Not just Nvidia: Power, cooling firms riding the trillion-dollar data centre boom
Summary
While Nvidia is synonymous with the AI boom, a lesser-known group of power and cooling equipment suppliers is cashing in on a global data centre construction spree as developers race to avoid infrastructure bottlenecks. Energy-hungry data centres have triggered a surge in demand for equipment ranging from transformers to advanced cooling systems, creating winners across Asia's supply chain, though earlier stock-price gains have moderated. McKinsey forecasts nearly $7 trillion in data-centre investment globally by 2030; Nvidia last week said it expects AI spending to remain robust for years.
Bubble analysis
This news shows the massive scale of AI infrastructure investment (nearly $7 trillion by 2030), extending beyond chips to power and cooling, which heightens concerns that spending is running far ahead of AI revenue—a key argument for a bubble.
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