Data center cooling-related stocks drop after Nvidia CEO Huang's comments
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Shares of U.S. HVAC-related companies fell after Nvidia CEO Jensen Huang announced that new chips could reduce data center cooling needs. Johnson Controls dropped 7.5%, and Trane Technologies fell 5.3%, both hitting multi-month lows. Barclays analysts noted the significance of Huang's comments, suggesting potential impacts on these companies, which derive a notable percentage of sales from data centers. Conversely, nVent Electric may benefit from the shift, while Vertiv Holdings, despite a slight decline, holds a strong position in cooling solutions.
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