Data center cooling concept stocks collectively plummeted—Morden Manufacturing crashed over 13%, Johnson Controls and Trane Technologies also failed to escape, both falling more than 7%, even Vertiv Technologies dropped 3%. The main culprit behind this sharp decline? Huang Renxun's key statement at CES: the next-generation Rubin chip servers can be directly cooled using temperature cooling solutions, completely shedding reliance on water cooling systems. In one sentence, it directly exposes the valuation story of the entire cooling industry chain.

The underlying logic behind this is actually quite heartbreaking—how significant is NVIDIA's influence in the entire AI ecosystem? It can rely on a single technological declaration to instantly rewrite which tracks are valuable and which are devalued. The fundamental demand changes brought by chip innovation, from high-level design to midstream industry chains, form the moat of the giants.