# AI Power and Cooling The power and thermal systems that keep AI racks running. Theme: AI infrastructure (Technology). Page: https://thematiq.io/themes/ai-infrastructure/ai-power-and-cooling/ ## Key facts - **The market: $80bn** Data center physical infrastructure (DCPI), including non-AI data centers (Dell'Oro Group, 2030) - **Growth: +26%** Data center direct-to-chip cooling (growth, a year) (MarketsandMarkets, 2026-2032) - **The build: 3** of the 18 parts in the AI Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research) - **The companies: 13** companies worth $641 billion, earning on average 58% of their revenue here (Annual reports and exchange data, 2026-10-28) ## What it holds Listed companies that earn their revenue supplying these parts of the AI Supercycle bill of materials, each read from its own reports. | Part | 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 | ## 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 | By listing country: United States 54%, Taiwan 36%, China 9%. ## The market - Power and cooling infrastructure for AI data centers: $53bn (2025 base), Market report via Yahoo Finance and Navadhi (publisher not named) - 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) - Data center physical infrastructure (DCPI), including non-AI data centers: $80bn (2030), Dell'Oro Group - Data center liquid cooling, all types (manufacturer revenue): $7.0bn (2029), Dell'Oro Group - Direct liquid cooling only (stated as over $8 billion): $8.0bn (2030), Dell'Oro Group - AI data center liquid cooling (USD 3.52 billion in 2026): $20bn (2032), MarketsandMarkets - AI data center liquid cooling (growth, a year): +34% (2026-2032), MarketsandMarkets - Data center direct-to-chip cooling (USD 3.33 billion in 2026): $17bn (2032), MarketsandMarkets - Data center direct-to-chip cooling (growth, a year): +26% (2026-2032), MarketsandMarkets - Direct-to-chip liquid cooling (forecast 2025-2034): $1.9bn (2024 base), Global Market Insights - All data center power: UPS, distribution and related equipment: $51bn (2030), MarketsandMarkets - All data center power: UPS, distribution and related equipment (growth, a year): +7.5% (2025-2030), MarketsandMarkets - 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 - AI data center HVDC power supply systems (USD 1.53 billion in 2025): $4.6bn (2035), Precedence Research - AI data center HVDC power supply systems (growth, a year): +11% (2025-2035), Precedence Research - 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 power supply units (base figure not read) (growth, a year): +19% (forecast period not stated in text), Stratview Research Estimates 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. ### 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 ## What it is not - 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 Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.