Global Tech: Raising 2026E on ASIC rising liquid cooling trend and rack-level AI servers ramp up; +66% TAM growth in 2026E We update Global Server Cooling TAM following recent updates of our global server estimates. We expect the adoption of liquid cooling to accelerate as computing power of AI servers increases (e.g. GB200 AI server rack TDP at ~120kw, vs. HGX at 60-80kw). The liquid cooling adoption is across GPU and ASIC AI servers, and we expect liquid cooled AI training server penetration rates to reac ...