On January 6, 2026, the stock prices of companies operating in the data center cooling sector took a significant hit, all owing to the impact of remarks delivered by NVIDIA's CEO, Jensen Huang, at the CES exhibition. These remarks pertained to advancements in data center cooling technology.

Among the affected companies, Johnson Controls and Trane Technologies witnessed their stock values plummet by as much as 10%. Modine, another key player in the field, saw an even steeper decline, with its stock price tumbling by up to 20%. Meanwhile, Carrier and Vertiv Technologies also experienced notable downturns, with their stock prices dropping by over 5%.

Huang's statement centered on the innovative cooling capabilities of server racks outfitted with the latest Rubin chips. He mentioned that these racks would be capable of employing cooling methods that eliminate the need for water chillers. Furthermore, he highlighted that the airflow requirements for these racks would be roughly on par with those equipped with Blackwell chips, indicating a significant leap in cooling efficiency.