What it holds
AI Power and Cooling follows the money through the AI infrastructure bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Cooling System | direct to chip cooling, thermal management components |
| Voltage Regulator Module (VRM) | voltage regulator modules, power management ICs |
| Power and Cooling Systems | data center power distribution, UPS systems, power supply units, liquid cooling, data center thermal systems |
How it breaks down
- United States55%
- Taiwan37%
- China9%
- Mega cap (over $200bn)9%
- Large cap ($10bn to $200bn)36%
- Mid cap ($2bn to $10bn)46%
- Small cap (under $2bn)9%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Modine Manufacturing | MOD.XNYS | $8 billion |
| Texas Instruments | TXN.XNAS | $283 billion |
| Advanced Energy Industries | AEIS.XNAS | $10 billion |
| Monolithic Power Systems | MPWR.XNAS | $60 billion |
| Vertiv Holdings | VRT.XNYS | $94 billion |
| Shenzhen Envicool Technology | 002837.SHE | $6 billion |
| Delta Electronics | 2308.TW | $124 billion |
| Sunonwealth Electric Machine Industry | 2421.TW | $1 billion |
| Asia Vital Components | 3017.TW | $39 billion |
| Vicor | VICR.XNAS | $6 billion |
| Auras Technology | 3324.TWO | $4 billion |
| Alpha & Omega Semiconductor | AOSL.XNAS | $746 million |
| Silergy | 6415.TW | $6 billion |
The market
Data center physical infrastructure (DCPI), including non-AI data centers
Dell'Oro Group, 2030Power and cooling infrastructure for AI data centers
Market report via Yahoo Finance and Navadhi (publisher not named), 2025 baseAll data center power: UPS, distribution and related equipment
MarketsandMarkets, 2030Global VRM market, all uses (PCs, servers, automotive and others); low confidence
marketreportanalytics.com, 2025Estimates differ mainly by scope: Dell'Oro counts manufacturer revenue and is well below report vendors on liquid cooling (about $7-8 billion vs $10.7-20.4 billion), while power and VRM figures mostly cover all data centers or all VRM uses rather than AI racks, and several figures could not be fully read.
All 19 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Power and cooling infrastructure for AI data centers (growth, a year) | +21% | 2026-2031 forecast | Market report via Yahoo Finance and Navadhi (publisher not named) |
| Power and cooling infrastructure for AI data centers | $53bn | 2025 base | Market report via Yahoo Finance and Navadhi (publisher not named) |
| All data center power: UPS, distribution and related equipment (growth, a year) | +7.5% | 2025-2030 | MarketsandMarkets |
| All data center power: UPS, distribution and related equipment | $51bn | 2030 | MarketsandMarkets |
| Data center physical infrastructure (DCPI), including non-AI data centers | $80bn | 2030 | Dell'Oro Group |
| Global VRM market, all uses (PCs, servers, automotive and others); low confidence | $15bn | 2025 | marketreportanalytics.com |
| Global VRM market, all uses; low confidence (growth, a year) | +7.0% | through 2033 | marketreportanalytics.com |
| AI data center HVDC power supply systems (growth, a year) | +11% | 2025-2035 | Precedence Research |
| AI data center HVDC power supply systems (USD 1.53 billion in 2025) | $4.6bn | 2035 | Precedence Research |
| AI data center liquid cooling (growth, a year) | +34% | 2026-2032 | MarketsandMarkets |
| AI data center liquid cooling (USD 3.52 billion in 2026) | $20bn | 2032 | MarketsandMarkets |
| AI data center power supply units (base figure not read) (growth, a year) | +19% | forecast period not stated in text | Stratview Research |
| Data center direct-to-chip cooling (growth, a year) | +26% | 2026-2032 | MarketsandMarkets |
| Data center direct-to-chip cooling (USD 3.33 billion in 2026) | $17bn | 2032 | MarketsandMarkets |
| Data center liquid cooling, all types (manufacturer revenue) | $7.0bn | 2029 | Dell'Oro Group |
| Data center UPS only | $12bn | 2030 | MarketsandMarkets |
| Data center UPS only (stated as about 7.3-7.4%) (growth, a year) | +7.3% | 2025-2030 | MarketsandMarkets |
| Direct liquid cooling only (stated as over $8 billion) | $8.0bn | 2030 | Dell'Oro Group |
| Direct-to-chip liquid cooling (forecast 2025-2034) | $1.9bn | 2024 base | Global Market Insights |
Questions
- What is AI Power and Cooling?
- The power and thermal systems that keep AI racks running.
- What does AI Power and Cooling hold?
- Listed companies that earn their revenue from the parts it takes to build AI Supercycle: Cooling System, Voltage Regulator Module (VRM), Power and Cooling Systems. 13 companies as of 2026-10-28.
- What is not in AI Power and Cooling?
- Cold plates, vapor chambers, thermal interface materials and server level liquid loops: Cooling System, not Power and Cooling Systems; CDUs, rack manifolds, rear door exchangers, chillers and CRAH units: Power and Cooling Systems, not Cooling System Board level VRMs, power stages and PMICs: Voltage Regulator Module (VRM), not Power and Cooling Systems Server PSUs, rack power shelves and busbars: Power and Cooling Systems, not Servers and IT Equipment, Voltage Regulator Module (VRM) or Racks and Cable Management; power semiconductors inside them counted only within the PSU price
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: akashborate.substack.com/p/understanding-how-to-bring-up-nvi · blog.barrack.ai/nvidia-b300-1400w-data-center-requirements/ · dev.to/gentic_news/nvidia-feynman-gpu-power-semi-content-hit · finance.yahoo.com/news/cooling-system-single-nvidia-blackwel · finance.yahoo.com/real-estate/articles/data-center-construct · gr1d.us/insights/data-center-cost-per-mw · ibinterviewquestions.com/guides/real-estate-investment-banki · itkservices3.com/background/datacentre_opex · jpthoughtsandgrowth.substack.com/p/from-substation-to-chip-a · news.futunn.com/en/post/1000831934/global-research-selection · assetpulse.com/blog/data-center-construction-cost · cnbc.com/2026/10/23/jensen-huang-gtc-robot-ducks-neocloud-di · constructelements.com/post/cost-to-build-modern-data-center- · cushmanwakefield.com/en/united-states/insights/data-center-d · datagravity.dev/p/how-much-does-an-nvidia-nvl72-cost · gigaenergy.com/blog/how-much-does-it-cost-to-build-an-ai-dat · guru3d.com/story/3f5782f43f98056f6165e6938b8fa0f8e06adaeb/ · igorslab.de/en/nvidia-nvl72-liquid-cooling-reaches-50-000-do · infineon.com/assets/row/public/documents/technology/online-m · investing.com/news/stock-market-news/how-much-does-a-gw-of-d
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Cold plates, vapor chambers, thermal interface materials and server level liquid loops: Cooling System, not Power and Cooling Systems; CDUs, rack manifolds, rear door exchangers, chillers and CRAH units: Power and Cooling Systems, not Cooling System
- Board level VRMs, power stages and PMICs: Voltage Regulator Module (VRM), not Power and Cooling Systems
- Server PSUs, rack power shelves and busbars: Power and Cooling Systems, not Servers and IT Equipment, Voltage Regulator Module (VRM) or Racks and Cable Management; power semiconductors inside them counted only within the PSU price
- Separately licensed DCIM and monitoring software: Datacenter Software, not Power and Cooling Systems
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.