, as it provides stable, pollution-free electricity and reduces overall decarbonization costs by limiting grid investment and battery storage requirements to transmit and stabilize solar and wind power. Therefore, nuclear power stocks are also expected to see a strong upward trend.
Former President Trump previously announced a new nuclear power policy: a plan to start construction on 10 large nuclear power plants by 2030 and to quadruple U.S. nuclear power capacity by 2050. This news also stimulated significant gains in some nuclear power stocks.
Futubull had previously noted that the nuclear power industry chain is likely to emerge strongly by 2025.Among them, $Oklo Inc (OKLO.US)$The cumulative gain this year has exceeded 250%, $NuScale Power (SMR.US)$180%， $NANO Nuclear Energy (NNE.US)$with a gain of over 44%, $BWX Technologies (BWXT.US)$Rising more than 37%.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959321173-8mWnvMVGk2.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
According to a research report by Guosheng Securities, the SMR (Small Modular Reactor) nuclear power industry chain covers all aspects from upstream uranium mining, midstream R&D and construction, to downstream operation and waste management.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959323243-id0NrtDTcV.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
According to a research report by Guosheng Securities, the SMR (Small Modular Reactor) nuclear power industry chain covers all aspects from upstream uranium mining, midstream R&D and construction, to downstream operation and waste management.
Upstream: Raw Materials and Processing
The upstream industry chain primarily involves the supply of basic raw materials, key equipment, and nuclear fuel required for nuclear energy development, mainly including uranium mining and uranium enrichment.
Specifically, uranium mining includes $Cameco (CCJ.US)$ 、$Uranium Energy (UEC.US)$ 、$Energy Fuels (UUUU.US)$ 、$Denison Mines (DNN.US)$ 、$NexGen Energy (NXE.US)$ Nuclear fuel processing$Centrus Energy (LEU.US)$ 。
Midstream: Design, Research and Development, and Construction
The midstream includes design, research and development, and construction. Among these,
$NuScale Power (SMR.US)$ is the first listed SMR (Small Modular Reactor) nuclear power company, with its core product being the SMR power module.
$Oklo Inc (OKLO.US)$ focuses on the development of small modular reactors (SMRs). The company has received investment from Sam Altman, the 'father of ChatGPT';
$NANO Nuclear Energy (NNE.US)$ focuses on the development of small modular reactors, with its main business covering four areas related to SMRs, including manufacturing, fuel, and transportation, aiming to build a diversified vertically integrated industry chain;
$BWX Technologies (BWXT.US)$ focuses on the manufacturing of nuclear reactor components and nuclear energy technology. The main difference between BWXT and SMR/Oklo is that BWXT is a major supplier of large equipment and technical services, primarily providing nuclear reactor components, nuclear fuel, and defense-related nuclear technologies to the government and commercial sectors, with clients including the U.S. government (such as providing nuclear reactors for naval submarines).
Downstream: Operation, Sales, and Waste Management
The downstream segment mainly involves the operation of nuclear power plants and energy supply.Participants include $Constellation Energy (CEG.US)$ 、 $Vistra Energy (VST.US)$ 、 $American Electric Power (AEP.US)$ 、 $Southern (SO.US)$ 、 $Exelon (EXC.US)$ 、 $Duke Energy (DUK.US)$ 、 $Entergy (ETR.US)$ 、 $Public Service Enterprise Group (PEG.US)$ and so on.
Furthermore, electrical equipment includes $GE Vernova (GEV.US)$ 、 $Eaton (ETN.US)$ 、 $Honeywell (HON.US)$ 、 $Emerson Electric (EMR.US)$ 、 $Graham (GHM.US)$ and so on.
Goldman Sachs' latest nuclear industry research report indicates that the global uranium market is heading towards an era of structural shortage. This trend will accelerate starting in 2025, with a global uranium deficit reaching 130 million pounds by 2040.Simultaneously, nuclear power demand is surging in the AI era, leading to a comprehensive boom in global nuclear power installations.
Analysis indicates that the imbalance in uranium supply and demand, the surge in nuclear power demand, and other electrification trends will collectively drive the nuclear energy industry.
II. Cooling
The global liquid cooling system market is expected to benefit significantly from the growth of data centers driven by AI, machine learning, and edge computing.
According to relevant research institutions, the global liquid cooling system market size will reach $6.5 billion in 2024, and is expected to double to $13 billion by 2034, with a CAGR of 7.3% from 2025 to 2034.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959321042-ScH72mptsI.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Traditional data center cooling solutions involve the use of fans and air conditioning for air cooling, but these methods still result in power consumption. In the broader trend of reducing PUE energy consumption indicators, liquid cooling solutions are gradually becoming the mainstream choice.Liquid cooling technology achieves system heat exchange through external cooling water or chilled water systems.
Among these, Suppliers of liquid cooling solutions and related industry chains include $Vertiv Holdings (VRT.US)$ 、 $nVent Electric (NVT.US)$ 、 $Super Micro Computer (SMCI.US)$ 、 $Dell Technologies (DELL.US)$ 、 $Hewlett Packard Enterprise (HPE.US)$ 、 $Amazon (AMZN.US)$ 、 $CoreWeave (CRWV.US)$ 。
As a leading company in the liquid cooling sector, Vertiv's liquid cooling technology achieves highly efficient heat dissipation by directly contacting the chips, making its cooling efficiency 3,000 times higher than that of traditional air cooling.This company has become a hidden big winner in the U.S. stock market, riding the AI wave, with its stock price more than doubling over the past two years.
