New York, January 6, 2026, 14:46 ET — Regular session
- Modine shares down about 7% after Nvidia CEO says Rubin systems can run without water chillers
- Selloff spreads across HVAC and data-center cooling names after CES comments
- Focus shifts to U.S. jobs data this week and Modine’s next results, projected Feb. 3
Modine Manufacturing shares fell 7.0% to $130.57 on Tuesday after Nvidia CEO Jensen Huang said the chipmaker’s Rubin platform can run without water chillers, sparking a selloff in data-center cooling suppliers. The stock, which closed at $140.44 on Monday, earlier slid as much as 21% to $111.21.
The move matters because Modine has become a high-beta bet on rising spending to cool AI-heavy data centers. The Racine, Wisconsin-based company supplies engineered thermal management and cooling solutions for data centers and other markets, according to its Reuters company profile.
Huang, speaking at CES in Las Vegas on Monday, said Nvidia’s next-generation chips are in “full production” and that “no water chillers are necessary for data centres”—machines that chill water used to pull heat from server racks. Barclays analysts led by Julian Mitchell wrote that investors should not dismiss the comments “although they seem rather dramatic at first glance,” given Nvidia’s central role in the AI supply chain. Shares of Johnson Controls fell 7.5%, Trane slid 5.3% and Carrier dropped 1.1%, while nVent gained 0.5% and Vertiv fell 2.1%, Reuters reported. Reuters
Modine has been building out its Airedale by Modine unit to meet demand from hyperscale and colocation operators. In a July release announcing a $100 million investment, the company said Airedale offers high-efficiency chillers, advanced indoor air systems and next-generation liquid cooling, and is developing a modular data-center platform.
In its most recent quarterly report, Modine said data-center sales rose 42% from a year earlier as Climate Solutions revenue jumped 24%. The company also raised its full-year net sales growth outlook to 15%-20%, citing accelerating demand for data center solutions.
Technically, the slide pushed Modine below its 50-day simple moving average of $147.68 and briefly under the 200-day average around $120.61, two trend lines traders watch for momentum shifts, TipRanks data show. Barchart data show the stock’s 52-week range is $64.79 to $166.94.
Still, Huang’s comments do not automatically translate into lower cooling spend, as operators chase higher rack densities that can favour liquid cooling and heat-rejection equipment. Rubin-based products will be available in the second half of 2026, Nvidia said, leaving time for designs—and demand for different cooling gear—to evolve.
Markets also face a run of U.S. labour indicators that can sway rate expectations and risk appetite. Investing.com’s economic calendar flags Wednesday’s ADP private payrolls, JOLTS job openings and ISM services report, ahead of the Labor Department’s monthly employment report on Friday.