![This week, tech giants have been delivering a series of earnings surprises. $Alphabet-A (GOOGL.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ They are successively reporting better-than-expected financial results,reinvigorating faith in AI. Notably, The capital expenditures of these three companies indicate that tech giants will continue to make significant investments in AI. Google announced that its full-year capital expenditure will increase by 13% to $85 billion, up from the $75 billion predicted earlier this year. Meta has raised the lower limit of its 2025 capital expenditure. The company now expects full-year spending for 2025 to be between $66 billion and $72 billion, compared to the previous lower limit of $64 billion. Microsoft's total capital expenditure of $24.2 billion in the fourth quarter of the 2025 fiscal year set a new record for a single quarter, increasing by nearly 13.1% from the previous quarter; the company expects its capital expenditure to exceed $30 billion in the next quarter. Meta's Chief Financial Officer Susan Li mentioned in the earnings report that,due to continued significant investments in talent, infrastructure, data centers, and energy,to address the rapidly evolving AI competition, the company anticipates further increases in spending next year. Based on this, the market is currently very optimistic about the future trajectory of AI. And previously,[Share Link: "Trump Releases the 'American AI Initiative'! These Four Major Investment Themes Are Not to Be Missed"]had also indicated that in the Trump 2.0 era, the number...](https://nnqimage.futunn.com/sns_client_feed/900080/20250731/web-1753959320846-v4R1Gb44rk.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Moreover, several companies in the U.S. stock market have also made relevant deployments in the field of liquid cooling technology:
$nVent Electric (NVT.US)$ Company A: Offers a variety of liquid cooling solutions, including air-liquid hybrid and full liquid cooling systems. In the future, it will focus on providing highly customized in-rack cooling designs for AI data centers.
$Super Micro Computer (SMCI.US)$ Company B: This year, the company launched a new generation of direct liquid cooling solution, DLC-2, which can reduce data center power consumption, water usage, noise, and space requirements, potentially reducing data center power consumption by up to 40%.
$Dell Technologies (DELL.US)$ Dell: Starting from the 14th generation of servers,DLC cold plate liquid cooling technology has been widely introduced.。Dell provides pre-installed PowerEdge XE9712 servers for CoreWeave's GB300 NVL72 platform, which are designed for high-density AI workloads andsupport full immersion liquid cooling.
In collaboration with partners such as Intel, the company launched the Smart Cooling solution.，Dell also collaborates with specialized liquid cooling vendors like Vertiv to provide end-to-end thermal solutions, making it one of NVIDIA's most significant server partners.
$Hewlett Packard Enterprise (HPE.US)$ This company's liquid cooling solutions are primarily integrated into its server business, particularly for high-performance computing and AI applications. These solutions aim to improve energy efficiency and reduce cooling costs, suitable for high-density workloads. HPE holds approximately 15-16% of the server market share, demonstrating its leading position in this field. Although specific market share data for liquid cooling is not publicly available, HPE is a key player in the liquid-cooled server market, especially in the AI and HPC sectors.
$Amazon (AMZN.US)$ To meet the large-scale computing cooling needs of its AWS division,the company introduced its self-developed liquid cooling system IRHX, whichis highly mobile, enhancing data center space utilization and cooling efficiency.
$CoreWeave (CRWV.US)$ CoreWeave focuses on large-scale deployment of the most advanced NVIDIA GPUs and collaborates with Dell, Super Micro Computer, and others.It has built one of the world's largest liquid-cooled AI computing clusters, serving as a core driver of the demand for liquid cooling technology.
Traditional temperature control/cooling companies include: $Trane Technologies (TT.US)$ 、 $Quanta Services (PWR.US)$ and $Carrier Global (CARR.US)$ 。
$Trane Technologies (TT.US)$ Trane Technologies is a major cooling system manufacturer that provides innovative solutions in data center cooling, including air-cooled chillers and collaborations on liquid cooling technology. Specifically, they have introduced magnetic levitation chillers and Ascend chillers, aimed at improving cooling efficiency in data centers. Additionally, Trane Technologies collaborates with LiquidStack, a provider of liquid cooling solutions, to jointly advance liquid cooling technology in data centers.
$Quanta Services (PWR.US)$ The QoolRack liquid-cooled cabinets and servers designed for NVIDIA GPUs form the foundation of AI computing clusters in the vast majority of hyperscale data centers globally.
$Carrier Global (CARR.US)$ It is a global leader in HVAC (Heating, Ventilation, and Air Conditioning) and refrigeration solutions. In the field of data center cooling, it focuses on efficient air cooling technology while also exploring natural cooling and liquid cooling integration.
Overall, Goldman Sachs previously estimated that the server cooling market size would grow to $10.6 billion by 2026.
According to the bank's forecast, in this market, liquid cooling will become more popular, with its penetration rate in AI servers reaching 57% in 2026, up from 23% in 2024. This will bring higher profits to cooling system suppliers, as these systems are more complex in design.
JP Morgan Chase also noted that, given the complexity of building liquid cooling systems, the cost of liquid cooling systems is three to four times that of air cooling systems, which will result in higher profits for cooling system suppliers.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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